Background
Smooth is an MEV Smoothing Pool. It helps earn higher rewards on average by pooling MEV rewards among a group of Stakers. Smooth is an MEV Smoothing Pool. It helps earn higher rewards on average by pooling MEV rewards among a group of Stakers.
The Problem
On average, a solo staker proposes five or six blocks per year. The likelihood of receiving a "Lottery Block" is quite low, and the expected rewards are typically around 0.00-something ETH.
The proposal here is to create a platform where solo stakers pool their rewards. This would collectively increase their chances of receiving lottery blocks, with the large payout then divided among all participants. This concept is similar to Bitcoin Mining Pools.
In essence, a participant trades their nearly impossible chance of receiving a Lottery Block for a much higher likelihood of larger rewards. In backtesting simulations, rewards were up to 80% higher than being a solo staker!
The Approach
To build an MEV smoothing pool platform, we need to understand the needs of DeFi users, develop smart contracts for pooling and profit distribution, and implement strong MEV detection methods. We must also design a user-friendly interface, and put a high emphasis on security, compliance, and community engagement. This includes studying user behaviors, managing funds and profits through efficient smart contracts, identifying MEV opportunities using advanced algorithms, interacting through a simple interface, ensuring security, following regulations, and fostering a supportive user community for platform adoption and sustainability.
How Might We
Curation
Managing the smoothing pool requires steps for maximum effectiveness. First, clear governance should be set up in design solutions. Users should have a say in decisions like fee structures, profit sharing models, and protocol changes. Voting mechanisms and governance tokens can give participants a voice.
Second, features for managing risk should be included to protect funds and reduce MEV risks. Possible features could be circuit breakers, slippage protection, and dynamic fee adjustments.
Third, efficient and advanced MEV detection algorithms should be included to spot and take advantage of profitable opportunities.
Lastly, prioritize educating users and reaching out. Make sure participants know how the pool works, its risks, and potential rewards.
These design solutions can effectively reduce MEV risks and distribute profits fairly and clearly.
Questions
How might we create a transparent governance model that allows users to collectively manage the MEV smoothing pool's parameters and decision-making processes?
How might we develop robust risk management mechanisms to protect participants' funds and mitigate potential MEV-related risks such as frontrunning and sandwich attacks?
How might we implement advanced MEV detection algorithms to efficiently identify and capture profitable opportunities across various blockchain networks?
How might we design an intuitive user interface that simplifies participation in the MEV smoothing pool and provides clear visibility into earnings and contributions?
How might we foster community engagement and education to ensure users understand the purpose, mechanics, and potential risks and rewards of participating in the MEV smoothing pool?
Product Goals
We've used 'How Might We' questions and brainstorming to decide on project goals. These goals will guide the product's future development and help choose which features to add to the website. By focusing on these goals, SP can create a platform that adjusts to user needs, offers useful services, and brings new ideas to the DeFi spaces
The Solution
Wireframes
Wallet is not Connected
The system does not know the address of the user (wallet not connected)
The system does not know if the user address (deposit) is used with validator(s)
The system does not know if the user has set up Mev Boost (Relayers)
The system does not know if the user has set up their validator Fee Recipient to match the MEV SP address
The system does not know the total Rewards user is receiving
Wallet is connected
The system knows the address of the user (wallet connected)
The system is checking if the user address (deposit) is used with any validator(s)
The system is checking if the user has set up Mev Boost (Relayers)
The system is checking if the user has set up their validator Fee Recipient to match the MEV SP address
The system knows the automatically subscribed validators and displays them
The system is checking the total Rewards user is receiving
Subscribe to MEV SP
User should confirm to use MEV SP address as the Fee Recipient address of their Validator they’re subscribing
User should be informed to choose Mev Boost Relayers if not done before
User should Deposit the amount of ETH (TBD) to confirm and complete the Subscription
User is seeing their Validator as “Subscribed”
Unsubscribe to MEV SP
User clicks on unsubscribe button for each Validator
User should be informed that Validator’s recipient address will be changed from MEV SP address to another
User inputs new recipient address and changes address
User is informed about the consequence of unsubscribing from the pool in terms of current rewards
User withdraws claimable rewards if available
User is informed if there are no claimable rewards as at time of unsubscribing
User is informed of success of Unsubscription
Home Page (Wallet not Connected)
The system does not have information about the user's address because the wallet is not connected. It also lacks data on whether the user's address has been used with validators, if the user has set up Mev Boost with relayers, or if the validator Fee Recipient aligns with the MEV SP address. Additionally, the system does not have insight into the total rewards that the user has received.
