Stage 1 - Convert small balances to Chi

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
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0 voters

2 Likes

Interesting idea, from an investor perspective it is also not attractive to invest in GPUs and yet there is nowhere to buy them. I think that CHI will have its usefulness (gas fee reduction) for at least another 2 years.
I like your idea because it would bring an additional utility for CHI, and until ETH 2.0 comes out … I hope there will be more suggestions like this.
I’m just wondering if you thought all the “dusty” from the wallet would convert to CHI?
If this action on the wallet is feasible as some “flashloan inside wallet”, then it is a better utility than the current one.

I was imagining an interface where the user can see a list of all their tokens in their wallet and can pick and choose which cryptos should be converted to CHI.

I think this would be a better option than to just "convert all dust to CHI

I am unsure what you mean by “flashloan inside wallet”. But now you are making me thinking about flashloans to somehow save on transaction fees…
Hmm. Let me think :wink:

ps. I added a poll to the main post

1 Like

similar to binance, you can choose wich coins you want convert.
Many users (including me) have problem with small balances which stay locked on wallet because gas fee is higher than balance of particular assets.
Actually your idea (if feasible) is great + in long term that solution can save CHI token utility and add value. I also need to think :slight_smile: