[ABIP-20] - Launch ABI v2 Natively on ETH. Limit total supply to 1m. Proposal Governance July 20, 2023

Summary

In light of the recent multichain issues, we are proposing to push up the timeline of moving the token to ethereum. The new token will be based on the L2StandardERC20 and will natively support bridging to L2s. This mean once deployed on Ethereum, it can be bridged using the ERC-20 bridges on arbitrum and optimism.

Token deployments will be tested before going live, but the entire process will be expedited. The token will be a standard token contract audited and highly vetted using zepplin libraries.

Along with this proposal, we also propose to limit the total supply of the token to 1m. This supply is enough to cater to all current ABI + pABI in circulation. More details on this below.

Motivation In our roadmap we mentioned our priority now is to estabish a base on an L2 and some tools that were not available to us regarding standard L2 token contracts are now publicly released. Given the multichain issues, current the anyswap bridge is completely defunct and this will cause prices to fluctuate between Ethereum and Polygon.

The team wants to establish a token standard that can be used natively on L2 and hence we are proposing pushing this forward.

Considerations Given this proposal, some questions that have been brought up are answered: How would we incentivize bonds and pools? The team proposes a new token based on the oLIT design (option) will be introduced when we need to start incentives. This decision will be taken in future via a vote. The new token will also be the base of any new L3 chains we may launch (still early planning) What about ABI? It will become a purely governance token and will share protocol fees from bonds, farms, LP and give the right to holders to vote how much to direct. The ABI LPs & Auto-Compounding will allow holders to still increase their coins. The compounding happens via buybacks from the revenue. gABI sABI and pABI? gABI and sABI will be eliminated in favor of a veABI (launched later) which allows you to boost your rev share based on locked duration. There will be a seperate governance vote to allow redemptions for pABI. Proposal coming soon.

Methodology Deploy tokens in testnets for arbitrum, optimism and zksync. Deploy tokens to mainnet Allow 1:1 redemption of ABI via the app. Allow redemption for ABI against sABI or gABI via the app LP will be moved to the new token upon deployment on ETH and removed on Polygon. The mint function on deployment will issue te entire supply. Extra supply which is not sold or held by anyone will be deposited back into the DAO treasury (abachi.eth)

New Supply 311,775 circulating ABI (may change slightly as some last rewards come through) 385,000 pABI 303225 DAO Treasury (For future use)

Total 1m.

Conversion / Swaps You will be able to send your tokens on polygon (sABI, ABI, gABI) to a smart contract and claim them back on Ethereum Mainnet. There is no deadline to swap. You can do it whenever, your coins & marketcap will remain the same. REBASING as of now has been turned off.