$BAG Polygon to Blast Migration

Background

We’ve completed the BAG Rebrand, Token Migration, and Ecosystem Upgrade proposal that was posted 3 months ago: https://snapshot.org/#/decentralgames.eth/proposal/0x8c915cd3446399fd275123c3060a34003205e3463d9581cc6fb361590937af8b.

At a high level, we:

• Simplified our product offering and CTA (“secure $BAG”) to join our ecosystem
• Doubled down on our products with sustainable business models
• Improved Premium Wearables’ utility

We also launched $BAG, bag.win, and our metaverse casino games on Blast. We were able to do so concurrently with Blast mainnet going live 2 months ago. Decentral Games won Blast’s Big Bang Competition and has since received 145.1K Blast Gold, which we’ve committed to deliver 100% to players.

New users, DAU, and Revenue have all increased significantly, driven entirely by new sign-ups on Blast. Corresponding with revenue increases, we’ve been able to distribute much more back to players across cashback, rakeback, referral rewards, IRL prizes, and $BAG prizes for competition and volume leaderboards.

Over the last 2 months, we’ve facilitated hundreds from our community migrating to Blast. Many of them have utilized the casino deposit contract to do so since there are few other ERC-20 bridges and/or one would need to bridge Polygon → ETH Mainnet → Blast. There’s significant demand for a better way to bridge.

Proposal

Concentrate development efforts, player base, and $BAG liquidity on Blast. Specifically, execute the ASAP after this proposal passes:

• Launch Polygon → Blast bridge on DG site for $BAG
• Disallow $BAG deposits and withdrawals on Polygon
• Remove $BAG liquidity from Polygon; use funds to add to LP on Blast
• Distribute Multi Table Tournament (MTT) $BAG prizes on Blast
• Distribute Arcade Leaderboard prizes in USDB on Blast

Rationale

Aligning our development efforts with the Blast ecosystem and community has shown promise in driving DAU and bet volume growth as seen in our gameplay data over the last 2 months. We hope to continue to foster this relationship as Blast establishes itself as a leading Ethereum L2. Beyond Gold and Points, Blasts innovative native-yield is a significant differentiating factor vs. other L2s and enables us to deliver more value to users via rewards:

• Cashback
• Rakeback
• Referral rewards
• IRL prizes for competitions
• 100% deposit match & welcome bonuses
• BAG prizes for competition and volume leaderboards

Additional considerations:

• BAG Liquidity: Concentrating liquidity on one scalable (non-mainchain blockchain) delivers a better experience for trading $BAG and reduces value lost to arbitrageurs.
• Prizes: We will continue to distribute prizes to casino balances where applicable; elsewhere, we should continue to distribute prizes on a single chain, and, post-migration, this should be Blast.
• Bridging: We have the resources and technical expertise to build a secure and easy to use ERC-20 bridge for $BAG to migrate from Polygon to Blast. This is low lift, so we should simply provide this to the community rather than directing our community elsewhere.
• Blast Gold: One determinant of our Blast Gold allocation continues to be the Blast-native score. We’ve scored 1.5 on a scale of [1, 1.5, 2]. This is a multiplier, so a score of 2x results in 33% more than 1.5x (since 2/1.5 = 1.33). By completing the $BAG migration to Blast, we’ll be fully Blast-native and we believe we can score 2.