Flashdrop to Ethereum holders

Hi Blockzero citizens,

Today I was exploring the idea: How do we increase mass adoption of a great protocol which not many people know about as there is so much background noise in crypto that great projects need a lot of digging to find.

I truly believe there isn’t a better defi protocol out there than the Flash protocol. Anyone who discovers it will surely become an adopter if they love defi. The possibilities of Flash protocol go far beyond the flashstake dapp which have been discussed in other topics.

How can someone who comes across Flash not become an adopter?
I believe its hard to ignore Flash once you know what its about.

How do we get Flash to the mainstream?
What I’m suggesting today is a flashdrop to all Ethereum holders.

Why Ethereum holders?

  1. Ethereum is the number 2 crypto with a massive community.
  2. As they already hold Ethereum, they are more likely to provide uniswap liquidy and flash dapp liquidity to earn fees hence boosting Flash liquidity.
  3. Majority of Eth holders understand defi and will be more likely to appreciate the Flash protocol

Where will the flashdrop tokens come from?
From the already minted flash which will go unclaimed. I predict we may have between 3-5million unclaimed Flash. Rather than burning this flash, we can flashdrop them to Ethereum wallet addresses after running a campaign for awareness.

If the Blockzero team find this to be a good idea and put it to a community vote, will you guys support this proposal? Please cast your votes with any additional comments/suggestions. If you don’t agree, how would you mass market Flash?

  • Yes
  • No

0 voters

Well, what if you dropped them enough to be like “Oh, what the hell is that?” but not enough for it to be economical to sell? Then, some exposure occurred and some supply was in a way removed.

You’ve def got to be wary of the possibility that folks will generally just dump. Many would think “Cool, free ETH.” Like how Iceland made a national crypto, “Aurora” and ppl just instadumped thinking “Cool, free money.”

Although I like the idea of anything that will spread awareness of Flash I don’t see the numbers adding up here.

There are currently about 700k active eth wallets. Lets say there are 5mill unclaimed flash (a generous number in my opinion and assuming the team even has access to those), that’s 7 Flash (1.40usd) per wallet.

Who will pay the gas fees for such a large transaction? I’m not sure how airdrops work in terms of fees, but the team transitioned from airdopping XLP rewards each month to the claim dapp for a reason…

Lets say that the airdrop fees arent an issue, the next problem is the small value of the airdrop itself. 1.4usd will get eaten up just by transferring them to a different wallet many times over. People will not even bother moving the tokens because of this.

Maybe if we airdropped to >some< ethereum wallets that meet certain conditions. Like have 1eth+ in them or wallets that have used uniswap, we can increase the airdrop value to something that doesn’t get eaten up by fees. Idk, but the details would need to be more flushed out before I cast my vote

2 Likes

Not in favor.

We talked a lot about consistency and burning of unclaimed tokens is communicated. We need to stick to this promise. It’s also the easiest, most fair and best option.

Bear with me that I’m in general against air drops. Imo it makes sense to reward early adaptors and it works better for governance tokens. Both is not the case in your suggestion.

Mass marketing is to me an option once the gas problem is solved, I mean here that flash staking becomes an option for smaller bags and 1 month terms.

I am also against this. I would rather use the unclaimed flash to put it into the index fund and burn the rest (or use for marketing but not like this).
I worry that users would get very low amount of flash to their wallets. This might make them suspicious that they are a target to a dusting attack.
Another worry are the gas fees.

I asked around and it turns out these unclaimed flash are inaccessible to the team. Basically they are only minted if someone presses the claim button. Before that they do not exist. After april 1st whatever is left will just never be minted

This is a very valid point. Any airdrop would have to be claimed via the dapp, and not sent out to individual wallets. Also it would be a good idea to only airdrop to eth wallets who are uniswap liquidity providers of any erc20 tokens.

The idea of this airdrop really is to increase eth-flash liquidity. As its not economical to sell such a small amount of flash, it could incentivise these eth holders to just pool it on uniswap or flash dapp with a small amount of eth

Really? I wasn’t aware of that

Yep looks like it

2 Likes

Yeah @AllStuffCrypto its true, the unclaimed $FLASH will never be minted.

However the supply is liquid - it depends on no of people staking (this will mint new $FLASH), and if we someone unstacks early then some $FLASH will be burned for ever (equivalent to the penalty of unstaking early)

I believe doing an airdrop just like that isn’t a good idea, people wont value it if they get it for free. we can have a task or something and then go for airdrop instead of just giving to ETH hodlers

@FrankDaTank - totally agree to your point of view, we can have innovative marketing campaign for creating awareness vis-a-vis a free airdrop

@ZacharyDash had mentioned that the team is looking into L2 solutions, this would decrease the GAS we are paying now, hopefully, this would be rolled out sooner, maybe in this quarter

Thanks,
Monk

2 Likes

It will be to expensive to send to all ETH sddresses Flash tokens. And there are a lot of addresses.

I just voted no.

Cause many people or eth holders could dump it since much holders doesn’t have an idea about FLASH.

Just imagine open your wallet and check that some token are in it. Immediately many of them would sell those flash.

And I think would be better share those unclaimed FLASH to the community and same proportionality that was aridroped.

Sorry mate but I see a problem with this logic. If it is not economically feasible to pay the tx fee to sell the airdropped flash, it is not economically feasible to pay the tx fees to add them to a liquidity pool on Uniswap too. Unless there is a considerable reward for LPs.

I am not sure if airdrops are effective or not. Some airdropped flash will sit in some wallets for a long time. Some may choose to learn about the project, which might be good as a marketing tool. Some others will dump when price appreciates enough to give a good ratio for the sell cost. Overall it looks like a gamble to me. May be someone with good experience can guide us.