It’s with a heavy heart that the Moonpot team has decided to sunset its DeFi product. Throughout Moonpot’s life, we strived to innovate tested DeFi models and provide users with a no-loss lottery and staking product hybrid. During this time, Moonpot has rewarded over a million dollars in prizes, not counting staking, and has partnered with a huge list of projects.
Why have you decided to close Moonpot?
There are a few factors at play here. First, we’re running out of $POTS to incentivize participation and boost prizes. While, of course, we knew this would happen, a few factors have made the situation less tenable.
- The prizes and APY no longer seem attractive enough to encourage investors to stake in the Moonpots.
- $POTS price has left us dishing out our treasury supply at a higher rate than expected. This has given us a much shorter runway to naturally develop larger prizes with bigger TVL.
- The bear market has reduced TVL across the board and led to lower staking levels. This again has a knock-on effect on the prizes and APY earned.
- Several core team members involved in the daily operations and management of Moonpot have left the project.
Moonpot sunsetting proposal
To provide the Moonpot community with a degree of input into the remaining Moonpot treasury funds (including $150,000 of staked BNB), we propose a governance vote with three available sunsetting options. We want to get as much community input as possible, and the exact details may be subject to change based on the feedback we get.
$POTS holders will be able to take part in a snapshot governance vote taken at the time of the sunsetting announcement. You can take part in the governance vote once it’s live on https://vote.moonpot.com.
Our governance vote will provide three options:
Option 1: 100% APY Ziggy’s Pot
All the treasury funds are distributed to stakers in Ziggy’s Pot as APY over six months.
Option 2: 100% Prize Ziggy’s Pot
All the treasury funds are distributed to stakers in Ziggy’s Pot with a grand prize with a number of winners determined by community feedback.
Option 3: 50% Prize 50% APY Ziggy’s Pot
All the treasury funds are distributed to stakers in Ziggy’s Pot as APY over three months. At the end of this period, the rest of the treasury funds are distributed to stakers in Ziggy’s Pot in a grand prize with a number of winners determined by community feedback.
What will happen to my staked funds in a Moonpot?
Users will be able to withdraw their staked funds once the Moonpots are closed. These will be shown in the “Retired Pots” section.
We appreciate your understanding during this transitionary phase
Over the past year, Mission Control and our Cadets have had a pretty wild ride. The project and industry have gone through innovations, developments, and both ups and downs. We’re proud of the value we created and love that even now with the low $POTS prize, over $1,000,000 has been given out to users - especially the shrimp.
We thank the community for all their support throughout Moonpot’s life and hope that you’ll lend us your voice one last time by voting in our Sunsetting Proposal.