Set up a contract that aggregates lend & earn bAssets (this could be a variety of assets, bUSDC, bSTBL2, etc.) And then, leveraging the new on chain VRFs, pay out the interest to a given winner or (n) winners on a weekly or monthly basis. This was a popular feature on other protocols and, in the absence of competition on Algorand, will hopefully drive more liquidity to the platform.
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Please, let’s not. I don’t see how this is feasible or sustainable, you think people will forfeit their interest for an unlikely win? Where’s the no-loss in that? With Yieldly you basically exchanged your Algo participation rewards for an APR in an inflationary token, we all know how that turned out. I don’t think Algofi needs to draw any more comparisons to Yieldly.
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I don’t think we need something like this on Algofi. It was a nice way for yieldly to get ALGO TVL + get their token out there but now there are a lot of opportunities to make yield on your ALGOs and Algofi is an established protocol
Additionally I don’t understand how it would be a no loss lottery when you take rewards away from the Lend and Earn farm, especially bAssets. You earn them when you lend sth, so you are proposing to cut those rewards which you would just get by lending your assets in a normal way?
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I think (hope) most understand the opportunity cost of participating in No Loss Lotteries. My main thought behind the proposal was how to bring new money into the protocol and grow the pie for everyone. I believe yieldly’s NLL peaked around $90M USD (admittedly there were not many defi alternatives at the time). With state proofs and bridges, there is also opportunity to bring over DAI or other stables from other chains.
In terms of competing with bAssets — perhaps some sort of additional spread could be introduced to shave some yield off the lottery and put it elsewhere in the algofi ecosystem.
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I don’t think it will take rewards away from lend and earn farm. My take on the proposal is the contract will aggregate assets participate in lend and earn and collect rewards, then one lucky account will win collected rewards. Each participant will be forgoing their rewards in exchange for a chance of a larger payday. I think this would be interesting. Upside Finance was planning on offering a NLL before they pivoted. Don’t know if it’s something that Algofi should offer seems better suited for a 3rd party to offer.
Lets keep this Algofi and not turn it into yldy. Thank you.
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