Upgrade to automated airdrop system to refund ETH fees for wallet creation to early Ethereum users



  • Summary

    Upgrade to Automated system for airdropping SWTH to new users from Ethereum

    At the moment there is a ~0,05 ETH one time fee for creating a Demex wallet and a new user from Ethereum chain has to pay that. We propose to add a feature to the SWTH airdropping system and refund early Demex users/traders this fee by airdropping up to 0,05 ETH to their TradeHub addresses, this should attract more traders on the platform and motivate them to start trading.

    Description

    The tool will be built by the same team who built https://swth.info/ and working airdropper.

    This project will be used to promote Demex and onboard more early users.

    There will be 2 wallets, cold and hot wallet, cold wallet will monitor hot wallet and will send 0.5 ETH when the balance is less than 1 ETH.

    Risks and Benefits

    We don't see any risks involved, we have experience with Switcheo chain and Ethereum chain already.

    Removing barrier for new Demex users.

    Budget: Upon approval of this proposal 30k SWTH + 15 ETH worth SWTH (~300 new users) will be dispatched to a 3rd party escrow address managed by the GoT validator. These funds will be used as follows:

    30k SWTH (dev incentive) converted to USDC by the escrow upon receipt:
    900k SWTH converted to ETH (for airdropping to new accounts) held in escrow

    Distribution schedule:
    30k SWTH (USDC equivalent) on upgrade delivery.
    900k SWTH (ETH equivalent) for the airdropping wallet.

    Escrow wallet: swth16ke4n7xenpxr8984g324jzxde7qplzkruq4h84.



  • Hi @acidbird,

    Have you delivered the source code from the previous engagement? I would like to review the work, as I am sure others would, before we start applying upgrades to the utility.



  • @majordutch it will be published in the initial proposal today-tomorrow, i'll tag you there.

    As for this proposal, it was formal to kickstart the discussion and the discussion is happening in Discord since yesterday, join in.



  • After the discussion on Discord we place this proposal on hold to maybe see what the Switcheo marketing prepared, we reached them out to get their view on this.

    We hope that we will start seeing Ethereum crowd onboarding Demex soon, for now we still have only 349 active Ethereum TradeHub wallets and none were created during the last 3 days =(.

    https://swth.info/airdrop-log/


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