With a large majority of participants voting in favor of trialing SourceCred to pay contributors (Signal poll), we are happy to announce the official start of the SourceCred trial! Starting today, SourceCred will be distributing DAI to community members based on their contributions to the Maker forum, including posts, replies and likes, with the intention of rewarding individuals for making valuable contributions (those which spark good discussion and receive lots of likes).
This post provides a summary of the trial, instructions for participating, a tour of the Maker SourceCred instance, and a preview of payout amounts based on last week’s activity. Further details, including how scores and payouts are calculated, can be found in Maker SourceCred Trial.
I (@s_ben) will be the main point of contact for SourceCred questions. Feel free to ask any questions! Other SourceCred community members supporting the trial include @decentralion and @beanow. All SourceCred community members involved with the trial will be exempted from the trial, as will Foundation employees inside the community development department, or who otherwise have roles for which forum posts and community communication are considered ‘part of their responsibilities’
Maker SourceCred instance
An hosted instance of SourceCred running on the Maker forum can be found here.
Here, you can view users’ lifetime cred scores, as well as Topics that earned the most Cred in a given week, as shown below.
The intention is to run the trial for three months, distributing at least $5k worth of DAI each month according to Cred scores. Each week (every Monday), SourceCred will publish updated scores to the forum along with payout amounts, giving community members an opportunity to ask questions and raise any concerns.
At the end of the month, contributors that opt in to receiving payments and have at least $10 in accrued payouts can redeem their balance for DAI. The balance available for redemption will be equal to the sum of weekly payouts posted to the forum.
Instructions for Participation
To receive payments, you must opt in, as not all contributors want to assume risks associated with cryptocurrency payments. To opt in, please send a direct message to @sourcecred-trial-adm indicating your desire to participate in the trial and providing an Ethereum address to send payments to. Participants in the trial will have up to one month after the end of the trial (Sept 1st) to opt in and redeem their DAI. After that time, any DAI not redeemed will be returned to the Maker Foundation.
OK, get to the payouts already!
The Maker Foundation grants program will allocate $5,000 worth of DAI for distribution in the first month, split into four weekly distributions of $1,250. If results are positive, it may increase this amount. The actual amount distributed by Maker will be less than the total monthly distribution allocated, due to payments being opt-in and other exemptions.
Trial Week 1 preview payouts (week ending May 31st)
Below are a preview for this week’s payouts for the top 20 contributors; these balances will be zero’d out and started for real next Monday. Payouts are broken into “fast” and “slow” components, whereby 20% of the DAI distributed is based on Cred earned in the last week, and 80% is distributed as a function of lifetime Cred scores. This is designed to keep the algorithm responsive, rewarding new contributions and newer contributors, while also incentivizing long-term participation.
For full scores and payout data, see this observable notebook.
If you have any questions or concerns related to the payouts or SourceCred in general, please don’t hesitate to ask!
In addition to the post detailing the trial, below are some resources that provide further information on the SourceCred algorithm:
- SourceCred: A Social Algorithm (video, 25min) 4 – high level primer on SourceCred
- SourceCred: an introduction to calculating cred and grain 1 – deep dive into the SourceCred algorithm and tokenomics
- DAOs and the Missing Link: Reputation Protocols – article explaining how SourceCred aims to address trust issues in DAOs.
- SourceCred media – Videos, podcasts, etc.
Excited to see where this experiment goes!