Author: Donald
Date: 19 Apr 2023
DripDropz: Democratizing Token Distribution on the Cardano Ecosystem
A new player has entered the Cardano ecosystem, aiming to revolutionize token distribution for blockchain projects. Introducing DripDropz, an intuitive platform that offers token dispensing services to projects of all sizes within the Cardano community. The platform welcomes delegates to reap the rewards by providing the ability to withdraw a variety of tokens while remaining delegated to a community pool.
DripDropz Tokenomics and the $DRIP Token
DripDropz has introduced a native utility token, $DRIP, with a maximum supply of 45 billion tokens. These tokens are allocated exclusively for users of the platform, distributed through DripDropz at a flat rate. Each delegate will receive 1,000 $DRIP tokens per epoch, with the possibility of tokens rolling over when the Hydra back payment feature is implemented.
To receive $DRIP tokens, delegates must have a minimum of 10 ADA staked to any stake pool. There is no maximum ADA limit for user wallets. Wallet splitting is allowed and encouraged to a degree, as long as users continue to delegate to community pools.
How to Withdraw Tokens on DripDropz
To withdraw tokens on DripDropz, users should follow these steps:
Visit the DripDropz site and enter your wallet receive/stake address in the search bar.
Select up to 10 tokens for withdrawal based on your wallet's ADA amount and delegated pool.
Confirm your selection and pay the required fee to complete the withdrawal.
The withdrawal process repeats every epoch, allowing users to maximize their token rewards.
Cost and Service Fee Breakdown
DripDropz applies a small fee for each withdrawal, which serves as the platform's sole revenue source. The fee structure depends on the number of tokens withdrawn and covers Cardano transaction fees, Phyrhose processing fees, and DripDropz service fees.
Referral System: Earn $DRIP by Inviting Friends
DripDropz offers a referral system that rewards both the referrer and the referred user with 1,000 $DRIP tokens. To participate in the referral program, users must create an account on DripDropz, which will grant access to the referral page where they can input their referral payout address.
In conclusion, DripDropz presents an innovative approach to token distribution in the Cardano ecosystem, benefiting both blockchain projects and community members. By simplifying the process of token withdrawals and providing incentives for users to engage with the platform, DripDropz is set to make a significant impact on the Cardano landscape.
A Comprehensive Description of the Platform
In the world of digital currency, the DripDropz platform stands as a noteworthy innovation. This platform is beneficial to various stakeholders in the Cardano blockchain, particularly the delegates. All delegates, irrespective of their pool, are entitled to receive a variety of tokens or a "grab bag". This is an incentive to delegates to stay in community pools while still receiving highly sought-after tokens.
Community pools also benefit from the DripDropz platform. Usually, token distribution is limited to a pool's delegates. However, DripDropz allows for retention or addition of delegation to a pool by extending the distribution beyond the pool itself. As a result, pools hosting token drops can reward their delegates with additional token bonuses.
DripDropz also creates an opportunity for token projects to distribute their tokens without needing to run a pool. The token projects can also choose their token distribution level, whether to distribute tokens to specific pool delegates or all delegates across the blockchain. This system allows token projects to attract new users onto their platform and acquire new consumers via wide token distribution.
The DripDropz platform utilizes its utility token, $drip, which has a maximum supply of 45 billion. The tokens are allocated entirely for DripDropz users and are distributed via the platform. The platform distributes $drip tokens at a flat rate, with each delegate receiving 1000 $drip tokens per withdrawal per epoch. These tokens, however, will not roll over when the Hydra back payment feature is implemented.
DripDropz also encourages wallet splitting to a degree, allowing delegates to acquire the most $drip tokens and maximize token rewards. Even with multiple transaction fees due to wallet splitting, delegates are encouraged to spread their delegation to community pools.
In terms of governance, DripDropz aims to become a truly self-governed Decentralized Autonomous Organization (DAO). DripDropz users will be able to vote on all future decisions related to the platform, starting with token onboarding. Holders of $drip tokens will vote on which token projects to add to the platform, and subsequently, on offboarding of tokens. Once the initial rounds are completed, the community can use $drip tokens to vote on all business matters pertaining to DripDropz. The platform will then transition from a Limited Liability Company to a Decentralized Autonomous Organization.
DripDropz also introduced the Coin Desirability Index (CDI), a measurement of a project's or token's desirability. The CDI measures the number of views or impressions versus withdrawal rate. This tool should mitigate the issue of spam tokens and, combined with phase 2 voting, allow users to remove undesirable tokens from the platform.
DripDropz offers solutions to technical difficulties, such as stuck transactions. Users experiencing such issues can manually push through any stuck transactions by contacting DripDropz. Furthermore, the platform allows anyone to distribute their token projects without charging any onboarding or distribution fees. DripDropz recognizes addresses with active stakes in a pool, which can be any pool on the Cardano blockchain. Users do not need to send Ada from the same address they are claiming tokens with, making the process more flexible.
The DripDropz platform operates on an epoch calendar. Each epoch, rewards reset and reload, and users need to visit the platform every five days to withdraw that epoch’s rewards. Though the platform does charge a fee, it aims to keep costs low by combining two or three standard transactions into one, thus lowering fees for everyone in the transaction and processing data more efficiently. This operational design aims to address the challenges of Cardano Stakepool default setups and the limitation of mempool sizes, contributing to the overall efficiency of the blockchain.
However, the Cardano blockchain's surge in demand has led to some challenges, including long delays in transaction completion and intense competition to get individual transactions on chain. Every transaction has an equal chance to arrive on the chain; it simply has to find its way to a mempool, get in line, and find a peer that will produce a block soon. To address this issue, DripDropz is working on the efficiency of its transaction handling, particularly focusing on optimizing its approach to two-part transactions.
In conclusion, DripDropz represents a significant innovation in the Cardano blockchain ecosystem. It offers benefits to delegates, community pools, and token projects while striving to improve the efficiency of transactions. By aiming to be a self-governed DAO and promoting wide token distribution, DripDropz is a pioneering platform in the digital currency world.
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