Discussion for proposal to resolve late SWH to SWTH swap claims
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Update: Final proposal passed ! Thank you all for your support.
Update: Final proposal submitted ! Please vote at
https://switcheo.org/governance/proposal/39?net=mainUpdate: Closed! - Please allow at least (edit: a week) to check all of these addresses out before we confirm the final number.
UPDATE: IF YOU ARE A SWH Holder,
Check if you are on the list : <please see final list in proposal>
If you are not on the list submit here : <closed>
Deadline is 2021-04-08 22:10:07 SGT (GMT+8)Hi all, I hope you are doing well. Today’s discussion is about resolving the late SWH to SWTH swap claims. This is a proposal to sound out the community’s position and get direction on whether we should proceed, or not.
The Facts:
The SWH swap was announced on May 14 2018 and ended on 27 Sep 2019.- https://medium.com/switcheo/swh-swth-token-swap-39342759c18
- https://medium.com/switcheo/important-discontinuing-switcheo-swh-swth-token-swap-process-6b121f400a25
Extensive efforts were made to inform people of the swap. There were telegram posts, twitter posts, and where available, emails to remind people of the swap. The result of the extensive efforts was that an estimated >98% of the tokens have swapped. However, there are still a bunch of people who have not swapped due to a variety of reasons.
The unswapped SWTH tokens have long since been burnt and are no longer available to the team. Therefore, there are no longer any “spare” tokens left to “refund” them.
For a while now, the admins have been collating a list of people and asking them to email with their amounts and addresses. Currently, the list has approximately 3.6m SWH tokens and >98 holders.
This issue has been an ongoing thorn in the flesh and has been left open for a long time. It’s now time to close the issue once and for all.
We should realise that, as we transition into a decentralised organisation, the decision making is no longer solely with the team. It is now possible for the community to vote on this issue and bring it to a close. Other projects have done this as well - for e.g. the save yam initiative. Approximately 80% of the voting power now lies with the Switcheo community.
Proposal:
We would like to propose that we airdrop the SWTH tokens, but in 6 monthly batches(16.7% each).How it will work:
- This is raised as an idea to the community for 3 days.
- After 3 days, looking at the feedback, we will make tweaks to the proposal.
- This proposal will then be raised with the community as a Text only proposal and we will publish the list for all to view and for SWH holders to check if they are on the list.
- After passing, the list will remain open for 2 weeks.
- After 2 weeks, the list will be locked and a second proposal will be raised, claiming the total tokens on the list for distribution.
- Once the second proposal passes, SWTH will be automatically delivered to the Escrow wallet and the SWTH tokens will be airdropped to the listed nep5 addresses.
- 6-month vesting: To alleviate fears of dumping, the tokens will be split into 6 equal parts and each part will be airdropped at the end of each month.
- The tokens will come from the SDF - as it is quite rich (21m SWTH) and does not significantly affect the future.
- If anyone does not make it on this list, they will have to accept that as the consequences for not staying engaged with the project.
- All future requests will be rejected.
- Those that have provided incomplete information or have not provided neo addresses will be treated as invalid cases.
The escrow wallet will be validator Intsol Community Staking and they will distribute the first tranche of tokens to the list within 48hrs of receipt and the remaining tokens on the final day of following months.
For the sake of presenting a balanced view, here are some arguments for and against this proposal.
Arguments for :
- This costs nothing to nobody. The tokens are created through emissions and it is no loss to anyone.
- The amount is small relative to the fund. It can be easily replenished in time.
- They have come back to us after 3 years and we should welcome them back.
- More members to participate in our governance.
- More members to trade in our exchange.
- More advocates for switcheo and demex.
- The total amount is a drop in the ocean and won’t affect price much.
- Avoidance of negative publicity on the public space. Less FUD.
- Goodwill.
Arguments against:
- There is a risk that some of these people will dump after receiving SWTH, negatively impacting the very people who voted to give them the tokens.
- There was ample time given to swap and 98% of the people have swapped. This was their responsibility and their negligence is not our responsibility.
- This depletes the SDF which could be used for protocol and platform development.
- Using SDF for this purpose sets a precedent of using SDF for other non-development activities.
Once and for all, we as a DAO need to decide this. If the proposal is passed, it can be a great reunion between us and our early supporters. If the proposal is not passed, the decision will stand until a future proposal comes along to overturn this.
