Since launch in 2014, the Ethereum network and community has grown significantly to support hundreds of thousands of independently listed Blockchain projects, including smart contract offerings and tokanised equity, assets or ICOs. For years now, project teams have built early traction by distributing free tokens to the community at large, through Airdrops. There have been several thousand Airdrops to date.
Most Ethereum airdrops involve ERC-20 tokens which are created on, and live only on the Ethereum network.
The low cost of the airdrop model often makes it the preferred method to directly engage with the community at large. To avoid distributing tokens to lost, compromised or unusable wallets, most Airdrops target balance holding wallets, some target recently active wallets while some request users register for participation in advance. So in short, lots of people have lots of tokens, worth millions, and most of them don't even know it yet. You couldn't make it up.
Ethersweep was actually built after one of the founders checked an old Ethereum wallet to find over $500 of tokens unknowlingly accumulated through airdrops. Since no easy conversion process exists, those tokens took several days to convert to ETH, incurring an unnecessary amount of fees. A solution was needed.
It might sound crazy to randomly distribute millions of dollars of crypto currency but the business case is pretty logical.
Some points to consider:
- ERC20 token projects generally start from well-funded positions, with zero users and minimal awareness.
- Building user bases through traditional channels is hard. It can take years and cost millions.
- Distributing 5%-10% of tokens carries minimal cost and will not significantly impact token price (which can fluctuate +/-100% daily due to market volatility).
- With negligible cost, the approach has repeatedly proven to be the most cost-effective route to rapidly building a user base.
- Oh and the crowds love them. It turns out nothing motivates a community to promote your tech faster than free money. Airdrop recipients often become brand advocates due to being personally invested in the success of a project or currency.
- Chain splits are even more indiscriminate in their distribution of wealth, forking relies on full chain duplication, literally duplicating user-base at point of split and effectively reissuing every active balance.
In simple terms you can keep them or sell them.
Tokens are easy to miss, easy to lose and easy to forget about… and they often don’t retain their value. In 2018 most ICO tokens underperformed against their underlying ETH value, meaning those who converted Airdrop tokens to ETH have historically been far better off than those who waited. On that basis we recommend converting Airdrop tokens to ETH using our simple tool. Then HODL to Lambo.
Whatever you decide, always ensure your tokens are stored securely in a wallet that only you have access to.
We operate DDOS protection and full redundancy across all critical infrastructure.
Common scenario. We simply transfer the ETH balance to the output address, together with the funds from any converted ERC20 tokens.
We also give you the option to retain any unsupported tokens (we currently support around 97% of the most common tokens) and these are transferred to your outpayment wallet on completion.
We recognise that some users may prefer to remove their ETH balance before sweeping their wallet for ERC20 tokens. The choice is yours.
ERC-20 tokens and associated projects periodically migrate from the Ethereum blockchain to “main-net” environments, often including the deployment of a third party blockchain and the replication of all existing ERC-20 token balances to the new blockchain.
At the point of migration, the original ERC-20 token balances become redundant, ceasing to be of value or function, and are not interchangeable with the new main-net tokens. Nor can they be exchanged through our services.
Due to the time it takes for larger exchanges to update the relevant quotation libraries, systems and APIs, in the event of supported ERC-20 tokens migrating to a third party main-net, it is known that for a short period of time, querying prices for decommissioned ERC-20 tokens may return quotes based on the new main-net token prices. These quotes cannot be supported.
In the event of users attempting to convert decommissioned ERC-20 tokens to ETH, the exchange stage of the transaction will fail, since the tokens cannot be exchanged for ETH and the tokens may not be economically recoverable (due to being worthless).
We support nearly all mainstream ERC-20 tokens, literaly 97% of the most common tokens. Drop in your wallet address and Ethersweep will present all supported and unsupported tokens together with the current market value for those tokens. Check if your tokens are supported.
Good question. In the rare event of your wallet containing unsupported tokens, the checkout process gives users the option to transfer some or all unsupported tokens to the specified output address.
We run our token swaps through the major mainstream exchanges. As soon as your token is listed on eg. Binance or HitBTC it will be automatically supported by Ethersweep.
Etherwseep does not have user accounts and we do not store any user funds.
When sweeping wallets, we convert ERC-20 tokens to Ether in seconds, then we send that Ether to user specified output wallets, again within seconds. It is not possible for users to store balance on our systems. On that basis, in the unlikely event of Ethersweep systems being compromised, no user information or funds are placed at risk.
Think about it. You give us the private key to sweep your ERC20 tokens… if Ethersweep outputs the resultant ETH to the same wallet then we still have the private key to that wallet. That is bad practice and we don’t want to be in a position where we need to dispose of thousands of high value private keys each day, it would make us a huge target. We prefer to operate in a manner that minimises trust required between parties. From our perspective, wallets are considered burned once swept and all funds are output to a user specified wallet that only you control. It is the safest way to operate our service.
Much like MyEtherWallet, Shapeshift or other blockchain tools or exchanges we rely entirely on our reputation. To help build trust within the community we take the following transparency and community support measures.
- We publish every Ethersweep Tx in the transactions box on this page.
- We operate a 2-way telegram channel here: https://t.me/ethersweep_support
- Twitter: https://twitter.com/Ethersweep
- We actively moderate and support the Ethersweep reddit page here: https://www.reddit.com/r/ethersweep/
Naturally. But coming soon.