Convert small balances to Chi (duplicate)

I decided to move this to the Stage 2 category as the feedback has been quite positive. Let’s get this implemented!

Summary

Create an interface that allows the user to swap small balances to Chi. Binance already does something similar to this with BNB.

Motivation

Integrating this functionality would bring benefits to the ecosystem by 2 main ways,

  1. Promoting Chi as a gas token more effectively. (Currently there isn’t much promotion around Chi, this would make Chi much easier for investors to attain)
  2. Allowing the functionality of swapping small balances to Chi tokens in 1 transaction.

This may still not be a super attractive option currently to actually use from an investor perspective due to the recent increase in gas fees. But with ETH2.0 on the way, setting this functionality up seems like a no brainer and is a great way to build a solid foundation for the future of the Chi gas token.

What are your thoughts?

Create interface to convert wallet “dust” to Chi
  • For
  • Against

0 voters

2 Likes

Since EIP 3298 will remove refunds, and is scheduled for the London hard fork, It’s unlikely this would be implemented since CHI would become useless. Small balances being converted to chi would require the user to swap either directly to CHI or to ETH to mint CHI, which would cost a lot more making the gas refunds from CHI not effective. Binance can easily do the conversion because they’re a CEX with access to all underlying balances of the tokens whereas 1inch.exchange is a DEX aggregator where users incur the network fees. Though I’d love for this to be possible, it’s very unlikely to happen or even be worth it in the end.

3 Likes

The Main problem underlying converting DUST into 1inch token seems to be the HIGH gas fee ATM .

  1. Instead of converting the remaining dust balance to the token everytime , is it not possible to deploy a Batch processing unit/Contract on top of it .

e.g. Like if all users wanna convert their small remaining tokens they can put conversion request & all those requests will go into a batch contract or something where they all be executed at once or twice a day or like in every 12/6hrs time gap .

  1. This will drastically reduce not only the cost but also the load [ binance also gives every 4hrs timegap between dust conversion to BNB ]

Who know when we get to Layer 2 or 3 or Eth2.0 , but we can still have this type of system on RUN even after that .