Premium Account PLR Subscription

💡 Ideas
#1

Summary: Premium accounts is a proposal to leverage the PLR token inside the Pillar Wallet (mobile and web wallet) to give power users tools to gain insights in their portfolio, discover new projects, trade ideas and drive demand for the PLR token itself. Regular users will still be able to use the wallet free of charge, but power users will be able to get access to get premium users meant for trading.

Abstract: Should this proposal pass, PLR tokens will be used to unlock premium features via a subscription model. Based on the value of the PLR tokens, a monthly pricing will be set that would amount to 5 USD. For example, at current value (26th of January) 5 USD worth of PLR tokens is set to 192 PLR Tokens. The user is required to stake these PLR tokens to unlock premium features, these tokens are then sent to the DAO Treasury. After the month is finished, the user needs to stake PLR tokens again to keep their premium features, a new calculation is made to keep the 5 USD subscription. Even if the PLR token appreciates drastically during the month, let’s say rises to 0.10 USD, the user would have only paid 20 USD to use the premium features. Alternatively, if the PLR token depreciates, the user pays for the premium features at a discount.

Motivation: Currently, the PLR token has no utility besides PPN and governance inside the wallet itself, there is no effective driver for demand of the token inside our ecosystem. This proposal puts the token in the centre of the ecosystem and drives demand.

Specification:

Onboarding: We first need to address the onboarding process, there are only two personas that we need to tend to during onboarding 1. New user to the crypto world and 2. Experienced users. I propose that we onboard the new users directly with a purchase of ETH through our fiat on ramp partner in order to facilitate transactions inside the Ethereum ecosystem and to explain the fundamentals of the world of DeFi through stories. 2. The experienced user can skip this onboarding on go directly to the wallet itself and import their respective tokens. The experienced user will be also our potential power user, open to paying for premium features.

Referrals: refer someone to join the Pillar Wallet and receive another free month of premium features with PLR tokens.

Both type of users will be given PLR tokens (set at value of 5 usd upon creation of the wallet) to be granted access to the premium features. These PLR tokens however cannot be moved nor sold. They can only be used to maintain access to the premium features for free for 1 month. If the user wants to continue using the premium account, they must obtain new PLR to unlock the premium features for a month. Additionally, they can purchase a yearly plan as well.

Premium Features:

Mobile:
Limit orders: explore if we can integrate 1inch limit orders on the mobile wallet. If not, move to web wallet
Customer Support: live chat is only available for premium users, email is available for normal users with a longer response time.
Gas Trades Alert: set up a trade that you wanted to execute but found the gas fees to be too high, receive a push notification with a gas threshold set by you on how much you are willing to pay for that trade.
Price Alert: receive a pricing alert for your selected token based on percentage of movement.

Web Wallet - Extended Portfolio View

  • User is able to login into the web wallet with their Pillar Wallet and execute trades via the web browser.
  • Portfolio view with CEX and other addresses: create a holistic view of tokens held by the user with multiple CEX integration (API) and Ethereum addresses and different chains.
  • DeFi Monitor: create a monitor for newly created liquidity pools on Uniswap, segment these based on liquidity, volume of transactions and created by X amount of days.
  • Semantic Analysis: analysis of influencer and twitter activity on new projects that do not have a token yet but are being discussed. Ranking of projects.
  • Profit & Loss on trades and DeFi: overview of all the trades on CEX and DEX trades to see if profits or loss was generated.
  • Risk Management: segment on how much of your wallets are on custodial (Centralised exchanges) and DEX (decentralised exchanges). Market Cap distribution between small, mid, large caps.
  • Crypto Trade Ideas: insights on crypto traders ideas.
  • Stock Trader Ideas: insights on stock traders ideas.

Supplemental premium features could be added (insurance coverage and gas fees coverage).

Obstacle:

Smart Wallet activation is still highly expensive due to gas fees, we will need to have a separate proposal to discuss the best way to do this. Etherspot reduces this significantly but might still pose an adoption problem.

