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Concept Prize Pool Prize Distribution Am I eligible?
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GLMR Apes collection always had a decentralised spirit: by the community for the community. This is why a reward for holding a 1st gen GLMR Ape was created right at the beginning: a ticket to a weekly lottery that distributes proceedings of collection royalties. The lottery happens live during the weekly community event held on Thursdays. More on that here.
Secondary market sales of GLMR Apes have a royalty fee of 10%. 50% of this royalty goes to the weekly lottery pool and will be redistributed to GLMR Ape holders. This decision was confirmed by the community on a snapshot vote.
The rest goes to the community wallet to fund the growth and development of the whole ecosystem and economy. Most of the funds remain staked with partner Moonbeam validators to generate even more value to the community, and some others are used for growth.
Our community voted to move some funds for marketing purposes, including 3 GLMA held by the community wallet
Prize distribution of the lottery pool is in the hands of the DAO to decide. The first distribution was voted for in a snapshot vote, and the community voted again to fix the distribution during four weeks on the following way:
The redistribution of prizes can be voted on regularly in the case GLMR Apes holders decide it must be changed.
There are some technical considerations to keep in mind in order to participate in the lottery.
Each GLMA represents a ticket out of the 1001 GLMA in existence. The more GLMA you hold, the higher the chances are to win.
But, to ensure fair-play, the lottery is wallet based, meaning that once your wallet wins one of the prizes, it is no longer eligible to participate in the rest of the prizes. In the following week, it will be eligible to participate again.
The lottery system started with taking all unstaked GLMR Apes into a draw. There was also a short period where unstaking was not required and all 1001 GLMA were eligible, so the hassle of unstaking was avoided. But seeing as this made our Apes very lazy, which resulted in a lack of DAO voting participation, with this vote the DAO decided it was fair only the wallets who have interacted with the snapshot that week and fulfilled the vote, to be eligible for the lottery! This was proposed to solve 2 problems: the lack of voters and the double weekly unstake requirement (now only 1 weekly unstake, for voting).
So in conclusion, all above taken into consideration, a system was created to draw winners in a few seconds. The system first draws the winners of the smallest pool (5 winners), then the medium (3 winners) and it finishes with the grand prize (1 winner).