Tosidrop, Cardano & Ergo tokens faucet; Dripdropz's alternative
TosiDrop is a token dispensing service akin to Dripdopz for Cardano and Ergo blockchains. It helps projects in either chain to airdrop their tokens to their communities. The platform launched on mainnet in late May 2022. On its launch, ADA holders delegating to NETA1 & NETA2 pools could claim cNETA rewards.
Fees and tokens' accumulation
On the Cardano side, users key in their wallet address. If rewards are available for the specified address, a user can send ADA to a generated address and receive ADA and tokens in return. For each withdrawal, TosiDrop charges a minimum service fee of 0.1 ADA (₳). Final fees depend on how much min-eUTXO is needed to withdraw rewards.
Following a recent update, claiming a premium token on TosiDrop will cost the user at least 0.5 ADA. 20% of fees collected will be invested in research and development. The other 80% will be deposited into a TosiDrop fund, which will benefit eTOSI and cTOSI holders. As of the 25th of August, the platform had already generated 7,000 ADA in fees. In future, the platform will conduct a governance vote that will determine how these growing rewards will be distributed.
On TosiDrop, unlike on DripDropz, user rewards will accumulate over time. If the expiration date for a token arrives, the accumulated rewards expire as well.
NETA/cNETA airdrops via TosiDrop attract zero additional fees on top of Cardano's minimum transaction fee. Other projects seeking to distribute tokens via the platform are charged an extra fee in the form of ADA or ERG.
TosiDrop tokenomics
TosiDrop will distribute an equal amount of its tokens to Cardano and Ergo chains. cTOSI & eTOSI are the governance tokens for Cardano and Ergo respectively.
The platform will have 2 billion tokens i.e 1 billion cTOSI and 1 billion eTOSI eTOSI.
TosiDrop tokenomics applies anetaBTC's tokenomics philosophy. For the sake of fair distribution, there is no pre-sale, seed, or private sales for eTOSI and cTOSI tokens. 90% of these tokens will be distributed to the public while TosiDrop's team will retain the remaining 10%.
| Allocation | eTOSI | cTOSI | Total % Alloc |
|---|---|---|---|
| Public | 600 million (30%) | 600 million (30%) | 60% |
| cNETA community | 300 million (15%) | 300 million (15%) | 30% |
| Team | 100 million (5%) | 100 million (5%) | 10% |
cTosi token was recently listed on CoinMarketCap. Its price action data will be added soon.
TosiDrop partnerships
TosiHack 2022
TosiDrop partnered with Ergopad on July 15th ~ 17th on its first hackathon. The event was geared toward attracting developers to launch projects on these eUTXO-based chains i.e Cardano and Ergo. According to this partnership, there is a pressing need for cross-chain (Ergo <> Cardano) development in the following areas:
- Decentralized lending protocols
- dApp wallets.
- AI portfolio manager
- Dynamic Market maker
- Stablecoins
- Oracles
Participants were awarded prizes as follows:
Position reward winners 1st 1,000 ERG, 600,000 eTOSI, 50,000 ErgoPad BabelERGs 2nd 500 ERG, 250,000 eTOSI, 30,000 ErgoPad CardanoLove 1st 250 ERG, 100,000 eTOSI, 20,000 ErgoPad FilosDAO Ardana taps TosiDrop for DANA airdrop
Ardana announced via Twitter that it would be distributing $DANA for its ISPO via TosiDrop. The drop is scheduled to begin on Tuesday 23rd August 2022. The DANA drop will be cumulative over a period of 50 epochs i.e 250 days. Users who don't wish to withdraw on an epoch basis can wait for their rewards to accumulate.
AADA to distribute some ISPO rewards via TosiDrop
The AADA finance team announced that due to KYC concerns on DripDrop by some of its community members, they would be moving their distribution to TosiDrop.
MinSwap second testnet participation rewards
MinSwap announced on 21st of August that it would use TosiDrop to distribute Mint tokens to those who participated in their second testnet.
MinSwap's cTOSI/ADA liquidity farm is a triple yield farm. Beginning August 30th, LPs to this pool will earn MIN, ADA and cTOSI rewards.
SCAT DAO distributes AUDIT tokens via TosiDrop
SCAT DAO started distributing AUDIT tokens on August 5th using TosiDrop.
How TosiDrop compares to DripDropz
| Feature | DripDropz | TosiDrop |
|---|---|---|
| KYC | yes | no |
| Chains | Cardano | Cardano, ERG |
| Available tokens | > 100 projects | < 10 projects |
| Tokens number | 45 billion | 2 billion |
| Governance Token | DRIP | eTOSI, cTOSI |
| Documentation | well documented | in beta |
| Maturity | Relatively mature | newcomer |
| Withdrawal Fees | Slightly expensive | Cheap |
| Withdraw speed | fast - under 5 minutes | slow - upto an hour |
In our limited experience thus far, TosiDrop's fees seem to be lower than DripDropz.
DripDropz enjoys a first-mover advantage over TosiDrop. Having launched earlier, they have enjoyed the monopoly and community trust to develop a robust list of features e.g MultiDrip, on-chain voting feature e.t.c. Their UI and documentation also seem more robust.
TosiDrop will have to catch up in those areas. In a twitter announcement, their team disclosed that they're currently expanding their frontend team, who will help build their UI.
As more projects start considering using TosiDrop, the qualitative and pricing differences between the two platforms will become clearer.
TosiDrop updates
Homepage rebrand
On September 25th, TosiDrop moved it's url from tosidrop.io to app.tosidrop.io. The former url will host its new landing page.
TosiPayroll feature release
TosiDrop's new payroll feature will enable projects pay their team members. The protocol aims to what could be a multi-billionare industry by the end of decade.
The global payroll software market is expected to explode to $46 billion by 2028
Projects' employees will automatically claim their tokens every 3 epochs (2 weeks).
TosiDrop will charge a fee while these users claim their tokens, thus adding to its revenue.
This feature is already complete for Cardano chain. An equivalent will is being built for ErgoHack 5, which begins in October 3rd.
First published on Aug 21, 2022
Cardano