SWOP burning event

Swop.fi
Swop.fi
Published in
5 min readDec 2, 2021

SWOP is the governance token of Swop.fi and a special incentive for liquidity providers. So far, ~ 1 million 750 thousand SWOPs have been issued, about 70% of them are staked. The number of SWOPs to issue each year is decreasing, and the total number of issued tokens will not exceed 6 million. More about SWOP tokenomics

The Swop.fi Launchpad recently had a successful IDO of $Enno Cash token. The Enno Wallet project sold tokens worth 850 thousand USDN, while users willing to buy tokens deposited more than 9 million USDN: with 1000% oversubscription! Swop.fi gained 42,500 USDN as a 5% commission. Of these, a little less than half was the reward for the referral program. We have used the remaining funds to buy 1,941 SWOP for later burning.

In honor of the first burning of SWOP, we decided to hold a prize draw in cooperation with Waves Ducks. Thus, SWOP holders who join our burning event will have a chance to win a prize.

Prizes for participants

The more SWOPs we burn together, the greater the prize pool will be:

  • For every 9 SWOPs burned, a prize of choice is added. A participant who wins such a prize will be able to choose one of the two options when entering the Waves Ducks game:
  1. A mantle of level 2, which makes it possible to send your duck to Duck Wars and receive double rewards for winning battles involving that duck. Upon purchase and subsequent upgrade on Waves Ducks, the cost of such a mantle is 0.04 Waves Ducks EGG.

2. Share tokens of a collective farm for the same worth, which generate daily income in EGG (analog of dividends).

  • For every 101 SWOPs burned: a perch on which your duck can produce EGGs; cost 1 EGG.
  • For every 199 SWOPs burned: a level 13 mantle, which increases the rewards for wins in Duck Wars by 13 times; cost 1.37 EGG.
  • For every 401 SWOPs burned: a genesis duck, suitable for breeding and EGG farming; cost ~ 3.65 EGG.
  • For every 2,999 SWOP burned: Phoenix that is a jackpot duck with a fixed rarity of 100%. Ducks with such a rarity now bring in ~ 0.7 EGG per month in farming.
  • The main prize is a unique Ash jackpot duck. There will be only one main prize, regardless of the number of SWOPs burned.

Thus, already at the start, the prize pool will include:

  • 215 mantles of level 2 or share tokens of a collective farm,
  • 19 perches,
  • 9 mantles of level 13,
  • 4 genesis ducks,
  • the main prize duck.

And if, for example, the total number of burned SWOP reaches 30,000, then among the burners will be drawn:

  • 3,333 level 2 mantles or shared tokens of collective farm,
  • 297 perches,
  • 150 level 13 mantles,
  • 74 genesis ducks,
  • 10 Phoenixes,
  • the main prize duck.

How to participate

On the event page, you can specify any amount of SWOP you want to burn. The more SWOP you submit to burn, the more likely you are to win one of the prizes. However, there is also a chance for those who burn quite a bit. You can throw SWOPs into the fire several times during the event, their number is summed up. Don’t burn SWOP yourself outside of this page: such burns will not count towards the prize distribution.

After the event ends, we’ll send the prizes to the winners’ accounts.

Prize distribution

The probability of winning a prize for each participant of the burning event is proportional to the number of SWOPs they submit to burn, and for the Top 10 participants — the number of SWOPs multiplied by the factor:

  • for #1: × 3
  • for #2: × 2.8
  • for #3: × 2.6

  • for #10: × 1.2.

If two participants with the same number of SWOPs to burn are intended for a place in the Top 10, the one who submitted them earlier will take the higher position. Thus, in order to get ahead of the competition, you рave to burn a little more.

The prize draw has two stages. First, the main prize is drawn among the Top 10 participants. Then the rest of the prizes are drawn among all participants, excluding the one who has already won the main prize.

One participant may receive no more than one prize. Please keep in mind that the higher the number of SWOPs to burn, the greater the the prize pool is. The prizes will be handed out in order, starting with the most expensive: the address that appears first receives, for example, a Phoenix (if there is at least one Phoenix in the prize pool), and the address that appears last receives a mantle of level 2 or share tokens of a collective farm.

To ensure a fair, completely random distribution of prizes, we use an algorithm similar to the selection of winning tickets on Launchpad:

  1. Before we start the event, we set the height of summing up vrf_height and an arbitrary secret_word string.
  2. We write down a base58 encoded hash of these parameters converted to bytes:sha256(vrf_height.toBytes()+secret_word.toBytes()).toBase58String()
  3. After the event ends, we’ll take the VRF of the block at vrf_height and use the VRF+secret_word string as a random seed for the script that selects the winners of the draw.

The script that selects the winners will be posted on GitHub: https://github.com/swopfi/burning-swop; so anyone will be able to check the calculations. The VRF of the block is not known to anyone until the block is created, so we can’t influence the distribution of prizes. Also, since the block height and the secret word are set in advance, but not revealed before summing up, the block generating nodes won’t be able to influence the result either.

The account that submitted the initial 1941 SWOP does not participate in the drawing.

Achievements

In addition to valuable prizes, participants in the SWOP burning event will get special achievement badges that they can share on social networks.

Achievements for burning levels:

  • Pyro Kid: for burning at least 5 SWOP
  • Pyro Man: for burning at least 20 SWOP
  • Pyro Lord: for burning not less than 50 SWOP
  • Pyro Monster: for burning not less than 150 SWOP
  • Top 10 in SWOP burning: for entering the Top 10 according to the results of the event.

Achievements for burning levels are created by ART_SHEVA_. The original versions of these images, each in a single copy, will be sold at SIGN Art auctions.

Achievements will also be awarded to recipients of prizes and miners whose contribution to the SWOP burning has increased the prize pool. For example, if there were 14,850 SWOP in the bonfire and you contributed 170, another Phoenix duck is added to the prize pool, and you get a Phoenix miner achievement.

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Swop.fi
Swop.fi

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