Should MoonRat Foundation use SMRAT as a native token or create a new token?

Voting ended over 4 years agoSucceeded

The MoonRat Foundation was born to build the MoonRat Ecosystem and continue innovation.

All of the projects from the MoonRat Foundation will contribute to the ecosystem without direct competition or overlapping features.

MoonRat aspires to bring the “earn-by-holding” DeFi feature to other blockchain networks, such as Polygon, Solana, Cardano, and Avalanche.

So with that vision, we need a core/native/root/central/father token for MoonRat Foundation.

The role of this token is to create a relationship and define the benefits between all projects in the MoonRat Foundation. We temporarily call it MF Token (MoonRat Foundation Token).

Our vision: The MF token will be CEX-focused while the child projects (EarnBUSD, EarnMatic) will be DEX-focused

Option 1: Use SMRAT as the MF Token. EarnBUSD will be the child token. SMRAT is the father token

Pros:

Take advantage of current SMRAT holders and resources
SMRAT is currently secured and stable version

Cons:

The SMRAT’s smart contract is renounced, so we can’t exclude the exchange's wallet from the reward
Exchange listing for SMRAT is counter-productive because CEX will not contribute directly to the SMRAT.
Current SMRAT’s name may be confused in the long run because we can expand to other blockchain networks.

Option 2: Create a new token to be the MF Token. SMRAT is now a child token like EarnBUSD. The MF token will be the father token.

Pros:

We can use the MF Token as a "marketing token" for the long term. We will have decent branding for the long term
We can implement new protocols on the MF Token. For example, child projects like EarnBUSD, EarnMatic can have an option to collect both BUSD/Matic and MF Token. The children's projects can also automatically buyback and burn MF Token. The price of MF token will increase over time.
We can exclude the exchange wallet from the reward. We can have a proper plan for exchange listing in general.

Cons:

We need more resources to develop a new MF Token
It’s maybe confusing users in the short term because we will have SMRAT, EarnBUSD, and MF Token at the same time
Because the SMRAT’s smart contract is renounced, we can’t implement the collect MF token on SMRAT. We must to have separate benefit for SMRAT holders

Rules to vote:

At least 35% of the total circulating token must have voted or the proposal is automatically discarded

Off-Chain Vote

Option 1

39.55T 46.5%

Option 2

45.56T 53.5%

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Timeline

Jun 03, 2021Proposal created

Jun 03, 2021Proposal vote started

Jun 19, 2021Proposal vote ended

Oct 26, 2023Proposal updated

Option 1: Use SMRAT as the MF Token. EarnBUSD will be the child token. SMRAT is the father token

Pros:

Take advantage of current SMRAT holders and resources

SMRAT is currently secured and stable version

Cons:

The SMRAT’s smart contract is renounced, so we can’t exclude the exchange's wallet from the reward

Exchange listing for SMRAT is counter-productive because CEX will not contribute directly to the SMRAT.

Current SMRAT’s name may be confused in the long run because we can expand to other blockchain networks.

Option 2: Create a new token to be the MF Token. SMRAT is now a child token like EarnBUSD. The MF token will be the father token.

Pros:

We can use the MF Token as a "marketing token" for the long term. We will have decent branding for the long term

We can implement new protocols on the MF Token. For example, child projects like EarnBUSD, EarnMatic can have an option to collect both BUSD/Matic and MF Token. The children's projects can also automatically buyback and burn MF Token. The price of MF token will increase over time.

We can exclude the exchange wallet from the reward. We can have a proper plan for exchange listing in general.

Cons:

We need more resources to develop a new MF Token

It’s maybe confusing users in the short term because we will have SMRAT, EarnBUSD, and MF Token at the same time

Because the SMRAT’s smart contract is renounced, we can’t implement the collect MF token on SMRAT. We must to have separate benefit for SMRAT holders

Rules to vote:

At least 35% of the total circulating token must have voted or the proposal is automatically discarded