sideswap

hubert-2@newsletter.paragraph.com (hubert.eth) — Wed, 17 Jan 2024 06:43:48 GMT

SideSwap, the first DEX on Zk Fair, is careening wildly out of control. Let me cover it in a Strike One: SideSwap: A) organized an airdrop trading competition B) forgot to tell people when it ended C) people lost $750K in fees for trades that were ineligible for their airdrop because they kept trading even though the limit was reached half an hour earlier Strike Two: SideSwap offered re-compensation of $9,000 in tokens for a community that lost $750,000 in fees Strike Three: SideSwap agreed $9K was too low and decided to let the community vote on the compensation plan. Then they put the poll not on the Discord for the community or through Snapshot where people who participated on the DEX could verify their wallet address..... but on Twitter The predictable happened. SideSwap had only ~1,000 wallets in the trading competition but the vote (see here: https://twitter.com/SideswapZK/status/1746084392378995015…) has over 130,000 votes! Undeniably rigged. Strike Four: In response to expected user outrage at the rigged "community poll", SideSwap's mod 'Kermod' has been losing his mind, yelling at users in ALL CAPS. He banned 30 long time members in half an hour. So much for ZkFair's "community-powered" approach. See pics attached. Strike Five: Mods on the Discord have gotten livid, yelling "ROBBER" at community members who want reasonable compensation. Which poses the question - by gaining compensation to cover their losses- who are these users robbing? At present, a small number of wallets received the full 40% of SideSwap's tokens in the trading airdrop. The compensation would come out of that chunk. The anger expressed makes one think the Mod is the one who feels he's being robbed; if more compensation is given to users who have lost funds in the competition, he loses money from his stack. SideSwap $SIDE has a chance to make things right by having a fair poll of its own community, not a rigged Twitter poll. Without a change, the taint of insider self-dealing and allowing a large financial loss of its users, will prevent SideSwap from going anywhere. Worse it will injure the perception of ZK Fair as being community-centered. Time is running out. $ZKF $SIDE