Sweeper Engineering Update

Announcing our liquidity mining program SweepStorm 🌪🌪🌪

✈️ Airdrop

First off, we were super happy about the scale and execution of the airdrop. The airdrop included 11 million tokens and of that roughly 3 million tokens were claim. We knew the numbers would be around this and what this proved is that we can run an airdrop of varying sizes at scale with little to no glitches. The airdrop as of writing this still has a week left, but at that time we will reclaim all unclaimed tokens and get ready to launch another one. The next airdrop will contain fewer addresses but have a higher distribution of tokens per single address.

🔥 Burn Mechanism

This was another thing that we were ecstatic about. The token started off with a supply of 100 million and as of talking we currently have 99,980,227. We had a few instances of low usage which occurred in some mints, but the large bulk was burns. In general almost 20,000 tokens were burned out of a total circulating supply of around 2.8 million (approximately, subtracting out treasury, dev fund, and supply left in airdrop).

🔮 Future

One thing we were looking to fix was that liquidity providers are getting burned when adding liquidity. We have a three-pronged solution for this. First, we are going to launch a series of liquidity mining incentives for liquidity. This will both incentivize and reimburse liquidity providers that chose to stake in our pools. Eventually we will work to allow for a non burn path to enter a liquidity pool. However, that will not be immediate as we have a many other features we are working on.

👩‍🌾 Liquidity Mining program → SweepStorm 🌪🌪🌪

To go into more detail, we will be launching the first liquidity mining program in the coming days. 1.5 million unclaimed tokens from the airdrop will be put towards this (the rest will be put towards future airdrops). This will happen over a month in two batches, 1 million tokens and 500,000 tokens.

After the month is over we will have a perpetual liquidity mining program. This will be a staking contract, in which a % of all burned tokens will go to rewarding the liquidity providers staked in the pool.

📝 Documentation

We’ve also just launched our docs page: docs.sweeperdao.finance. For now, it includes an FAQ, Changelog, a guide on how to claim the Airdrop and a guide on how to use SweepStorm. We’re planning to add more Guides in the future.

🍬 Lastly

We are looking to add liquidity before trying our first re-rug ceremony. However, we are currently almost done building the front end for that and keep your eyes open for that!