Make the bridge costs between ETH and xDAI network incentivized or free

🌱 Ideas
#1

I understand free money/honey being given out via Faucet, Pollen to community. I really feel some funds to be part with growing the HoneySwap as exchange to drive exponential growth.

One key criteria or bottleneck for the general public to enter HoneySwap is the bridging fees between ETH mainnet and xDAI mainnet. What if we incentivise or make the bridging ETH transaction fees free for adding more than 50$ worth of takens to xDAI network if we trade/farm in HoneySwap. We can drive real growth of people coming to HoneySwap network to swap and trade.

For Eg: > I want to swap 100$ worth of ETH to xMoon.

I come to the Free_Bridge swap 100$ worth ETH to DAI. Pay ETH fees of say 5$
I come to HoneySwap swap my 95 xDAI to xMoon. Immediately 5$ xDAI is added back as incentivized fees taken when bridging

Technically this made using HoneySwap to swap ETH to xMoon no hassles of worrying about. May be take this free period only when Gas is medium cost and not high.

Upto technical team to discuss more.

5 Likes
#2

I agree with you the biggest hurdle for now is the bridge cost from ETH main to XDai network and also the confirmation time. This task is up to XDai and POA team that is what I think. What we can do in honeyswap is to make DEX more attractive for the big players to leave the ETH network. We’re already providing incentives juicy enough to attract this yield seeking farmers which we see during the launch of the honeycomb which almost dobol the liquidity of the HS.

1 Like
#3

May be not permanently to incentivize or if we have valid growth and funds contributing via swaps to feed the fees incentivize factory.

We really need to try this for growth and for sustaining long term we might need to think of how to pull funds for this.

#4

This idea in some way is good I understand what you wrote above and I like that.Only problem is when if big amount of people start switching from eth main net to xdai chain its gonna be crazy party there, a lot of returning(refund for fees to accounts) :eyes:

1 Like
#5

Hence I said only when gas fees are permissible and up to a point …
We are feeding random strangers with no idea some coming to brightid verifications these days … If we have cap at minimum txn and maximum amount which can be incentivized may be … I am naive but looking at the way funds are utilized thought a good idea

1 Like
#6

Oh okay now I understand :+1:

1 Like
#7

when i bridged, there was no bridging fee, the only thing was the rather expensive gas price on the mainnet…

1 Like
#8

This is not possible. We do not control the bridges, these are controlled by the xDai team.

4 Likes
#9

Yes bridges are controlled by them - The ledger chain is open though right reading the fee transactions we could give them free DAI or equivalent HNY token thats what I meant.

You know your stuff man :slight_smile: If its coming from you …

1 Like
#10

The ledger is open but it’s not readable on-chain from a smart contract as far as I am aware. :slight_smile:

Even if it was we would need to hash out some details - I don’t think just giving free honey for bridging is a good idea, ideally we would only want to give Honey to people who are interested in being part of the community, otherwise my general feeling is that it would create a lot of unnecessary sell pressure for Honey as people bridging that are not interested in 1hive would just sell Honey as it is free cash for them.

2 Likes
#11

I believe that both bridges were incentivized at one point in the recent past. There was a non-lethal attack on one of the bridges by someone who created a bot that was bridging a very small amount of xdai, repeatedly, which was draining the validators accounts and clogging up the bridge, or something like this. That’s when the minimum amount of 1 coin was put into place to bridge back.

I think what we all want to accomplish is getting more funds over to this side as fast as possible. Markets can not be forced and should not, in my opinion. This market and community will grow naturally and become one of the most used swaps available in time, again my opinion.

1 Like
#12

Could something like kick back be used to our advantage? https://medium.com/wearekickback/call-for-kickback-events-xdai-double-kickback-campaign-19c3cf42ef4d

I guess I didn’t read this far enough through :face_with_hand_over_mouth:

#13

Makes sense now … am not sure about the economics but thought exchange fees and hny price can cater to these.

Thanks for taking time to reply onbjerg

1 Like
#14

They say " migrating their DAI into xDAI (When I transferred 50 DAI with 130 gwei, it cost $1.56) through the bridge. To compensate for the hassle, xDAI team will airdrop 5xDAI to participants who actually attended the event ("

We could leverage this somehow nice find theJeweler

#15

Incentivizing bridge fees is not sustainable

But still can be used for good marketing

#16

Maybe you could do it as a one off event eg ‘everyone who transfers at least 400 dai (1eth) over the bridge in this 24 hour period will be dropped 2xdai as gas fee compensation’. Having a reasonable limit eg 1 eth worth will reduce the amount of people doing hundreds of 5dai transfers to try and game the system

1 Like
#17

Regardless of if it is sustainable or not, it is not technically feasible, at least not for the TokenBridge (xDai <-> Dai). It might be technically feasible for the OmniBridge, if anyone is intereted.

Edit: I’ve asked in the xDai discord and it is also technically feasible for the TokenBridge.

1 Like
#18

So are we going to consider this and do a minor marketing exercise to stimulate honeyswap usage

#19

We should try this via token bridge damn sure ETH fees will again skyrocket

#20

Would it be possible to fork xdai ?