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#2

I like this! Any chance torchbearer badge holders can get first 6 months free? To use, test, and be able to speak about it to others, etc.

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#3

I can’t wait to buy fractional ownership of Meme cards - but problem is knowing when new cards come on sale. Rare cards are always gone by the time I see new cards. If Pillar can partner and send premium account PLR sub users an alert - that would be awesome.

#4

Definitely open to this, we are free to structure it however we want.

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#5

I like this idea, but I think we shouldn’t put everything behind a wall out of the gate. I think it would be smarter to allow limited functionality for each feature and unlock full functionality when being a premium user.

For example, free wallets get limited support (1 request through app, otherwise email after that), X Limit orders a month, Price alerts for X coins, and so on. The idea is to give them a taste of the features but make it if they want full functionality they have to pay for it. Kind of like how trading view allows limited functionality for a free account but if you really want to use it you have to upgrade.

I also think we should give the option for monthly subscription or give them the option to do a yearly subscription at one time. Maybe even the option for a lifetime subscription if hey pay 5-10 years up front.

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#6

Hi Nova,

Well the idea is that you get full functionality for a whole month when you sign up. There is no gating in this regard, the users gets full functionality and then is guided to keep that functionality after the first month, either by inviting someone else or getting PLR tokens based the price.

But yes you could also say, now the free account gives you only 3 per month. Its not a bad route to take either. Not against it.

I would stay away from lifetime subscriptions because they never scale in the past, yearly though could work.

#7

Good idea, it works for some month. It is basically the conzept behind discord app too. Personaly i unlocked the benefits of coinstats for a long time. It is like a +newspaper, You can read most articles but you have to pay for the best ones or newest ones.

Personaly i get super trigger from special offer exclusive and limited sales. Set the fee for the Pro Version to 5dollars a month and after three days you get it 3dollars.

Or if you pay full fee, you can onboard three friends for free. To generate some sort of ponzi schema.

Or if you dont want to pay anything you have to onboard three more.

Or Partner Premium Accounts, you get coinstats and pillar at the same time for 5 Dollars.

Or unlock exclusive services in the tab.

#8

The issue with the premium subscription as-is, most of that is stuff people can already do on many portfolio apps. I’d like to see premium services instead - so… for an example a synthetix-like service could be premium. (Of course, the synthetix service deal right now is probably already agreed on, just an example)

and you’ve got to get a customer base before the premium services are reasonable, my thinking is that premium fees are a way to stratify the customer base, because there will be defi newbies who really don’t need to invest in stuff like synthetix shorts, and people who know what they are doing who could
easily stake plr for the ability to do advanced features

#9

There is, as far as I know no app in the market that allows you to track overall CEX portfolio and Ethereum addresses AND trade within it. Mostly either/or.

Secondly, I do not believe there is a single app out there that does gas alerts for trades. But the point is that we focus on segmenting some features AND put the PLR token at the front of the app.

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#10

Coinstats offer you both, CEX wallets and ETH wallets. But no trading.

#11

I think that is the opportunity.

#12

The problem that I foresee from our onboarding experience to get some of these WallstreetBets users is

  1. our onboarding is not tailored to a complete novice, we should split our onboarding for newbie and experienced users, explaining the benefits of censorship resistant and open access to trading, borrowing and lending (we can’t stop you from trading even if we wanted to, unlike Robinhood)
  2. getting them to buy their first ETH is hidden under services currently.
  3. transactions fees make Ethereum unusable (so maybe the answer is trading via xDAI honeyswap or Binance Smart Chain assets at the beginning or layer2).
  4. deployment of the smart wallet is an issue, its very high (Etherspot will reduce this signficantly though).

Personally I think we should also double down on a single fiat on ramp integration instead of 3 that we use right now and streamline this process (remove Altalix, Sendwyre) and go for Ramp Network.

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