Home Page (Wallet Connected)
When the wallet is connected, the system retrieves the user's address information, simplifying later checks. It determines whether the user's address has been used with any validators and checks if the user has set up Mev Boost with relayers. The system also checks whether the user's validator Fee Recipient aligns with the MEV SP address. It automatically identifies subscribed validators and displays them to the user. Lastly, it calculates the total rewards the user is receiving.
Subscribe to MEV Smoothing Protocol
Users are prompted to confirm the usage of the MEV SP address as the Fee Recipient address for their subscribed Validator. They are also notified to select MEV Boost Relayers if they haven't done so already. To complete the subscription process, users are asked to deposit a certain amount of ETH. After this, they can check their Validator status, which should read "Subscribed".
Unsubscribe from MEV Smoothing Protocol
When a user clicks the unsubscribe button for a Validator, they're informed that the Validator's recipient address will be changed from the MEV SP address to another. Following this, the user enters the new recipient address and updates it. The system then informs the user about the potential impact on their current rewards due to unsubscribing from the pool. If there are any claimable rewards available, the user withdraws them. If there aren't any claimable rewards at the time of unsubscribing, the user is notified. At the end of the process, the user receives a notification confirming the successful unsubscription.
Rewards
A Reward refers to any balance denominated in Eth sent to the Pool Contract Address. The oracle detects these and evenly distributes them among all pool participants at a specific time.
Other Screens
Mobile Screens
Conclusion and Impact
What's the next step for innovation?
We will keep testing the platform based on user feedback to ensure it always meets their needs.
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© 2024 Tosin Ariyo
MEV Smoothing Pool
Background
Smooth is an MEV Smoothing Pool. It helps earn higher rewards on average by pooling MEV rewards among a group of Stakers. Smooth is an MEV Smoothing Pool. It helps earn higher rewards on average by pooling MEV rewards among a group of Stakers.
The Problem
On average, a solo staker proposes five or six blocks per year. The likelihood of receiving a "Lottery Block" is quite low, and the expected rewards are typically around 0.00-something ETH.
The proposal here is to create a platform where solo stakers pool their rewards. This would collectively increase their chances of receiving lottery blocks, with the large payout then divided among all participants. This concept is similar to Bitcoin Mining Pools.
In essence, a participant trades their nearly impossible chance of receiving a Lottery Block for a much higher likelihood of larger rewards. In backtesting simulations, rewards were up to 80% higher than being a solo staker!
The Approach
To build an MEV smoothing pool platform, we need to understand the needs of DeFi users, develop smart contracts for pooling and profit distribution, and implement strong MEV detection methods. We must also design a user-friendly interface, and put a high emphasis on security, compliance, and community engagement. This includes studying user behaviors, managing funds and profits through efficient smart contracts, identifying MEV opportunities using advanced algorithms, interacting through a simple interface, ensuring security, following regulations, and fostering a supportive user community for platform adoption and sustainability.
How Might We
Curation
Managing the smoothing pool requires steps for maximum effectiveness. First, clear governance should be set up in design solutions. Users should have a say in decisions like fee structures, profit sharing models, and protocol changes. Voting mechanisms and governance tokens can give participants a voice.
