DustSweeper (🧹,🧹) allows users to swap small balance tokens (”dust”) for ETH without expensive gas transactions. Users just have to
approve() the tokens they’d like to sell, and “market taker” bots execute the swap.
Many Ethereum mainnet users have low-balance tokens (<$500) in their wallets from old trades, airdrops, and trying out apps back when gas was cheap. They’d like to sell these tokens for ETH to clean out these wallets but gas prices are prohibitively high for swapping on Uniswap/Sushi/etc.
A couple Twitter surveys of “Ethereum Super Users” revealed a fairly high interest in this application and a willingness to pay a fee in the ~10% range.
ApprovalEvents on all tokens that have Chainlink price feeds, looking for the DustSweeper contract as the
To solve this problem, a new automated market maker (AMM) is proposed that uses
Approval Events as an order book and Chainlink oracles, with a fixed discount, for pricing.
Makers pay the minimal amount of gas possible, only for the token
approve() call, similar to CowSwap. Makers approve the
DustSweeper.sol contract, which has minimal functionality to reduce the attack surface of vulnerabilities.
Taker bots monitor approval events where
spender === DustSweeper.address and initiates a trade once it finds a profitable group of orders, minus the needed gas cost.
Profit = SUM(tokenOrders)*0.1 - gasCost
For the ETHDenver Hackathon,
DustSweeper.sol, a React frontend, and a reference bot implementation was built and run on a fork of mainnet. If the project gathers support, it’ll be deploy to mainnet for public usage.
For future iterations, the following features will be explored:
sweepDust()from DustDAO, reducing the cost and friction for Taker Bots considerably.
If you’d like to see DustSweeper deployed to mainnet and a $DUST token launch, consider contributing to the crowdfund below. Crowdfund contributors will receive 34% ownership of the DAO at launch (with 33% to the DUST treasury and 33% to liquidity incentives).
If the crowdfund hits 50 ETH in commitments, we will bootstrap Dust DAO and launch DustSweeper Alpha on mainnet under the DAO’s governance. If not, we’ll refund all contributions. ✌️