8th Tokenlon community governance TIP10 proposal is released, vote now!

  • According to the design of the Tokenlon protocol, the relayers responsible for matching orders can pay Ethereum miner fees for some users’ transactions
  • The design of relayer paying the miner fees can increase the success rate of users’ trades therefore bring a better user experience
  • As part of the treasury design, the fees collected by Tokenlon protocol will be first used to reimburse relayers the miner fee paid by them
  • As of March 22, 2020, Tokenlon 5.0 has accumulated more than $10 million in fees, including 2,987 WETH
  • As of March 22, 2020, the Tokenlon relayer has paid 2,560 ETH in miner fee for users
  • Based on the above data, it is estimated that 85% of WETH collected by Tokenlon protocol needs to be used for reimbursement of miner fees paid by relayers
  • Therefore, WETH part of fees collected by Tokenlon protocol will be directly (partially or fully) transferred to the treasury for reimbursement
  • Transferring WETH directly to the treasury can avoid the additional expenses caused by exchanging WETH to LON and then exchange for ETH
  • The data provided above can be viewed and verified with the Dune Analytics dashboard here
  • Let the community decide on the miner fee reimbursement plan for relayers
  • Implement according to the voting result and will take effect when the LON buyback is launched
  • Addresses with LON balance greater than 0 can vote
  • Addresses participating liquidity mining can vote (including unclaimed LON reward)
  • Addresses with LON LP token can vote
  • LON balance snapshot block: 12100200
  • Voting start time: 2021.3.24 7:00 UTC
  • Voting end time: 2021.3.26 7:00 UTC
  • A. The percentage of WETH transfer to treasury will be dynamically adjusted according to the actual cost of miner fee paid by relayers. At the beginning:
  • 80% of WETH will be directly transferred to the treasury for reimbursement
  • 20% of WETH will be used to buyback LON and then transferred to the LON staking pool to reward LON staking users
  • B. 100% of WETH collected will be directly transferred to the treasury:
  • It will be first used to reimburse the miner fee paid by relayers,
  • and then, the surplus will be used to provide liquidity for the LON/ETH AMM pool in the future

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Tokenlon DEX

Tokenlon DEX

706 Followers

The 🐉 #DEX We promise 99% of your transactions will go through Built on 0x and Ethereum Aggregating best prices from major #DEXs