MAGE (AVAX) Bridge Closure

Proposal Type: Core

Creator: Sigurdsen Relic Type: Archmage

Overview: In light of the confirmed closure of the Multichain bridge and ongoing issues with price display on the AVAX chain, this proposal outlines a strategic plan to safeguard the project by pulling MAGE token liquidity from AVAX. The burn will be initiated within precisely defined timeframes - 1 month or 3 months after voting has concluded. This will give the community to decide the right timeframe and also allow for a wider window for people to have enough time to base their decision. The objective is to mitigate risks, protect the project's foundation, and maintain transparency.

Additional Details: Rationale: The closure of the Multichain bridge, combined with ongoing issues in price display on the AVAX chain, has been confirmed. These associated risks necessitate decisive action. The proposed strategies aim to secure the project's foundation, mitigate potential losses, and position it for future opportunities.

Implementation Plan: The chosen option will be implemented exactly 1 month or 3 months after voting has concluded, with clear communication to the community about the reasons behind the decision and the steps taken to ensure the project's stability.

Outcome: The successful execution of the chosen strategy is expected to safeguard the project, protect user assets, and foster trust within the community. Correcting price display issues is an essential part of this strategy.

Risk Mitigation: The closure of the bridge, coupled with the proposed liquidity pull and burn, serves as a risk mitigation strategy, ensuring the project's sustainability amid challenging circumstances, including price display issues.

Bridge Closure and Price Display Issues Certainty: Given the confirmed closure of the Multichain bridge and ongoing issues with price display on the AVAX chain, the proposal strongly leans towards the consideration that the bridge is not likely to reopen. This confident speculation, along with price display issues, forms the basis for the proposed strategies outlined in Options 1-3.

Strategies & Options: Option 1 : Pull Liquidity After 1 Month Pull MAGE token liquidity for the WAVAX/MAGE pair on Avalanche and initiate the burning of MAGE (AVAX) tokens exactly 1 month after voting has concluded. After the liquidity pair has been pulled, add the remaining WAVAX tokens to the MetaBrands DAO Treasury Multi-sig Wallet.

Option 2 : Pull Liquidity After 3 Months Pull MAGE token liquidity for the WAVAX/MAGE pair on Avalanche and initiate the burning of MAGE (AVAX) tokens exactly 3 months after voting has concluded. After the liquidity pair has been pulled, add the remaining WAVAX tokens to the MetaBrands DAO Treasury Multi-sig Wallet.

Option 3 : Do Nothing, Reject Proposal Do not proceed with the liquidity burn and keep the WAVAX/MAGE pair on Avalanche.

Timeline: Effective upon completion, as specified in proposal

Executor: Any available DAO Operator

Bounty/Payment: None