Cross-Chain Token Management (N022)

Authors: Vanilla#2222 Date Created: 19/12/2023 Date Posted: 19/12/2023

OBJECTIVE:

To maintain the functionality and distribution of $BLID token in the aftermath of the discontinuation of a Multichain protocol.

We invite the Bolide community to review and endorse this proposal. Your support is crucial to ensure the continued success and accessibility of $BLID token across different blockchain networks

BACKGROUND

With the discontinuation of the Miltichain protocol, there’s a need for a new mechanism to manage $BLID token across different blockchain networks to achieve:

• Independent Operation: Avoids reliance on non-native bridges, enhancing security and reducing dependency on third-party systems.

• Supply Management: Ensures the total supply of $BLID token remains constant, preventing inflationary pressures.

• Network Support: Provides necessary liquidity and support to users across BNB and Polygon networks.

SCOPE OF WORK:

The scope of work includes but is now necessarily limited to the burn/mint mechanism across three blockchain networks: BNB Chain, Polygon, and Ethereum.

1. Minting on BNB Chain Amount: 80 million $BLID token Rationale: To inject liquidity and maintain the presence of $BLID token in the BNB ecosystem.

2. Minting on Polygon Chain Amount: 20 million $BLID token Rationale: Similar to BNB, to support the Polygon network users and ensure availability.

3. Burning on Ethereum Chain Amount: 100 million $BLID token Rationale: To offset the minting on BNB and Polygon, maintaining the total supply of $BLID token constant.

FINANCIAL IMPLICATIONS NA

POLL

Yes – If this proposal passes, Bolide will follow the proposed changes. No – If this proposal rejects, it will go back for further discussion to align on the required changes before the updated proposal is re-sent for review.