Token Swap Support Ticket Vote

There are around 15 wallets that filed support tickets prior to the closing of the STMX V1-V2 token swap on November 30, 2023 at 23:59:59 PM UTC that did not swap their tokens prior to the closing of the swap. Less than 1.5 Million STMX tokens are contained in these wallets. Due to the nature of the support ticket system and the time required to resolve support issues, StormX was considering whether these wallets should receive relief for their situation and be allowed to have their V1 tokens swapped for V2 tokens. Instead of making this determination on their own, StormX decided to allow the community to vote on the outcome regarding this circumstance. As such we are proposing the following vote:

  1. Authorize StormX core team to swap V1 for V2 STMX tokens for wallets they deem eligible to have submitted swap related support tickets prior to the swap deadline.
  2. Do not offer relief for these wallets.

We will be discussing this for two weeks on Discourse/Discord. The vote is proposed to open on December 20, 2023 at 16:00 UTC and will close on January 3, 2023 at 16:00 UTC. There will be governance calls on December 15, 2023 at 16:00 UTC and on December 22, 2023 at 16:00 UTC in Discord to discuss this proposal and other governance topics.

2 Likes

I had previously expressed concerns about the potential challenges we might face with a two-day timeframe, which I highlighted before the voting process began. The link here provides more detail on my initial apprehensions: Closing STMX V1 to STMX V2 Token Swap - #2 by GoldBoi

Given the complexities involved, such as assistance needed for swapping, transferring gas fees, and other unforeseen issues, a two-day period seemed insufficient. This concern is now underscored by the current situation. I had initially believed the two-day deadline to be firm, which is why I’m surprised at this potential turnaround however I do understand the rationale behind the exception.

It appears that the decision accounts for the time needed to address support tickets and the inherent delays in resolving these issues, however I am still slightly surprised - It’s important to recognize that StormX serves a global community, with users and the support team operating across multiple time zones. This diversity in locations undoubtedly contributed to the tightness of the original deadline, which is something StormX is already aware of and feels like the extra breathing room could have been incorporated from the beginning.

Despite these challenges, I am reassured to see that an exception is being made to accommodate these complexities. I also very much appreciate the vote being put to governance, giving users another chance to influence the ecosystem.

I shall very much be voting yes and to those considering no, I’d ask you to consider the scenario: If we take 1.5 million STMX tokens as a base value (I recognise the total is lower than this) and we have 15 wallets: 1.5 million divided by 15 gives 100,000 STMX tokens average, which currently amounts to just under $1000, which is no small amount. I’d personally be upset to just lose that amount and I’m sure most of those reading this would to. I’d also make the argument that 2 days is not a lot of time. It is true that it would have been best to swap as soon as possible but some people take the approach of acquiring cryptocurrency and leaving it in a secure wallet, not touching it to avoid the risk of emotional trading (A valid reason, I would say)

In the grand scheme of things, we’re weighing up 1.5 million STMX to a community wallet vs losing 15 users should the vote not pass. When framed like that, the choice is more than obvious to me. I value the community we’re building over the negligible reward gains to a whole community (1.5 million sounds like a lot until you distribute it to 10s of thousands [maybe even 100s of thousands?] of users)

I look forward to the vote.

1 Like

While us voting is great it feels like we are made to be responsible for the outcome. Yall chose the 2 day timeframe with us having no say in that. Seems to me that if they filed a ticket prior, it is likely that it is on storm, and not us. I agree the 2 day window was too short. Ill vote yes but i think this situation shows a lack of forethought

Thanks for the feedback. I think there is a little bit of an assumption that the cause of this scenario we’re putting to a vote has to do with the two day time frame after the ‘close the vote swap’ passed. I think it is plausible that could be contributory, but it also might have nothing to do with this issue. I’ve thought about what might have happened if the deadline was 7 days after the vote. Knowing people, there’s always going to be the last minute type of person. I believe the rush of swaps right before the deadline (which can be seen on etherscan) confirms this to be the case. Whether the deadline was 2 day, 7 days or 1 month, there was always going to be a deadline. And with it there was always going to be a rush of people in advance of the deadline who wanted to swap. So while I understand the case being made and there could be some validity in the point, there still was a year to swap. There was always going to be a deadline, there were always going to be last minute swappers and there were always going to be people who had issues right before the deadline. We’re just dealing with those issues in this vote and seeking feedback from the community on how we should handle these edge cases.

I also don’t feel that this vote is pushing responsibility to the community for the outcome. The 1.5MM tokens in question are going to be deducted from unswapped tokens that are supposed to be allocated to a growth pool that benefits all community users who receive incentives, membership rewards, staking rewards, etc… if the vote passes in the affirmative. The community has been asking for more opportunities to have input on that growth pool, so this vote is a chance to have input.

2 Likes

I fully support this proposal. Can we just confirm that any V1 tokens transacted within their wallets after the closing date cannot be accepted? I’ve noticed they have been trading at a premium discount relative to V2. I know we’re limited to discussion of price, but allowing that would undermine holders who hold at V2’s current value.

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Yes, the amount of tokens eligible to be swapped would be based upon the quantity held in the wallet address at the time of the swap expiration. Any quantity added afterwards would not be eligible. For the wallets in question, we already have calculated the base line amount eligible.

One point about the vote is that we’re not necessarily voting to categorically swap the tokens. We’re giving the core team the authority to deem which wallets are eligible and which aren’t. This is why there’s a little vagueness built into the amount of wallets (around 15 wallets) and amount of tokens (less than 1.5 MM STMX). The team is still doing a little final back and forth investigation on some of the wallets and support tickets.

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The vote will be going active today. In doing more analysis of what appear to be valid support tickets, the number of wallets is around 24 wallets and they contain a little less than 3 Million STMX V1 tokens. Just wanted to make people aware of the change between when this was originally posted here and what is currently in question and connected to this vote.