This will be one of many decisions that we will make together. With this proposal, we will transit from a passive community to an active governing body.
Reminder: Vote with your own swth tokens, or the validators will vote on your behalf.
If you are a SWH holder, please email support@switcheo.network or contact any admin to add your address to the list.
As you can see, there are several parameters above that can be tweaked, like the vesting period, the process and so on. Please comment clearly with what you agree or disagree.
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@kang I think it's great but the recipients should have to participate in spreading awareness of Demex some way and maybe have to make a purchase using Demex qualify.
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Crypto the first of all is a responsibility. Also, I heard a lot of negative things from the people who missed swap window. I'm against this.
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@kang I think this is an excellent idea because the foundation will show the love to the community. The foundation will prove this way that they do really care about every Switcheo Holders. I think most of the players who have missed the swap are the players who've been here since the ICO. Because of various valid reasons some people could've not swap their old tokens to the new ones. I think this proposal is a good idea to show that this project and the team behind it proofs that they do really care about every investor in Switcheo.
Showing love and respect to the old community who could not swap their tokens will be a love and respect from their side aswell. By promoting and spreading awareness about Switcheo. I think this is a win-win situation. This is my opinion.
Big cheers to the Switcheo Foundation. I think it's great.
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While at first I had mixed feelings, ICX allowed me to swap my tokens after the deadline and I'm very grateful for that. This has also increased my appreciation for the project and I'm hodling to those tokens.
May I suggest that we airdrop SWTHOLD tokens (if available). In this manner, we guarantee that they create a Tradehub account (to swap the tokens) and some may choose to stake their tokens or provide liquidity in the pools.
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@itscryptojc It's an interesting idea. Unfortunately, we don't have swthold tokens to give out.
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Its an amazing plan @kang a very detailed one and really brings the community together and diminishes the FUD. Really a plan where there is nothing to loose and gives the ones left behind a chance to catch up. I would love to stake my tokens and love to gain the amazing APY this project offers. Thank you again and my appeal to validators to vote for it and thereby make the community stronger , better and inclusive..
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Please vote at https://switcheo.org/governance/proposal/36?net=main
Hi all, this is about resolving the late SWH to SWTH swap claims. This is a text-only proposal that seeks to get community approval to start the final boarding call.
In summary, this proposal seeks to airdrop swh holders who have missed the swap, and reached out to us. The airdrop will be in 6 equal batches over 6 months.
The rationale and process are explained here: https://forum.switcheo.foundation/topic/66/discussion-for-proposal-to-resolve-late-swh-to-swth-swap-claims/
The spreadsheet of addresses is here: <please see latest>
Current SWH being claimed: Approximately 3.5m
If this proposal is passed, there will be a 14-day final boarding call for all who have not submitted their neo address to do so. The deadline is exactly 14 days after this proposal has been passed.
A follow-up proposal will then be made, with the exact number of tokens to request for distribution from the SDF.
If you are a SWH holder, you need to make sure you are on the list. We will update the list whenever we have new entries.
If you are not on the list please submit here : <closed>
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Proposal has passed with 86.440% support!
The end datetime is 2021-03-25 22:10:07. As such, the deadline for closing submissions will be 2021-04-08 22:10:07 SGT (GMT+8)
Thank you all. -
Last day! After the form closes, we will need to check the addresses thoroughly and tally the amounts. The final proposal will be posted when we have checked all. Estimated to take a few days.
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Final proposal submitted ! Please vote at
https://switcheo.org/governance/proposal/39?net=main -
Final proposal passed! Thank you all for your support.
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Tranche 1 has been sent! Please check your respective wallets.
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Hello there, i just missed the swap window again
I know its my fault but is there any chance u could do the swap of my swh coins too? Its not much but still 4000 swh would be greaty missed my address where i keep swh is "AJDEN6sZe5bsMRm5C9J6e6uCJ4GFwwpjHY" Thank you for the reply -
@Juanito - Hi, Unfortunately, the proposal claimed from the SDF the exact number of tokens required to fulfil the unswapped users claims, so there are no additional tokens to distribute. As we have told others, if you can rally others who haven't claimed the procedure can be repeated, so long as somebody is prepared to do the legwork to make it happen via a proposal etc.