DripDropz Token Freez
How we are completing a 90% reduction of $DRIP
DripDropz Token Freeze Action Plan
*Notes about the switch to PoL:
Epoch 494: -20% $DRIP rewards
Epoch 495: -40% $DRIP rewards
Epoch 496: -60% $DRIP rewards
Epoch 497: -80% $DRIP rewards (you are here)
Epoch 498: proof-of-liquidity (PoL)
At the start of epoch 498 (July 18, 2024 21:44:51 UTC), $DRIP rewards will not start until 1 hour after the epoch (22:44:51 UTC). This will give us time to perform the $DRIP token freez.
We will withdraw all of the tokens out of the Phyrhose wallet (addr1w9xc5279jqxql020jp295d377nqrms826gnhgqxt5g5m9dqlfqf3f) and into the $DRIP cold wallet (addr1qxm66gsrmql7ls7qme47rear04dxg2pq964a7atcmk7q6jm9j2fn4u4zdd769mqv0yt0yhejh07nakpee7lec8gwc7tq7rj6nz) to accurately calculate the 90% to send into the freez wallet. The $DRIP funds along with the $dripfreez AdaHandle will be placed into a simple script address that perma-locks the funds. A rule in the address prevents anything from being spent after slot 0 which is impossible (perma-locking).
The freez address is: addr1zy2u4n33mgfvdjvuzd5pr08nej7gjwvdrf49jzw5yhr3tur9j2fn4u4zdd769mqv0yt0yhejh07nakpee7lec8gwc7tq0freez
The script that represents this address is:
{
"type": "all",
"scripts": [
{
"type": "before",
"slot": 0
},
{
"type": "sig",
"keyHash": "dd9e4efff33cd1f6b2ccb1859d7086369f9c5452e661e8f13c04fad9"
}
]
}
along with the following stake key hash of the $DRIP cold wallet so anything going into this wallet will be staked into the future: 6592933af2a26b7da2ec0c7916f25f32bbfd3ed839cfbf9c1d0ec796
This command can be run to verify that what the DripDropz team is saying is true:
$ cardano-cli address build --payment-script-file drip.freez.script --stake-key-hash 6592933af2a26b7da2ec0c7916f25f32bbfd3ed839cfbf9c1d0ec796 --mainnet
addr1zy2u4n33mgfvdjvuzd5pr08nej7gjwvdrf49jzw5yhr3tur9j2fn4u4zdd769mqv0yt0yhejh07nakpee7lec8gwc7tq0freez
Finally, we will set aside 10% of the remaining total supply for the DripDropz team (as voted on earlier in 2022/the DripDropz team has still not touched that 10% allocation), and then send the remaining amount back into the Phyrhose wallet to cover the ongoing PoL rewards. The mentioned 10% will be kept in the $DRIP cold wallet as the team’s allocation.
Of the amount that is sent back to the Phyrhose $DRIP bucket, we calculate 1% of that and then divide by 73 epochs to set the level for PoL rewards for the DRIP campaign.
Burn Steps:
1.) Collect all $DRIP in our control into Cold Wallet.
2.) Send 90% of Cold Wallet $DRIP into burn contract
3.) Calculate remaining supply -> 45b - AmountBurned(step2) == RemainingSupply
4.) Send to Phyrhose -> RemainingSupply - 10%
5.) Calculate 1% of amount sent to Phyrhose divided by 73 and set in the PoL campaign
// DRIP PoL Campaign
drip = 0.0;
polDripPerEpoch = 482026813300.0; // 1% remaining drip per year / 73 epochs
// Get total supply across Minswap, WingRiders, VyFi, Sundae, Muesli, and Splash(spectrum)
totalSupply = ft.getAssetCount("total_supply", 180L) + ft.getAssetCount("total_supply", 191L) + ft.getAssetCount("total_supply", 182L) + ft.getAssetCount("total_supply", 197L) + ft.getAssetCount("total_supply", 199L) + ft.getAssetCount("total_supply", 203L);
// Calculate the PoL rewards
if(totalSupply > 0) {
controlledDripAmount = 1.0 * (ft.getAssetCount(stakeAddress, 180L) + ft.getAssetCount(stakeAddress, 191L) + ft.getAssetCount(stakeAddress, 182L) + ft.getAssetCount(stakeAddress, 197L) + ft.getAssetCount(stakeAddress, 199L) + ft.getAssetCount(stakeAddress, 203L));
drip = polDripPerEpoch * (controlledDripAmount / totalSupply);
}
return Math.floor(drip);
PoL requires that a user hold DRIP tokens in a DEX liquidity pool. Only the following liquidity pools will be supported. Any additional pools will not be automatically supported. If enough liquidity exists at some new DEX, we can review adding them to the system. Being in a Yield Farm at the DEX does not count (you are already getting rewards from the DEX for that DRIP liquidity being locked). You must just simply be providing liquidity and hold the LP tokens in your wallet.
Splash(spectrum) - https://pre-splash-app.spectrum.fi/liquidity/467bffa12e9322e0b44a8966bf47e458261db69128fcc366ff5090ff.445249505f4144415f4e4654