We are going to create dump.services
The site will offer the user the possibility of selling their tokens for another token, by focusing on UX and usability.
Main use case
A user wants to dump their wallet contents into a single token.
User enters the site
User selects the destination token
User’s tokens are listed in a table, showing balances and approval state
User checks boxes which token he wants to sell
We do check that the amount/fee ratio makes sense, and alert them if not
User approves all tokens they want to trade in CoW Swap
Users can see the remaining time for their order
All orders are sent at the same time to the CoW Swap API
Additional functionality for SAFE users
Token approval batching
Presigned batches
Grant Goals and Impact
Batching orders is the bread and butter of CoW Swap but unfortunately, users can’t create orders fast enough to be part of the same auction.
Having dump.services should increase the CoWs in the system reducing cost and increasing surplus.
Incentives for the team to maintain the website
Yearn needs a similar process to sell specific tokens from some yearn multi-sigs and this is generalizing the use case to other users
Increasing tx flow into CoW Swap should improve yearn solver COW rewards
The site will have its own CoW Swap app id which should be used for the volume-based partner reward program
Milestones
The website and main use case should be ready in a month top.
After a month, the CoW Grant Committee should review the website and decide if the site is functionally based on the initial proposal.
A year after release, CoW Grant Committee should verify if the website did enough volume to qualify for the volume-based partner program.
Grant Timeline
A month
Funding Request
20k xDAI at the beginning of the project
20k xDAI when the website is in production and ready for the public
Volume-based Partner Reward Program
Budget Breakdown
We estimate one month for development, and we are budgeting one year in cost.
Budget items:
$30 domain
$50 p/month server cost => $600 p/ year
Total cost: $630
The rest of the money ($39,370) will be used for salaries:
This application looks sound, and is aligned with the core batch auction mechanisms that drive CoW’s primary value proposition. I am signalling my support for this grant and look forward to working closely with the team.
Would you implement it with market orders or limit orders?
There’s a use case for low balances dumping
OFC it’ll be more relevant once gas-less approvals (permit) is supported on cowswap
Then limit orders might be a nice option which means the fee is set to zero and the swap is executed only if the token price is high enough / gas fee is low enough
Other than that, I’m just wondering what is the expected usability and volume to be generated?
Do you have a specific type of users in mind that will potentially be using dump.services frequently or this is a something that will usually be used only when migrating addresses?
Would you implement it with market orders or limit orders?
We are going to use market orders for now
Other than that, I’m just wondering what is the expected usability and volume to be generated?
We know of several multi signs that are going to use it. We got feedback from people wanting it to use to clean their EOA wallet as well.
Do you have a specific type of users in mind that will potentially be using dump.services frequently or this is a something that will usually be used only when migrating addresses?
We believe it’s a continuous action. Doing the trade through dump.services should improve user prices by cowing against the order book and also against themselves.
I like the idea, would definitely be happy to see it happen and use it myself!
My main remaining concern is the cost breakdown.
Without specifying a bit further the work-hours you estimate for building the project, 40k feels a bit high.
I’m not saying it is unjustified, but just that it is a bit hard to evaluate as it stands right now.
Adding to that, if I understand correctly the project will be fully owned by the proposers.
Although I acknowledge there’s no clear path to generate income out of it right away, I think it makes sense that development costs will be shared between CoW Grants and the proposers, given the ownership structure.
If the project is proposed to be fully open source and serve as a community public good that others can build on top, I think there’s more justification for funding the full development cost.
Hey @middleway.eth! Regarding the ownership, it’s something we are pretty flexible about. We talked about this with some members of CoW and they were in favor of diversification (front-end diversity, with diversity across teams maintaining it).
We are going to maintain the site. But the code is going to be open source and available on GitHub.
We did it!! dump.services has already been running for 14 days. The launch was very successful. We had more than $100k in volume during the first 12 hours, and a few days ago we crossed the half-a-mil mark.
We already have the next features in the roadmap and we are going to keep pushing dump.services to be the defacto dApp to dump your farming rewards.
dump.services in prod and going full steam ahead. So, we’d like to ask for the second part of the grant.
We are huge fans of OSS, anyone can deploy this and use it. It’s super straightforward, no requirements at all, no backend, nothing. Here’s the repo: dump.services/github