Dripdropz, Cardanos OG token faucet
DripDropz.io is Cardano's most popular token dispensing service. Since its launch, dozens of Cardano dApps, CNFTs & meme tokens have used the service to distribute their tokens to the community. Some of the best projects using Dripdropz include LiqWid Labs, SundaeSwap, Cornucopias, AADA finance & cNETA. Wingriders one of its latest high-profile partnerships.
Since we last wrote about Dripdropz and its positive role on Cardano's DeFi, the team has introduced the following features:
During Dripdopz's early days, users could not tell meme coins (shitcoins) apart from tokens from DeFi projects. As a result, early adopters would either blindly select tokens or use significant time DYOR'ing if the tokens were from promising projects.
Those days are gone. Yes, users still have to do their own research on projects' tokens. However, on DripDropz they have various filters to help them always choose better drips faster.
Users can filter available drips by category i.e DeFi, Meme, Gaming ...
A bookmark filter is now present that helps users save their favorite tokens.
The favorite tokens always show on top of other available tokens
Users can hide shitcoins they don't like from showing up on the list of the available tokens.
There's an option to un-hide tokens if a user likes.
Filters #2 and #3 require users to have a basic account with Dripdropz. The signup process is pretty easy.
Another improvement is the addition of a View costs. This helps the user estimate the minUTXO required to withdraw the selected tokens before they click the Claim my dropz button.
Launched a Droperators program
Droperators are stake pool operators (SPOs) who help the DripDropz achieve faster token distribution speeds during times of high demand. These SPOs achieve this goal by ensuring that most if not all DripDropz's transactions catch the block production 'bus' on time.
There are a couple of benefits to this approach. First, this program encourages more decentralization of Cardano by encouraging more SPOs to participate. Two, it helps DripDropz users get their drips on time.
There is an extra benefit i.e loyal delegators of Droperators SPOs earn to receive a 25% base buff instead of the usual 10% base buff.
List of DripDropz droperators
There are at least 67 SPOs currently under Dripdropz's droperators program. Here is a list:
|Droperator Name||Stakepool(s)||Number of SPOs|
|Blue Cheese Stakehouse||BCSH, BCSH0, BCSH1, BCSH2, BCSH4, BCSH5, BCSH6||7|
|PEACE pool Cardano ecosystem developers||PEACE||1|
|ADA's Digital GrandParent||MUGGY||1|
|StakePool247 | Ardana Stake Pool Alliance member||EU01||1|
|Rocky Mountain Pool||ROCKY||1|
|🐍Viper Stake Pool||VIPER (Pools #1, #2)||2|
|Digital Fortress||DIGI, DIGI2, DIGI3, DIGI4, DIGI5, DIGI6||6|
|LEAD Stake Pool||LEAD||1|
|ADAfrog 🐸||FROG, FROG2||2|
|Atlas StakePool||ATLAS (Pools #1, #2)||2|
|ATM Stake Pool||ATM||1|
|Easy Staking Pool||EASY1||1|
|Bloom||BLOOM (One, Two, Three, Four, Five, Six)||6|
|NEWM Stake Pool||NEWM||1|
|Aichi Stake Pool||AICHI||1|
|46 South Stake Pool||46S||1|
|RINA User Group||RUG||1|
|BLADE Pool - bladepool.com||BLADE||1|
|Tokai Stake Pool||TOKAI||1|
|Moai Stake Pool 🗿||MOAI||1|
Keep any eye on the DripDropz's projects page for updates on this list.
Drip loyalty program
Beginning epoch 340, users who use the drip feature to claim tokens every epoch earn a loyalty score. This loyalty score determines if they deserve a loyalty bonus of 10%,20%,30,40% or 50%.
Withdraw DRIP token each epoch for a higher bonus
Users who skip an epoch can start over again to regain their loyalty bonus.
Launch of DripPro
To help users who use the service regularly a more customizable experience, Dripdropz launched a DripPro experience. The service will eventually include at least 4 pro features i.e MultiDrip, AutoDrip, DestinationDrip and DIDits.
At launch only the MultiDrip feature was ready. The rest are work-in-progress and will hopefully launch after tests are complete.
This feature will allow Dripdropz users who have their ADA spread across several stake pools to queue all their wallets' withdrawals at once. The service will calculate total costs, queue and batch drips to multiple wallets at once, every epoch.