Second, features for managing risk should be included to protect funds and reduce MEV risks. Possible features could be circuit breakers, slippage protection, and dynamic fee adjustments.
Third, efficient and advanced MEV detection algorithms should be included to spot and take advantage of profitable opportunities.
Lastly, prioritize educating users and reaching out. Make sure participants know how the pool works, its risks, and potential rewards.
These design solutions can effectively reduce MEV risks and distribute profits fairly and clearly.
Questions
How might we create a transparent governance model that allows users to collectively manage the MEV smoothing pool's parameters and decision-making processes?
How might we develop robust risk management mechanisms to protect participants' funds and mitigate potential MEV-related risks such as frontrunning and sandwich attacks?
How might we implement advanced MEV detection algorithms to efficiently identify and capture profitable opportunities across various blockchain networks?
How might we design an intuitive user interface that simplifies participation in the MEV smoothing pool and provides clear visibility into earnings and contributions?
How might we foster community engagement and education to ensure users understand the purpose, mechanics, and potential risks and rewards of participating in the MEV smoothing pool?
Product Goals
We've used 'How Might We' questions and brainstorming to decide on project goals. These goals will guide the product's future development and help choose which features to add to the website. By focusing on these goals, SP can create a platform that adjusts to user needs, offers useful services, and brings new ideas to the DeFi spaces
The Solution
Wireframes
Wallet is not Connected
The system does not know the address of the user (wallet not connected)
The system does not know if the user address (deposit) is used with validator(s)
The system does not know if the user has set up Mev Boost (Relayers)
The system does not know if the user has set up their validator Fee Recipient to match the MEV SP address
The system does not know the total Rewards user is receiving
Wallet is connected
The system knows the address of the user (wallet connected)
The system is checking if the user address (deposit) is used with any validator(s)
The system is checking if the user has set up Mev Boost (Relayers)
The system is checking if the user has set up their validator Fee Recipient to match the MEV SP address
The system knows the automatically subscribed validators and displays them
The system is checking the total Rewards user is receiving
Subscribe to MEV SP
User should confirm to use MEV SP address as the Fee Recipient address of their Validator they’re subscribing
User should be informed to choose Mev Boost Relayers if not done before
User should Deposit the amount of ETH (TBD) to confirm and complete the Subscription
User is seeing their Validator as “Subscribed”
Unsubscribe to MEV SP
User clicks on unsubscribe button for each Validator
User should be informed that Validator’s recipient address will be changed from MEV SP address to another
User inputs new recipient address and changes address
User is informed about the consequence of unsubscribing from the pool in terms of current rewards
User withdraws claimable rewards if available
User is informed if there are no claimable rewards as at time of unsubscribing
User is informed of success of Unsubscription
Home Page (Wallet not Connected)
The system does not have information about the user's address because the wallet is not connected. It also lacks data on whether the user's address has been used with validators, if the user has set up Mev Boost with relayers, or if the validator Fee Recipient aligns with the MEV SP address. Additionally, the system does not have insight into the total rewards that the user has received.
Home Page (Wallet Connected)
When the wallet is connected, the system retrieves the user's address information, simplifying later checks. It determines whether the user's address has been used with any validators and checks if the user has set up Mev Boost with relayers. The system also checks whether the user's validator Fee Recipient aligns with the MEV SP address. It automatically identifies subscribed validators and displays them to the user. Lastly, it calculates the total rewards the user is receiving.
Subscribe to MEV Smoothing Protocol
Users are prompted to confirm the usage of the MEV SP address as the Fee Recipient address for their subscribed Validator. They are also notified to select MEV Boost Relayers if they haven't done so already. To complete the subscription process, users are asked to deposit a certain amount of ETH. After this, they can check their Validator status, which should read "Subscribed".
