DAO Proposal #34 Transition from Proxy-Based HDN Contract to New Non-Proxy HDN Contract

Title of proposal: Transition from Proxy-Based HDN Contract to New Non-Proxy HDN Contract

Proposal ID: #34

Proposer(s): Hydranet Multi-Sig

Submission Date: March 28th, 2025, at 1030 UTC

1. Abstract

Summary:

This proposal seeks to execute a token swap from the current HDN contract, which employs a proxy, to a new HDN contract without proxy capabilities. The new contract will maintain all existing token parameters, including a maximum supply of 300 million HDN. Discussions with our current exchanges have confirmed the cost for the swap and support. This swap will remove the warnings displayed on token trackers, thereby enhancing project credibility and trust.

Motivation & Rationale:

The current proxy-based contract has resulted in persistent warnings on token trackers, affecting investor confidence. Transitioning to a non-proxy contract is a strategic move to streamline the token’s presentation and eliminate these issues without altering the token's current max supply. This change supports Hydranet’s long-term goals by improving transparency and market reputation.

2. Proposal Details

Proposed Updates & Objectives:

Objective: Migrate from the current HDN contract (with proxy) to a new HDN contract (without proxy), preserving all token parameters (max supply of 300 million).

Updates:

2.1 Deploy a new HDN contract without proxy functionality.

2.2 Implement a token swap mechanism ensuring a seamless transition for all token holders.

2.3 Coordinate with current exchange partners to update listings and remove warnings from token trackers.

Implementation Overview

Action Steps:

-Verify that all parameters match the current token and deploy the new HDN contract.

-Provide clear instructions to the community for timelines in the token swap.

-Test the token airdrop functionality.

-Execute an airdrop of new HDN tokens in conjunction with exchange partners updating token listings and transfer new HDN tokens to holders on exchanges.

Timeline

March 28th, 2025: Proposal submission and initial discussion.

April 4th, 2025: Voting begins if heat check passes

April 9th, 2025: Snapshot voting ends

April 10th, 2025: Date of airdrop announced

Overall Cost:

Existing treasury budgets will cover any associated technical or administrative costs and have been minimized to the best of the team's ability.

Supporting Documentation:

New contract documentation will be provided before the air drop.

3. Impact Analysis

Advantages:

-Eliminates proxy-related warnings on token trackers, enhancing market credibility.

-Maintains all existing token parameters and economics.

-Improves transparency and investor confidence.

-Streamlines future development and potential regulatory compliance.

Disadvantages:

-Risk of technical challenges during the token swap process.

-Requires coordination with exchanges and clear communication to the community.

-The transition phase may require additional monitoring to ensure a smooth swap.

4. Conclusion & Voting

Final Thoughts:

Migrating to a non-proxy HDN contract is essential for enhancing the project's presentation and credibility. This token swap will maintain the current token economics while eliminating negative signals on token trackers. We urge the community to support this proposal for the long-term benefit of Hydranet.

Voting Options:

Approval: Approve the token swap from the current proxy-based HDN contract to the new non-proxy contract.

Rejection: Reject the proposal and maintain the current contra