AMA Recap: Learn about DAO Ignition Campaign and how community involvement can take Swash to the next level!
To continue the momentum into 2022, an AMA took place in Swash’s Telegram group to address the most frequently asked questions from the Swashbuckler community.
On February 24, 2022, Swash’s Chloe Diamond, Seth Ulinski and Reza Naeeni answered the most pressing questions from the community and shared details on how awesome DAO Ignition is for decentralisation and growth of Swash!
As Swash enters 2022, DAO Ignition sets the stage for greater community ownership and authority — which will evolve into a formal DAO!Keep reading for the full recap:
FAQs from the community
What is the objective of DAO Ignition?
Chloë:The DAO Ignition campaign is designed to kickstart the Swash DAO
It will bring Swash closer to decentralisation by enabling Swash token holders to take more ownership over the future direction of the movement and to attract more Swash users and HODLers.
- Increase token adoption
- To kickstart Swash DAO in one year from now
- Trigger token burn
What can I win by taking part?
- Be in to win the grand prize of up to 300K USDT
- Trigger Swash to burn up to 5M $SWASH
- Become a DAO Early Bird member
- Trigger Swash to donate 100K USDT to charity
Even if you don’t win the grand prize, you can still benefit as a $SWASH holder and community member.
How can I participate?
Seth:For a full campaign overview, click here.
For registration, click here.
2 key must haves:
- An Ethereum/Polygon/Gnosis Chain non-exchange wallet (e.g. Metamask).
- Hold 5,000 Swash tokens for a minimum of 60 days.
Note: please do not use your Swash app address- this is NOT a valid wallet.
Reza:Simple: register and hold Swash and complete the actions listed in the blog Seth just shared.
Now that I’ve registered for Swash DAO Ignition, what else can I do to support the project?
#1 — Invite your friends to take part to grow the prize and the community
#2 — Continue to support Swash by sharing, retweeting and cheering on the project and community
As more people register, the size of the grand prize will grow. You will also trigger the $SWASH token burn of up to 5M $SWASH, trigger Swash to make a 100K USDT donation to charity, and boost awareness of Swash in new communities
How does the prize size grow?
Reza:For every person who qualifies, Swash will add 20 USDT to the prize amount until reaching a cap of 300K USDT.
Additionally, If the prize reaches 300K USDT, Swash will also make a donation of 100K USDT to charity as part of the Data for Good program.
Also Swash will burn 10% of the monthly average of the amount held by the community for the duration of the DAO campaign until burning a max of 5M $SWASH.
How long is the campaign active for?
Seth:The DAO Ignition campaign is live now, through until February 15 2023
This is a 12-month campaign, so you have plenty of time to get on board!
If I hold 5000 Swash tokens in my registered wallet, what else do I need to do?
Chloë:All the steps to follow are outlined here.
To summarise, you should:
- Post a tweet with:
- Your non-exchange wallet address you’re using to register
- The hashtags: #Swash $SWASH #SwashDAO
And fill in the registration form (https://swashapp.io/dao-ignition/register)
- Hold 5000 Swash tokens for a minimum of 60 days to be qualified to win (diamond hands that hold for 90 days can increase their chance of winning!)
- Then, tell your friends to increase the prize pool and trigger Swash to burn more tokens!
And last but not least: cross your fingers!
Don’t forget: you can track the campaign and the status of your wallet at any time while DAO Ignition is live by visiting the website and following Swash’s social channels.
How many tokens will be burnt as a result of DAO Ignition and how can I make the burn happen?
Reza:5 million SWASH will be burnt. You can trigger this by joining the DAO Ignition campaign and bringing your friends to join as well.
Where can I stay updated about the latest on the progress of DAO Ignition and my wallet status?
Seth:You can follow the status of the campaign by visiting the official DAO Ignition webpage:
Also, throughout the campaign, Swash will share updates through its official social channels and newsletter.
Don’t hesitate to drop the team a message on here if you need support.
What is the benefit of joining if only one person wins the prize?
Chloë:I think we can all agree that $300K is a life-changing sum of money to win. It’s a big prize to get people involved and to get people talking.
However, aside from the prize, everyone who takes part will win through increased token adoption and with the token burn, which will help to propel Swash to new heights.
And, finally, being part of the Swash DAO means that the community will be able to take a more hands-on role in the future of the movement.
Am I supposed to hold 5000 swash for the whole year??
Chloë:No, only for a minimum of 60 days in total while the campaign is live. These don’t have to be consecutive days
How can we check the amount of Swash kept in DAO Ignition?
Seth:The amount of SWASH held by the community will be updated on the main DAO Ignition page.
Will there be an innovation for the swash held on the exchanges? There is no way to withdraw via Polygon.
Reza:For Gate.io you can use Polygon as of this week. We will check with them to see if it’s possible to enable that.
What will we earn for the swash coin on the exchanges? As a reward?Reza:The purpose of exchanges are for trading (no reward).
Note: liquidity mining pools are an alternative for passive rewards (not financial advice)
Are you going to buy swash from exchanges and burn it to raise the price?
Reza:We will buy it from the market.
How can you invite people who don’t know about crypto/Defi to use your platform?
People who are not familiar with Crypto can easily register to install the Swash app.
Entering the DAO (Ignition Campaign) could be a step 2 down the road, remember it is a 12-month campaign
Now NFT is at the peak of its popularity, are you planning to create your own NFT?
Seth:We are certainly aware of the NFT craze and listening to ideas/suggestions.
Please feel free to share your thoughts on how NFTs could add value.
What about general marketing and current work? (off topic, but close enough!)
Seth:Swash is planning advertising campaigns and will be partnering with influencers to help increase awareness. I am an advertising guy, so I understand how big an impact it can have and the influencers also can be magical
Will there be an advantage to holding 5000+ swashes or holding more than 2 months?
Seth:If you hold for 90 days, that boosts odds for each participant. Holding longer does not impact further.
Will the protocol be expanded to more chains and potentially be cross-chain?
Reza:Swash is already on ETH, Polygon, and xDai. More networks will be available over time.
How do you plan to onboard the initial liquidity needed for your pools and what benefits if users want to be liquidator or provide liquidity?
Reza:SWASH provided the initial liquidity when we launched and as we got listed on DEXes and CEXes.
How will the winner know that he/she wins the prize?
Reza:We will contact them
We have registrant email and Twitter handle
Reza:Thank you everyone for participating in the AMA. Keep your questions coming and let’s take Swash new heights together as a community!
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