Unsubscribe from MEV Smoothing Protocol
When a user clicks the unsubscribe button for a Validator, they're informed that the Validator's recipient address will be changed from the MEV SP address to another. Following this, the user enters the new recipient address and updates it. The system then informs the user about the potential impact on their current rewards due to unsubscribing from the pool. If there are any claimable rewards available, the user withdraws them. If there aren't any claimable rewards at the time of unsubscribing, the user is notified. At the end of the process, the user receives a notification confirming the successful unsubscription.
Rewards
A Reward refers to any balance denominated in Eth sent to the Pool Contract Address. The oracle detects these and evenly distributes them among all pool participants at a specific time.
Other Screens
Mobile Screens
Conclusion and Impact
What's the next step for innovation?
We will keep testing the platform based on user feedback to ensure it always meets their needs.
Browse Other Projects
Giveth
Building the Future of Giving
Giveth
Giveth aims to facilitate seamless global giving, rewarding those driving positive
See More
Token Engineering
Token Engineering Academy wanted to establish itself as an immersive learning platform.
See More
xTOKEN Terminal
Mining, Origination, Auction, Bonds
xToken Terminal
XTOKEN Terminal is a platform designed to provide DeFi permissionless access to financial primitives
See More
© 2024 Tosin Ariyo
Background
Smooth is an MEV Smoothing Pool. It helps earn higher rewards on average by pooling MEV rewards among a group of Stakers. Smooth is an MEV Smoothing Pool. It helps earn higher rewards on average by pooling MEV rewards among a group of Stakers.
The Problem
On average, a solo staker proposes five or six blocks per year. The likelihood of receiving a "Lottery Block" is quite low, and the expected rewards are typically around 0.00-something ETH.
The proposal here is to create a platform where solo stakers pool their rewards. This would collectively increase their chances of receiving lottery blocks, with the large payout then divided among all participants. This concept is similar to Bitcoin Mining Pools.
In essence, a participant trades their nearly impossible chance of receiving a Lottery Block for a much higher likelihood of larger rewards. In backtesting simulations, rewards were up to 80% higher than being a solo staker!
The Approach
To build an MEV smoothing pool platform, we need to understand the needs of DeFi users, develop smart contracts for pooling and profit distribution, and implement strong MEV detection methods. We must also design a user-friendly interface, and put a high emphasis on security, compliance, and community engagement. This includes studying user behaviors, managing funds and profits through efficient smart contracts, identifying MEV opportunities using advanced algorithms, interacting through a simple interface, ensuring security, following regulations, and fostering a supportive user community for platform adoption and sustainability.
How Might We
Curation
Managing the smoothing pool requires steps for maximum effectiveness. First, clear governance should be set up in design solutions. Users should have a say in decisions like fee structures, profit sharing models, and protocol changes. Voting mechanisms and governance tokens can give participants a voice.
Second, features for managing risk should be included to protect funds and reduce MEV risks. Possible features could be circuit breakers, slippage protection, and dynamic fee adjustments.
Third, efficient and advanced MEV detection algorithms should be included to spot and take advantage of profitable opportunities.
Lastly, prioritize educating users and reaching out. Make sure participants know how the pool works, its risks, and potential rewards.
These design solutions can effectively reduce MEV risks and distribute profits fairly and clearly.
Questions
How might we create a transparent governance model that allows users to collectively manage the MEV smoothing pool's parameters and decision-making processes?
How might we develop robust risk management mechanisms to protect participants' funds and mitigate potential MEV-related risks such as frontrunning and sandwich attacks?
How might we implement advanced MEV detection algorithms to efficiently identify and capture profitable opportunities across various blockchain networks?
How might we design an intuitive user interface that simplifies participation in the MEV smoothing pool and provides clear visibility into earnings and contributions?
How might we foster community engagement and education to ensure users understand the purpose, mechanics, and potential risks and rewards of participating in the MEV smoothing pool?