It takes discipline for users going to the Dripdropz website to initiate drips every epoch. With auto-drip, users will send funds to a transaction wallet with specified conditions. DripDropz's smart contract will auto-send selected drips to the user every epoch.
This feature will merge rewards from multiple wallets into a single destination wallet.
This is probably the most existing of the Pro features. It will arguably save users considerable transfer/transaction fees when they want to sell their tokens.
DripDropz wants to solve prevailing KYC concerns among the Cardano community. Of course, these concerns are shared in the wider crypto community.
Following the DID standards, Dripdropz intends to launch a decentralized ID Service. Partnering with an internationally accredited service, Dripdropz will offer interested users a secure DID that they can use across the Cardano blockchain. Anywhere on the chain, the DIDs are accepted. It's basically an example of #zero-knowledge-proofs 😁.
Amended the flat 1000 DRIP withdraw
Some users were gaming the Dripdropz 1000 DRIP for every staked wallet pledge. They would open hundreds of wallets with a minimal stake. To stop this spammy behaviour, the team introduced a mathematically based formula to determine what amount of DRIP each wallet gets.
The upside to this approach is that it still encourages participation by small wallets.
Governance with on-chain Voting
DripDropz conducted a governance vote on-chain using a Fungible voting token. For the first round, the community voted for:
- The 1st-year annual rewards of the new DripDropz staking program will target a 10% APY.
- Drip redemption for users upgrading to DripPro was set at 10,000 DRIP.
- DripDropz review for curved decayed was set to quarterly intervals**.**
- The vote sanctioned DRIP rewards for the Droperator network.
- The vote permitted DripDropz to use 10% of the existing DRIP supply for community development and incentives e.g DEX/CEX liquidity.
Please these write-ups 👇 by the team on the vote details
DRIP referral program
DripDropz users earn 100 DRIP per referral, when the referred user makes their first withdrawl.
DRIP staking program
Starting epoch 351, DRIP holders will be able to stake their DRIP and earn a 10% APY.
DRIP is the governance token for this faucet and has a capped supply of 45 billion tokens. Prior to the aforementioned governance vote, 100% of these tokens would have been distributed to the community. After that vote, DripDropz revised tokenomics now look like 👇
|Allocation||% of DRIP supply||DRIP|
|Community airdrop (via drip function)||87%||39.15 billion DRIP|
|Community building activities||10%||4.5 billion DRIP|
|Droperator's rewards||3%||1.35 billion DRIP|
DripDropz contributions to the Cardano ecosystem
Since its launch, this project has helped in the following ways:
It has helped encourage ADA holders to move their holdings from centralized exchanges.
DripDropz has helped Cardano projects to distribute their tokens.
For the projects that have used this service, they have been able to save on costs, time, and effort required to distribute their tokens or through IDO or Kickstarter protocols. The main advantage perhaps is that some of them have been able to spread awareness about their presence as more people get exposed to their tokens.
Through #1 above and the Droperators, they have helped further decentralize Cardano.
Features such as DIDits, MultiDrip, DestinationDrips, and the on-chain governance vote are good examples of DripDropz spearheading innovation in the space.
DripDropz to open-source their voting technology
Following it's succesfull on-chain governance vote, dripdropz now wants to open up its proprietary voting technology to the public. It has submitted a proposal to the Catalyst commnunity to fund this transition. The DripDropz team is requesting $150,000 from Catalyst Fund 9 round. These funds will help the team achieve the following:
- Migrate code from the private to public git repo
- Code cleanup
- Replace Dependencies, or Code as required from above evaluations.
- Thorough testing. The team will provide alpha and beta releases to allow proper testing. After succesfull tests, they will open a public first release version of the tool.
- Generate documentation of how to setup and interact with voting tool, while adhering to best practices.
- Monitor and maintain code base to ensure bug fixes for 6 months after release.
The DripDropz team will be in charge of maintaining the voting tool during its first year of release. The team will not need additional funding via catalyst if funded fully via Catalyst's 9th round.
The full proposal is available for scrutiny and discussion. The team also has another open proposal for Fund 9 that aims to build a bi-directional marketplace for Cardano users to safely trade their assets.
First published on Jun 23, 2022