Gas reimbursement for Conviction Funding pilot

Proposal Information

Proposal description:

We propose to use part of the ANT distributed with the Conviction Voting pilot to reimburse the gas fees people have paid for interacting with the contract.

If this proposal succeeds, at the end of the six-week pilot, we will send back the ether to who has spent it staking or withdrawing tokens on the pilot proposals, up to 900 ANT in total at the time of doing the reimbursement transfers.

If the total gas cost exceeds 900 ANTs, we will distribute it proportionally. If the total gas costs is less, we will take 10 percent of the remainder as a reward and return the rest to Aragon Association.

Proposal Rationale
Casting a staking vote is costing around $10 every time with the current gas price.

In order for the pilot to be most beneficial we want ANT holders to get involved in the discussions and votes, without worrying too much about the transaction costs. In future iterations of the pilot, it may be possible to explore scalability solutions that would alleviate this concern, but for this initial pilot simply reimbursing people for the gas they pay to interact with the pilot is worthwhile.

Expected duration or delivery date (if applicable):

We expect to do the reimbursement on Friday, October 9, 2020, one day after the end of the program.

Team Information (For Funding Proposals)

Github: @1Hive, @sembrestels, @lkngtn

Skills and previous experience in related or similar work:

We are the authors of the Conviction Voting Aragon app.

Funding Information (For Funding Proposals)

Amount of ANT requested:

900 ANT

We calculate that we will be able to reimburse 695 transactions assuming an average cost of 0.028 ETH in fees and the current ANT price (0.022 ETH/ANT). While we cannot know up front what the average cost, or number of transactions will be during the program, or the price of ANT at the end of the program, we think this would be reasonably likely to be able to cover a significant portion of gas costs if not all of them.

Ethereum address where funds shall be transferred:

Beehive Agent: 0x0466e612137bca50e524f25ac9f7b6f826ee15b7

More detailed description of how funds will be handled and used:

We will unwrap the ANT, convert it to ETH in uniswap or balancer, and distribute it using the Transactions app.

We already have the first iteration of a script that can be used to calculate the fees incurred by the pilot users.