A token dispensing service allowing projects to drop tokens to Cardano stake pool delegators each epoch.
The projects that use the DripDropz platform to organize coin drops to stake pool delegators have access to multiple parameters that allow them to manage who can receive their tokens and how many they may be eligible for. Users must delegate at least 10ADA to a Cardano stake pool to be eligible to receive Dropz.
Users simply enter their wallet address to see which tokens they are eligible to receive and (for a fee) can withdraw up to 10 different tokens in one transaction. Users can continue to repeat transactions until there are no tokens left for them to withdraw. Users can do this every epoch.
An explore section of the site allows users to explore which tokens are available through the platform, which stake pools they need to stake to to receive a particular token, and it features a dashboard for each token containing multiple metrics for that token, including links to the token’s website and socials.
To redeem 1 token (token type not an individual token) a user must send 3ADA to an address provided by DripDropz. Their token(s) are then sent to the address where the staking is done along with approximately 1.7ADA. The platform takes approximately 1ADA as a fee in addition to what is required to cover transaction costs.
A user must send 5ADA to redeem multiple tokens (up to 10 different token types per transaction). Approximately 1.6ADA will be taken as a service fee, in addition to the Cardano transaction fee that is also deducted from the user’s return amount. This means that around 3.2ADA are returned to the user with their tokens.
The fee is used to support the DripDropz platform and to pay for the Phyrhose service that makes this possible.
Users can pay for their Dropz using a different wallet to the one containing the stake that earned those Dropz. However the tokens will only ever be sent to the wallet that did the staking.
Do I need to Sign up?
No you aren’t not required to sign up to the platform to be eligible for rewards each epoch, you only need to delegate a minimum of 10ADA to a Cardano stake pool. You can sign up and signing up does gives users a simple dashboard that tracked their addresses, withdrawals, and referrals.
Users can use a unique referral link to bring others to the platform. When the invited users completes their first withdrawal both the inviter and invitee will each receive 100 $DRIP tokens.
1000 $DRIP tokens are able to be claimed each epoch by every wallet delegating at least 10ADA to a stake pool. The creators of this platform understand that this method of distributing tokens can be open to abuse but feel that the process of creating a new wallet, storing private keys, maintaining that wallet, and paying multiple rounds of fees is enough to prevent system abuse.
Holders of the #DRIP token will be able to participate in the DripDropz DAO, voting on all future decisions of the platform. Initially token holders will only be able to vote on token onboarding. After that, token holders will also be able to vote to kick tokens off the platform. Once these two elements of the DAO are successfully implemented then business control will be relinquished by the owners and 100% of ownership will be transferred to $DRIP holders.