SCP# 11: Integrate Reward Collection vs Gas Fee checks into the reward claiming process.
Summary: Proposal to implement a check during the reward collection process to show in USD value the amount of the rewards collected vs the gas fees to collect said rewards, and confirmation they accept the gas/rewards. This is a feels bad moment that I think is rather easily avoidable and creates a bad taste in users’ mouths when they don’t realize what is going on.
Abstract: Discord user, w7x, came into the community discord today (September 4, 2021) stating that for a second time that the gas fees coste more to claim their reward than the staking rewards itself. While I’m not sure if this is happening often, I do believe it likely happens more than we want it to as a DAO for our user base on ShapeShift. While I do believe that it is the responsibility of each DAO member and investor to make financial decisions on their own, this is a major feels bad moment and I believe that could be prevented with a simple implementation of a Rewards USD equivalent comparison to the gas fee USD equivalent comparison check and a “Are you sure you want to proceed claiming your rewards at this time?” This implementation will allow for users to more easily decide if they want to claim the staking rewards when they go to claim, especially in the current world of high gas fees we are living in.
Motivation: While this problem is currently exacerbated by the high gas fees, I believe that creating a more friendly environment for newer crypto users will help to contribute to bringing them back to our platform over others moving forward. I, also, believe that this will keep more cryptocurrency transactions on our network, cryptocurrency in our users’ wallets, and generally improve the experience for our user base.
Specification – I am requesting funding for the implementation of said project, I am submitting this proposal as version 1 and if there is traction to move this forward, I will work with the engineering team to see what they think something like this would take in terms of costs, and update before hitting ideation.
Benefits – As I mentioned in the motivation, benefits to the DAO include increased user experiences, more crypto in the pockets of our users, and fewer feel bad moments while using the ShapeShift platform. All while hopefully adding some amount of value to our existing experienced ShapeShift users and a more welcoming environment for newer ones.
Drawbacks – Costs to the DAO paid out in fox to some amount of costs involved to implement. Would like to increase time in the app during transactions. Especially if we can only guarantee the gas fee for so long, would possibly require recalculating the gas to reward implementation.
Vote For- I would move the process to the ideation board in the boardroom for further discussion and voting after determining costs of implementing and any additional downside or drawbacks from whatever team members I could work with on the engineering team.
Vote against- We would do nothing.
Follow up: after discussion with in the discord, he showed me this feature already exists in the trade area. (picture here - https://cdn.discordapp.com/attachments/554694662896615436/884202976686780436/image0.png ) If we could just implement this into the staking reward claim area, I think that would be enough to suffice this request!
That notice is indeed precisely the intended behavior I wish the platform had on the fox farming reward claiming process.
The picture shown however is from the mobile platform. If we’re to extend it to the fox farming reward claiming process, please make sure it’s enforced both on the desktop and mobile gateway. I ask because I personally seldom use the mobile app to trade, and I’ve never seen this notice before on the web-based platform (shapeshift.com)
Thanks for following up to this post with more insight as to what you are looking for. Someone had brought up your post in ideation in discord. is there an option for you to remove it so we can go through proper chains, even if this ends up just getting added to a work stream road map?
No, for some reason I can’t see any edit/delete button on my old boardroom proposal for me to act on… When I try to cast vote on it, it fails as well. I’m not sure what is going on
Interesting, weird. well, maybe or could help with the Ideation post to get it taken down since you are unable?
Thanks for the time to talk about this at the Governance call this week. I think this will be better suited to push through on a road map for a main workstream. I Will keep this up as a remind moving forward. Hopefully those who have supported it here, will support it in the road map phase as well.
Working on getting this added to the Roadmap. Also - we’re talking about including the warnings more generally. Thanks for reminding me about this!
Awesome, great to hear. I think this will especially help newer users to the platform dipping their toes into things!
Thanks so much!