TosiDrop is a platform that runs on the Cardano and Ergo blockchains, so that projects in each ecosystem can distribute tokens to members of their community, by dropping tokens directly to an address list, or allowing the community to claim tokens through a vending machine mechanism.
The mission of the team is to contribute to decentralization, with the vision of offering a quality experience on the blockchain, in a secure and decentralized way.
Some of TosiDrop’s clients are anetaBTC, Minswap, Aada, SCAT DAO (Smart Contract Audit Token), ALDEA, among others.
TosiDrop participated in ProjectCatalyst’s FUND9 with three proposals: TosiDrop DAO Governance Platform for which he requested USD 70,000, TosiDrop Cross-chain Development for which he requested USD 160,000 and TosiDrop dApp and Audit, for which he requested USD 100,000, not obtaining financing for any of them.
How It Works
TosiDrop is a platform open source, on mainnet since May 25, 2022. You can visit its app.
There are different ways to distribute tokens:
- On Cardano, projects can distribute tokens allowing community members to claim them by sending ADA to an address and receiving tokens in return, or they can mass-drop tokens to their community members.
- On Ergo, projects can directly distribute tokens from their community platform.
TosiDrop is very useful for distributing tokens at an ISPO. The protocol observes the rewards of the delegators and the pool in each epoch. Based on this data, tokens are accumulated in the account of each delegator within TosiDrop, based on their delegation address.
Community members can claim their rewards each epoch or let their tokens accumulate and claim them later.
For tokens using TosiDrop services, there is a service fee of 1₳ that goes towards TosiDrop revenue. TosiDrop will require the user to send 3.5₳, and will receive ~2₳ back, minus the Cardano network fee of ~0.36₳,minus a fee of 0.14₳ for Seal Pool, which developed the backend.
For tokens that are distributed from the Vending Machine, and not using TosiDrop’s services, there is no 1₳ service fee, and this means that TosiDrop will require the user to send a 2.5₳ deposit, and will receive ~ 2₳ back, minus the Cardano network fee of ~0.36₳ and 0.14₳ for Seal Pool.
TosiDrop has a security mechanism with deposits, and because of this, it sometimes happens that the withdrawal cannot be executed.
For example, if a deposit is the wrong size (less than necessary), or the user accidentally sends the deposit to a custom withdrawal address but hasn’t set their customization, TosiDrop won’t know what tokens they wanted and in these cases, the ADA deposit is added as a reward, and can be withdrawn during the next valid request.
In case of shipments of a greater amount of ADA than the amount requested in the deposit, the money is not lost, the system automatically returns the funds in ADA as part of the reward, less transaction fees.
In case of sending less than the requested deposit of 2 ADA, the system will consider it an error, and will return the funds, because the transaction that includes native assets is expensive and this would not cover it, but if the sending is less than 1 ADA the system does not return anything, but it will add this amount to the reward bonus, so it will be recovered at the next withdrawal.
Rewards stack, but some may have an expiration date, which means they’re forfeited if not redeemed before that date.
The developers incorporated the service TosiPayroll, that it’s a payment mechanism payroll for members of the team. Any project in the ecosystem can use TosiPayroll services, allowing your team members to automatically claim tokens. The most common payout period is 3 epochs, as it mimics the normal 2-week payout structure.
Tokenomics
TosiDrop’s governance and revenue sharing token on Cardano will be cTOSI, and TosiDrop’s governance and revenue sharing token on Ergo will be eTOSI.
The TosiDrop tokens were issued equally on the Cardano and Ergo platforms.
There is a combined total of 2,000,000,000 TosiDrop tokens:
- 1,000,000,000 (50%) cTOSIS in Cardano
- 1,000,000,000 (50%) eTOSI in Ergo
This is done by using the revenue generated by TosiDrop to facilitate buybacks with the intention of rewarding cTOSI and eTOSI token holders.
POLICY ID:
[Cardano] cTOSI: a8a1dccea2e378081f2d500d98d022dd3c0bd77afd9dbc7b55a9d21b
[Ergo] eTOSI: 94180232cc0d91447178a0a995e2c14c57fbf03b06d5d87d5f79226094f52ffc
There was no pre-sale, seed sale, or private sale. 90% of the tokens went to the public sale, while 10% of the tokens were allocated to team members.
The TosiDrop platform was the main source of token distribution to community members NETA / cNETA.
- Public: 60% (1,200,000,000 tokens)
- NET / cNETA Community: 30% (600,000,000 tokens)
- Core team: 10% (200,000,000 tokens)
cTosi tokens can be purchased with ADA at Minswap.
Governance
Although initially the TosiDrop team will determine which tokens on the platform can be listed, development is ongoing.structured as a Decentralized Autonomous Organization (DAO) through cTOSI and eTOSI governance, based in Singapore.
Platform governance and revenues will have equal shares for cTOSI and eTOSI tokens.
Going forward, TosiDrop aims to be a fully decentralized token distribution platform, running entirely on open source and publicly audited smart contracts.
anetaBTC is developing a voting and governance mechanism, which will be replicated for the governance and voting of the TosiDrop platform.
The Team
Among the main developers are founders of stakepools in Cardano.
APEX Pool, worked on the scripts to calculate the number of tokens that need to be sent to each wallet. SEAL stakepool worked on the backend and Ferrot on the frontend. Star Forge OTG Stake Pool, BBHMM stakepool, Blink Labs and PSB stakepool worked on DevOps and infrastructure.
Website: https://www.tosidrop.io/
