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VoxoDeusVoxoDeusby0xC212f04685cFcC8444D3b8368F045E2A2675c039thecypherverse.eth

Withdrawal method for Minter & Holder Rewards? (VIP 004)

Voting ended almost 4 years agoSucceeded

As a VoxoDeus Minter or Holder, how would you prefer your reward withdrawals to be structured?

By default each withdrawal would be:

  • A single transaction, completing within minutes.
  • Paid in ETH on Ethereum

Alternatively, to reduce the gas fees you'd pay on this, we can change the default in two ways :

  • Alternative A : Grouping withdrawals into batch transfers
  • Alternative B : Transacting on the gas-efficient Polygon network

To weigh the pros and cons, we'll provide cost estimates of all options. Though, as the price of Ethereum and gas both fluctuate wildly, these figures are for illustrative purposes only, and are based on the assumptions of:

  • 1 ETH = 3000 USD
  • Gas is 150 Gwei
  • 50 Minters withdrawing each week

Alternative A : Batch Transfers

By batching withdrawals into weekly transactions, we can reduce your withdrawal's gas fees by a factor 3 - down to 6 USD from 20 USD, saving roughly 14 USD per withdrawal.

The downside is that instead of the withdrawal clearing within minutes, it could take up to a week for your withdrawal to reach you.

Alternative B : Polygon

By transacting in wETH (Wrapped ETH) on Polygon, your withdrawal's gas fees could be reduced by a factor 600, costing mere cents instead of the 6 USD or 20 USD per withdrawal on Ethereum.

The downside it that your rewards would not be on L1 - Ethereum Mainnet, though additional Gas can be paid to bridge funds back to L1.

Voting

How would you prefer your reward withdrawals to be structured?

  1. Default - Immediate transfer in ETH on Ethereum.
  2. Alternative A - Batch transfer in ETH on Ethereum.
  3. Alternative B - Immediate transfer in wETH on Polygon.

Off-Chain Vote

Default (Immediate & ETH)
15 4.2%
Alternative A (Batch)
295 83.1%
Alternative B (Polygon)
45 12.7%
Download mobile app to vote

Timeline

Mar 04, 2022Proposal created
Mar 04, 2022Proposal vote started
Mar 09, 2022Proposal vote ended
Oct 26, 2023Proposal updated