CSHBCK token is live!

SecretSwap community,

Earlier today, Cashback token (CSHBCK) was enabled on SecretSwap. Users of SecretSwap will now earn CSHBCK tokens for each SCRT pair that’s eligible for SEFI rewards.

Currently SecretSwap web-app is being updated to add Cashback rewards to the GUI. In the meantime, You can start accumulating CSHBCK tokens now. You can also check your CSHBCK balance by adding CSHBCK token to your Keplr wallet. The token address for CSHBCK is secret1eckd8jyjjz5qvse3t42qnepy4ywg9qj6hlh46s

Users will receive 1 CSHBCK for 1 sSCRT swapped. For example, if Alice swaps 100 sSCRT for x sETH, Alice will receive 100 CSHBCK tokens. Every day approximately 131K SEFI (or 10% of daily SEFI minted) is allocated for CSHBCK tokens. CSHBCK tokens can be burned to receive SEFI tokens. The more you trade, the more CSHBCK tokens and therefore SEFI you will accumulate.

While the UI is under development, you can burn CSHBCK to receive SEFI with the following CLI command:
secretcli tx compute execute secret1eckd8jyjjz5qvse3t42qnepy4ywg9qj6hlh46s '{"burn":{"amount”:”1000000”}}’ --from <name_of_account> --gas 500000
The command above will burn 1 CSHBCK for SEFI

Happy swapping!

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Thank you Can & the dev for the work, really appreciated, could you elaborate a bit more on:
“every day approximately 131K SEFI (or 10% of daily SEFI minted) is allocated for CSHBCK tokens. CSHBCK tokens can be burned to receive SEFI tokens. The more you trade, the more CSHBCK tokens and therefore SEFI you will accumulate.”
Does that mean that if I’m the only one receiving CSHBCK during the day I will be eligible for the full 131K SEFI or is it pegged 1-1 to SEFI ?
Also are those 10% daily SEFI minted coming from the staking rewards of SEFI (which would explain the drop in APY) ?
Thanks,

Hey @apudhd
CSHBK is not pegged 1-1 to SEFI.
The Cashback pool is accumulating SEFI in a block-by-block basis. There is a Cashback rate which indicates what portion of the swap fees you are getting back in the form of CSHBK. For example, when the Cashback rate is at 100%, you are practically trading for free assuming that you burn your CSHBK at that exact moment. Cashback rate is changing every block.
The Cashback rate is essentially the ratio between SEFI accumulated in the Cashback pool and CSHBK minted (SEFI / CSHBK).
That means that as long as no one is trading - your CSHBK value is increasing, and vice versa - when there is more trading volume than SEFI accumulated, your CSHBK value is decreasing.

1 Like

Some people are confuse about the change in APY for SEFI, here are my educated guess :man_teacher: :
Previous 140% APY = 87.54% APR = 0.239% daily
0.239% - 10% (for cashback) = 0.215% daily
0.215% * 365 = 78.8% yearly, which is very close to the displayed 79%.
So my guess is: the displayed value is APR and not APY.
The APY value would be something close to 119.8%.
Hope I got it right and maybe that helps. :sweat_smile:

Hi everyone,

First of all, thanks for developing the cashback mechanism.

However, I am having a hard time understanding why the SEFI APR/APY has to go down.

According to the SEFI token distribution table below, there is a portion dedicated for “Traders” and “SEFI token stakers”

Are we mixing those two categories now?

1 Like

I have a concern about the above process.
What would prevent malicious minting from happening?

I am referring to rotating trades, back and forth.
Does it only work when then in-token is sSCRT?

A user can swap in and out and keep earning CSHBCK

2 Likes

image

Cashback is not received when the transaction has another extra token hoop.

I echo this sentiment and find the constant lack of information/disclosure very concerning, decisions prior to governance might be taken unilaterally but withholding information/data on changes / changing prior distribution without informing anyone send very bad signals to holders / market in general. I would welcome clarity and disclosure, although I understand it’s not this project strong suit, on this.

2 Likes

I fully agreed with you that a full transparency is definitely needed on this one. As stated on the blog post, it mentions that ‘ These parameters (e.g. weighting of rewards between LP Providers and Traders) could change in the future through governance.’

SEFI holders should hold the rights to change how SEFI tokens are distributed.

This should improve, going forward. Addressing these concerns is a major focus for the newly formed SecretSwap Committee. Now that it’s been ratified by the chain, we can begin the process of integrating with the developers to ensure there’s proper disclosure prior to updates and plenty of opportunity to give feedback. The SecretSwap Committee will hold it’s first meeting on Thursday, June 3rd, 2021 @ UTC 05:30 PM (17:30), which translates to 10:30AM PT (10:30), 12:30PM CT (12:30), & 1:30PM ET (13:30), respectively. These meetings will be held as a conference voice call in the SecretSwap telegram group.
If you’re not familiar with this initiative, check out the charter here:

I don’t see how this committee address this, the topic is not even in the charter.
Only governance and a will from enigma to be transparent and disclose their action can tackle this, if the latter is not on the table then the former will do at some point.

“…and ensure product development reaches the widest possible audience, creating a space to optimize project feedback for an optimal end user experience.”

Is the part I was referring to. :eyes: The governance isn’t here yet, so I can’t speak to that other than to echo that it’s needed and I support the voices oft repeating this.

I still don’t see how it is relevant to the discussion, let’s focus back on why changes are being made to the sefi distribution without disclosure instead of the use of this committee if you may

Hello here,

I have really hard time understand how CSHBCK is issue. I have swap 150 scrt for sscrt yesterday, and about a quarter of that in sefi and only got 44 CSHBACK out of that. Wouldnt I suppose to have about 3/4 out of 150 scrt in CSHBCK ?

Thanks

As you said you only converted about a quarter of 150 from sSCRT to SEFI so you got about a quarter of Cashback

Hey guys,
if anybody wants to swap their CSHBCK tokens for SEFI, you can do so on btn.group

Here are the settings:

Screen Shot 2021-05-31 at 8.17.42 pm

Change the amount value to however much you want to. Remember that the amount shown on your keplr wallet needs to be multiplied by 1_000_000:

Screen Shot 2021-05-31 at 8.15.48 pm

So in the example above, my keplr wallet showed 41.74333 and when I wanted to swap it all for SEFI, I put the amount of 41743330

Let me know if anyone has any questions or suggestions.

Steve

11 Likes

I’ve swapped sSCRT for SEFI twice but I’ve received no CSHBCK

Hi @LennyLogos , have you created a viewing key for the Cashback token. There’s a good chance you have it but you haven’t added the token to your wallet.