MIP-29 - Execution of migration of MC token to BEAM token

This proposal is a follow-up proposal to MIP-28, where the required majority of tokenholders voted in favor of migrating the MC token to the BEAM token, including making the BEAM token the native token on the Beam network (see MIP-28 for more information about that vote). In this new proposal the authors present a proposal regarding the technical details relating to the execution of the token migration. More specifically, the proposal asks tokenholder approval to:

1. Deploy a token migration smart contract on Ethereum that enables the migration of MC to BEAM. The open source code for the smart contract can be reviewed here: https://github.com/Merit-Circle/beam-token/blob/main/contracts/Migrator.sol.

2. Receive USDC 10,000 from MC DAO’s treasury to cover smart contract audit costs. The smart contract audit is available here: https://github.com/Merit-Circle/beam-token/blob/main/audit/Beam_Token_Final_Report_QS.pdf.

3. Convert the MC token into the BEAM token on a 1:100 basis, meaning that each MC token will make a tokenholder eligible to receive 100 BEAM tokens.

4. Make the token migration contract accessible for migration for a 12-month period from the date of deployment. The date of deployment is still to be determined, but will be pre-announced in due time in all relevant community channels should the proposal pass.

Once the token migration contract is deployed and MC tokens may be migrated to BEAM tokens, the BEAM token will assume the current position of the MC token (including become the governance token and Beam network native token).

Please click on the link attached to read further details about the proposal and the discussions in this regard.