Future of BLNC Token: Vote on Its New Home Network

Introduction

In light of the challenges posed by the Fantom network Multi-Chain incident and subsequent impacts on our launch plans, we present a crucial proposal regarding the future of the BLNC token. This decision comes after unexpected delays and reassessments, and it's time for our community to deliberate on the path forward.

Background

The Multi-Chain incident placed significant liquidity constraints on the Fantom network, the home of Balance and the BLNC token, not to mention the unfortunate collapse of a number of once-thriving protocols based on Fantom. Balance was spared the majority of the pain experienced by our compatriots as we fortuitously moved the majority of Balance’s treasury funds to Ethereum mere weeks before the Multi-Chain collapse. Whilst spared, Balance was not left unscathed. All of the funds set aside for the BLNC liquidity pool on Fantom were affected. Our hope has been that the situation will rectify itself, which is why we have yet to launch the BLNC/DAI token pairing. To date though, no resolution has been forthcoming. This leads us to having to decide on the future of BLNC. To our minds, the following options exist:

BLNC Future Options:

We propose three potential directions, each with its own set of considerations:

Option 1: Launch the BLNC/DAI Liquidity Pool on Fantom

Ignoring the current price of Multi-Chain issued DAI, the tokens are available and ready to be launched on Fantom as originally intended. Launching the LP is technically possible at 1 BLNC to 2.10 DAI (the original planned launch price), but with DAI being worth cents on the dollar, we don’t view this as a financially viable option, although it is possible. For this option, the LP will be launched on SpookySwap if the majority of community members vote for this option.

Option 2: Launch a BLNC/wFTM Liquidity Pool on Fantom

With non-Multi-Chain tokens retaining their value, pairing BLNC with Wrapped FTM (wFTM) presents a viable option. This allows BLNC to stay within the Fantom network, ensuring a launch price of $2.10 per BLNC on SpookySwap.

Option 3: Launch a BLNC/wETH Liquidity Pool on Arbitrum

Arbitrum is the home of Ryze, the flagship product of Balance. Arbitrum was chosen for Ryze due to its deep liquidity markets and the availability of other trading platforms, it therefore makes sense to launch BLNC on the same network. If this option is chosen by the majority of community members, BLNC will be paired with Wrapped ETH to create a BLNC/wETH liquidity pool on Uniswap V3. The initial price of the BLNC token will be $2.10.

Voting Options

1. Launch the BLNC/DAI liquidity pool on Fantom.
2. Launch the BLNC/wFTM liquidity pool on Fantom.
3. Migrate to Arbitrum with a BLNC/wETH liquidity pool.
4. Abstain from voting.

Voting Period

The voting window opens 6 March at 00:00:00 UTC and closes on 20 March at 00:00:00 UTC and is open to all current BLNC holders.

Following the outcome of the vote, we aim to initiate the BLNC liquidity pool and veBLNC staking mechanism within an estimated timeframe of 2 weeks. As we understand the community's anticipation for a specific launch date, we'll provide concrete updates after the vote finishes and aim for transparency throughout the process.