Product Goals
We've used 'How Might We' questions and brainstorming to decide on project goals. These goals will guide the product's future development and help choose which features to add to the website. By focusing on these goals, SP can create a platform that adjusts to user needs, offers useful services, and brings new ideas to the DeFi spaces
The Solution
Wireframes
Wallet is not Connected
The system does not know the address of the user (wallet not connected)
The system does not know if the user address (deposit) is used with validator(s)
The system does not know if the user has set up Mev Boost (Relayers)
The system does not know if the user has set up their validator Fee Recipient to match the MEV SP address
The system does not know the total Rewards user is receiving
Wallet is connected
The system knows the address of the user (wallet connected)
The system is checking if the user address (deposit) is used with any validator(s)
The system is checking if the user has set up Mev Boost (Relayers)
The system is checking if the user has set up their validator Fee Recipient to match the MEV SP address
The system knows the automatically subscribed validators and displays them
The system is checking the total Rewards user is receiving
Subscribe to MEV SP
User should confirm to use MEV SP address as the Fee Recipient address of their Validator they’re subscribing
User should be informed to choose Mev Boost Relayers if not done before
User should Deposit the amount of ETH (TBD) to confirm and complete the Subscription
User is seeing their Validator as “Subscribed”
Unsubscribe to MEV SP
User clicks on unsubscribe button for each Validator
User should be informed that Validator’s recipient address will be changed from MEV SP address to another
User inputs new recipient address and changes address
User is informed about the consequence of unsubscribing from the pool in terms of current rewards
User withdraws claimable rewards if available
User is informed if there are no claimable rewards as at time of unsubscribing
User is informed of success of Unsubscription
Home Page (Wallet not Connected)
The system does not have information about the user's address because the wallet is not connected. It also lacks data on whether the user's address has been used with validators, if the user has set up Mev Boost with relayers, or if the validator Fee Recipient aligns with the MEV SP address. Additionally, the system does not have insight into the total rewards that the user has received.
Home Page (Wallet Connected)
When the wallet is connected, the system retrieves the user's address information, simplifying later checks. It determines whether the user's address has been used with any validators and checks if the user has set up Mev Boost with relayers. The system also checks whether the user's validator Fee Recipient aligns with the MEV SP address. It automatically identifies subscribed validators and displays them to the user. Lastly, it calculates the total rewards the user is receiving.
Subscribe to MEV Smoothing Protocol
Users are prompted to confirm the usage of the MEV SP address as the Fee Recipient address for their subscribed Validator. They are also notified to select MEV Boost Relayers if they haven't done so already. To complete the subscription process, users are asked to deposit a certain amount of ETH. After this, they can check their Validator status, which should read "Subscribed".
Unsubscribe from MEV Smoothing Protocol
When a user clicks the unsubscribe button for a Validator, they're informed that the Validator's recipient address will be changed from the MEV SP address to another. Following this, the user enters the new recipient address and updates it. The system then informs the user about the potential impact on their current rewards due to unsubscribing from the pool. If there are any claimable rewards available, the user withdraws them. If there aren't any claimable rewards at the time of unsubscribing, the user is notified. At the end of the process, the user receives a notification confirming the successful unsubscription.
Rewards
A Reward refers to any balance denominated in Eth sent to the Pool Contract Address. The oracle detects these and evenly distributes them among all pool participants at a specific time.
Other Screens
Mobile Screens
Conclusion and Impact
What's the next step for innovation?
We will keep testing the platform based on user feedback to ensure it always meets their needs.
Browse Other Projects
Giveth
Building the Future of Giving
Giveth
Giveth aims to facilitate seamless global giving, rewarding those driving positive
See More
Token Engineering
Token Engineering Academy wanted to establish itself as an immersive learning platform.
See More
xTOKEN Terminal
Mining, Origination, Auction, Bonds
xToken Terminal
XTOKEN Terminal is a platform designed to provide DeFi permissionless access to financial primitives
See More
© 2024 Tosin Ariyo