The Epoch One Allocation window starts today! Now’s your chance to determine the distribution of your user rewards and champion the causes you hold dear.
Each of Octant’s allocation windows spans two weeks. For Epoch One, the allocation period is set from October 19, 2023, 18:00:00 GMT+0200 (Central European Summer Time) to November 2, 2023, 17:00:00 GMT+0100 (Central European Time).
During these two weeks, Octant users with rewards from Epoch One will decide how to distribute their ETH rewards. If you’ve locked a substantial amount of GLM and kept it in Octant long enough, you can:
- Keep your reward for yourself
- Support shortlisted projects
- Send your rewards to the Octant Matching Pool (more on this later).
It’s crucial to take action. Rewards not allocated by the end of the window will be returned to the Golem Foundation.
How to Use the App
To allocate your User Rewards, log into the Octant app using your GLM-locking address. In the Allocate view, you’ll see the amount of User Rewards you earned in Epoch One. This is your personal budget available for this Allocation window.
Some of you may have locked in smaller amounts of GLM or locked them in later in the epoch, resulting in no user rewards. Don’t get discouraged. The GLM you’ve locked is already earning rewards for Epoch Two! Additionally, a new app feature, which we will describe later in this post, lets you estimate your rewards, aiding you in making informed locking choices.
If you earned rewards in Epoch One, you’ll see a slider in the Allocate view. This slider allows you to determine how much of the funds you’d like to retain for yourself and how much you’d like to donate. Adjust the slider to choose the option that suits you best. Don’t worry if you change your mind later - you can modify your choice throughout the duration of the allocation window.
Once you’ve decided how much you want to donate, head to the Projects view and browse through the list of 24 public goods causes shortlisted with the help of the Octant community for Epoch One funding.
If you find a project you want to support, click the Heart button next to it. All projects you consider for allocation will then appear in the Allocate tab.
In the Allocate view, you’ll find the projects you’ve personally shortlisted, complemented by relevant metrics to guide your allocation choices.
Below each project’s name, you’ll see two figures: the total funds required for the project to be funded and the amount already donated by Octant users. If the community’s donated amount is in red, it indicates the project hasn’t yet met its funding threshold.
How the Matching Funding Works
When deciding which projects to support, remember that each contribution gets a boost from the Octant Matching Pool. The size of this boost depends on the community’s overall donation rate.
Here’s the magic: the leverage operates in contrast to the donation rate. A lower donation rate from the community means a larger boost for your donation! This ensures your contribution is still impactful even if many users decide to keep their rewards.
No donation is too small in Octant! Every bit you give can make a significant impact.
Minimum Funding Threshold for Projects
Projects need to achieve a specific funding level to receive their funds. The required amount is based on the total number of shortlisted projects. With 24 projects this round, each one needs 1/48th of the total donations from Epoch One.
If a project falls short of the required donations, the funds are returned to the Golem Foundation.
You can modify your allocation decisions as often as you like while the decision window is open.
Remember, you’re part of a dynamic community where everyone is making allocation choices. To truly amplify the impact of your donations observe the collective pulse, keep a close watch on your chosen projects, and adopt a flexible approach. Say a project you’ve backed has comfortably exceeded the minimum funding threshold; why not pivot your donation to another project on the cusp of that threshold?
Keep in mind that others may also change their preferences, so it’s beneficial to check frequently! Worried about gas fees when allocating? Don’t be! Allocations to projects are off-chain and free.
New Features in Octant
We’ve added two new features! First, as hinted earlier, we’ve introduced a Reward Calculator. This tool estimates potential rewards based on your GLM amount and the lock-in duration. To use it, click on the calculator icon at the top of the Locked Balance tile.
Secondly, we’re introducing Patron Mode. When active, all your rewards automatically go to the Octant Matching Pool, thereby amplifying community funding efforts through an increased donation multiplier.
It’s vital to be aware of certain nuances associated with this feature. If you turn on this mode:
- You can’t claim or distribute rewards yourself.
- Previous allocation choices are voided.
- Patron mode stays on for future allocation windows until turned off.
To toggle Patron mode on or off, simply navigate to the Settings view within the Octant app and use the provided toggle.
How to Withdraw Rewards
If you’ve opted to claim a portion or the entirety of your User Rewards, you’ll be able to withdraw the claimed ETH to your wallet after the allocation window concludes (i.e., after November 2, 2023).
It’s important to note that, unlike allocations, withdrawals transpire on-chain. Consequently, you’ll be responsible for any associated gas fees. But, there’s no rush. You can withdraw your rewards when it’s best for you.
What’s Next for Octant?
As you engage with Octant in the next two weeks, remember that this is just the beginning. Octant is here for the long haul, supporting transformative causes.
Every 90 days, Octant’s reward pool is replenished with a portion of the Golem Foundation’s 100,000 ETH stake reward, ensuring sustainable funding.
Your locked tokens in Octant are already earning ETH rewards for Epoch Two! Unlike platforms that rely on one-off donations and constantly seek new funding, Octant operates on a recurring rewards system.
At the end of every epoch, active users receive ETH rewards based on the amount of GLM locked into Octant. This allows them to support public goods projects every quarter without incurring additional out-of-pocket costs.
Shortly after this allocation window concludes, we’ll begin a fresh round of project submissions for the Octant beneficiaries pool. If you know a worthy public goods project, check our eligibility criteria and refer them to our submission process.
Remember, Octant is more than just an app; it’s a community effort to support high-impact causes. Your involvement will amplify our impact as we move forward.
So, dive in, engage, and make a difference!