After a long wait, the time has come to bring SweeperDAO to life with the help of Sweepers from around the world. To start, we’re focusing on a core group of communities that have agreed to support our mission, and the amazing community of Sweepers that have already joined us on Discord.
On Wednesday, May 12th 2021 we’ll be executing the genesis airdrop, the first of at least five major drops with the goal of giving away 51% of the network. Each airdrop will last two weeks, after which we’ll sweep the unclaimed tokens back to our treasury for distribution in the next drop. We expect we’ll need around a week to two to prepare and launch each airdrop.
Although we had to start somewhere, SweeperDAO isn’t focused on just one set of rug pulls, we’re in this for the long haul. We want to continue expanding this group and create a vibrant community of Sweepers over the coming months and years, all dedicated to the war on rugs. It will eventually be up to the DAO to actively vote on which new communities join us on our journey in the future. Together with other Sweepers, we will be continually grabbing addresses and working to find communities that share our mission.
The DAO will also decide who our best and brightest are through contributor rewards, which make up the remaining 49% of the network. Through dev sprints, shitposting competitions, and more, Sweepers will be able to climb the ranks to become powerful forces for good.
The treasury and the contract will be controlled by a gnosis safe multisig at the start. A multisig is an address built using many individual user address. To execute a transaction it requires a threshold of signatures in order to execute the requested transaction. To read more on multisigs, information can be found here.
The multisig has four participants and requires two signatures for any tokens to be transferred, or upgrades need to be conducted on the contracts. We will immediately start talking to the community to expand this set of four to six and the threshold upped to three out of six signatures. The next two participants will be community elected. We will hold proposals for voting on snapshot.org in the sweeperDAO.eth snapshot page.
If you would like to be entered into the running for being part of the multisig, please contact @swiper#8232 on discord.
🔥 Rug pulls and liquidity burn
If you don’t already know, in crypto a rug pull is a malicious act in which token holders leave a project and flee with investors’ funds. Rug pulls are most common on decentralized exchanges (DEXs), where malicious actors create a token, list it on a DEX, and then pair it with a popular cryptocurrency such as ETH or BNB as part of a liquidity pool.
The malicious actors masquerading as liquidity providers then drain the liquidity pool, making it impossible for holders to retrieve their funds or “pull the rug” out from under them, effectively driving the coin’s price to zero.
An important detail in this process is that, on DEXs like Uniswap or Pancake, liquidity providers are given “LP” tokens when a token is listed. Once they have these LP tokens, they can be exchanged like any other token, or even used for yield farming.
SweeperDAO’s mission is to rerug rugpulls, but we also want $SWEEP to have liquidity like any other token. So, what an irony it would be if Sweeper turned into a rug itself. To avoid this, we’re burning the initial liquidity. After creating the liquidity pool we’re sending the LP tokens to 0x0000.., effectively revoking our permission to move these LP tokens.
👨🚀 Genesis Community Airdrop
With all that said, we’re excited to announce the first community airdrop. For this drop, we’ve allocated 10.6 million $SWEEP tokens to the community. The breakdown is as follows:
- 🥞 6.6m to CAKE Holders
- ❤️ 2m to Binance-Peg DOGE Holders
- 🐕 1m to the top 5,000 Shiba Holders
- 🦍 440k to BASED Holders
- 🐱 385k to Mooncat Holders
- 🤑 240k to early community contributors
- 🍌 10k to Top Degens (Atomic Blue Label)
- 👻 200 to Vitalik Buterin
Each group will be eligible for a flat airdrop of 200 $SWEEP. Keep in mind that the airdrop is on Binance Smart Chain (BSC), even though your Ethereum address might be eligible for it.
Additionally, there is an allocation of around 730k token for early contributors who’ve donated funds for the initial liquidity.
In total then, we’re airdropping around 11.3m tokens to contributors and the community.
🌎 Where do we go from here?
Since we’re planning to distribute 51% of all tokens to the community, there are at least another 4 airdrops coming up. As mentioned above, we’ll be sweeping unclaimed tokens back to our treasury for distribution in a future drop, so please claim your tokens!
Out of the 10% for early contributors and core founding team we’ve already allocated around 2% (a little less) token for liquidity donors. The remaining 8% will be held in a separate multisig for the core team. That way we’ll be able to gradually transition the community treasury to the community DAO while managing the core teams funds.
Keep in mind that we didn’t include rugged communities in this initial airdrop. The rationale is that the core flush mechanism will be targeting rugged communities to swap their token, so we wanted to separate those concerns as there were simply too many rugs to choose from. Rugged communities are our communities, and we’re excited to work with them more in the coming months.