PoWDump - A PoW ETH dump button using cross-chain atomic swaps
brainbot technologies AG
The proposer is brainbot technologies AG. Everyone on the team has years of experience in the Ethereum ecosystem.
Trading Related Applications
We want to propose that CoW DAO be the
shepherd Cowgirl and funder of the deployment of a new cross-chain swapping DApp called PowDump. PoWDump will be the prime venue for the Ethereum community to dump their PoW ETH, sunset the PoW chain faster, and save the environment without having to go via a centralized exchange!
PoWDump will collect a small percentage-based fee from the swaps done via the DApp. The fees will automatically be transferred to a Gnosis Safe on the Ethereum mainnet owned by the CoW DAO.
We propose that any collected fees from the PoWDump DApp will be used for advancing the following goals:
Funding causes related to post-merge (PoS) Ethereum, saving the environment and for the betterment of the Ethereum community at large. To achieve this, the perfect partner would be Giveth.
Retroactive compensation for the development of PoWDump.
Further funding of CoW Grants.
As proponents of the Proof-of-Stake Ethereum, we can’t wait for the Merge to happen. Still, we all must deal with the reality that there will be a Proof-of-Work fork. This leads to a sort of an “airdrop” situation for ETH holders. Due to the fork, they’ll receive PoW ETH, which they probably don’t even want to hold.
PoWDump is a simple DApp that lets PoW ETH sellers create atomic cross-chain swaps which match them with buyers. This makes it a secure, on-chain way to sell the PoW ETH, which doesn’t rely on centralized exchanges or trusted (wrapped) bridges.
We believe that CoW DAO is an ideal partner for deploying this project, having a well-established DEX on Ethereum and Gnosis Chain with the vision to enable trustless and fair trading. Cross-blockchain swaps could very well fit into this vision one day. We think PoWDump can be the first foray for the CoW DAO to fund a project in this direction.
We think the CoWmunity is well aligned with the vision and future of Ethereum. We see the CoW DAO as an important member of the ecosystem who could be a great partner in moving this project forward.
The technology is finished and ready to deploy. The code that has been developed by brainbot for PoWDump can be found as open-source code on GitHub.
The purpose of this grant’s proceeds is to be used as a bounty for someone to deploy the PoW Dump open-source smart contracts.
The deployment transaction details that include the bounty will be posted as a follow-up comment to this forum post for anyone to pick should the grant be accepted.
It is expected to complete the grant’s milestones by the 14th of September 2022.
brainbot won’t receive any funding, as we aren’t going to initiate the deployment. Instead we’d like to propose that this endeavor is funded unilaterally by the CoW DAO. The total funding request is for 1 ETH on the Ethereum mainnet, approximately $1,700 at the time of writing. Accounting for price volatility and additional transaction cost(s), the grant funding request is for 2000 xDAI.
0.5 ETH for incentivizing contract deployment on Ethereum
0.5 ETH for incentivizing contract deployment on PoW Ethereum
0xBA3717AaE21e9De9a548cB0996e2C08443f3b7D6 (Not owned/controlled by brainbot)
By applying for this grant, I agree to be bound by the CoW DAO Participation Agreement and the CoW DAO Grant Terms and Conditions.