the new way we're (at least temporarily) sending you SEEDS
Hey Friends -
We originally emailed a version of the below to the Seeds community on March 22nd, 2022, requesting their input. Because the response we got was unanimously in favor of switching to the below SEEDS transfer strategy as suggested, we implemented this approach a little over a week later.
However, as we’re finding that some folks (naturally!) may have missed the email, we wanted to be sure to include this information here as well. If you’re a Seeds giver and/or a student in our online course, Cryptocurrency & How to Trade It, we appreciate you very much! Please feel free to let us know if you have any further feedback or questions regarding the below (the Discord is probably the best place to do so).
If you’re a software engineer who resonates with our mission, please consider applying to join our team, as we’re in need of help in improving our product ecosystem as described below.
Without further ado, here was the message sent March 22nd (with slight editing for clarity, and to adjust the development timeline because we ::womp:: didn’t hire the right teammate in time to hit our initial dashboard launch goal):
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“So as many (or most?) of you know, when you make a gift to folks in need through Seeds, you receive 100%+ the value of your gift in SEEDS, at market price at the time you give.
We do this because we want the giving people to be the ones who benefit when/if SEEDS go up. 💗
The SEEDS market price on Uniswap Version 2, as of the day this blog was posted, August 18th, 2022.
What some of you may not realize is that when we send you SEEDS in thanks, we cover the transfer dues. I'm not aware of any other cryptocurrency project that does this, and as gas costs became prohibitively high, this approach meant we were paying often thousands of dollars per month in these fees.
Thus, it became clear that we needed to rethink this, as these funds could be better spent helping folks in need, with recognition that as our community continues to grow, this problem will balloon as well.
So! We've been mulling things over and discussing this challenge internally for some time, and I've come to a conclusion regarding a solution - but I wanted to share it with you to make sure it sounds okay.
Here goes:
In the intermediate term, we're building a givers dashboard. The initial version will show givers the impact of their contributions, as well as the market value of the SEEDS they've received in thanks. Barring any unforeseen development barriers, the dashboard will also allow givers to choose to receive their SEEDS reward when they'd prefer. When initiating that transfer, it'll ask you to cover gas fees, as on other DeFi platforms. Your SEEDS in thanks will simply appear in your dashboard for you to move around as you like.
In the short term (aka as of Friday, April 1st, 2022, the beginning of Q2), we'll stop sending SEEDS in thanks on a daily basis, and will shift to doing so quarterly, unless/until the dashboard tool is working.
If for any reason the dashboard is delayed, and isn't fully functional by the end of Q2, we'll still cover gas fees when sending your SEEDS. But rather than sending the SEEDS within one business day as before, to reduce gas costs, we'll do a single batch transfer when Q2 concludes. For example, if you make a $25 monthly recurring gift and receive $26.25 in SEEDS in thanks, instead of remitting you SEEDS in thanks three times over the quarter (and paying separate gas fees for each transfer) we'll send one transfer of $78.75 in SEEDS at the end of June, per applicable market price at the time of each of your three respective gifts.
That said, if you're a giver who is interested in taking advantage of the staking bonus in the meantime (and therefore needs the SEEDS to stake!), you're welcome to let us know, and we'll pay the extra fee to send your SEEDS in thanks sooner. The work we're doing to help people in need wouldn't be possible without stakers, and it's hugely appreciated.
And though it's obvious, just to state: if/when you ever want SEEDS more urgently while we're moving through this transition (with requisite disclaimers re: Seeds not being affiliated with these platforms, etc.), there's always the option to buy them on a decentralized exchange like Uniswap.
Please feel free to let us know your thoughts. Would this be okay for you? If you totally get it and approve, or otherwise have any ideas, feedback, objections, whatever, the time and energy spent in voicing your opinion is deeply appreciated.”
-Rachel