M3: Rebrand, revamp and relaunch!

This proposal aims to define a possible strategy for the future of MUNCH project.

M3 (m cubed) protocol is the third evolution of MUNCH project and aims to bring a more professional image and a more utility focused token/ecosystem. As per the title, a set of steps will be taken:

• Rebrand. We all love our donut but it is a common sentiment that is not an ideal image for a logo and when compared to top 100 coins, it is clear that it needs to be simplified.
• Revamp. New tokenomics, utility and solutions will be introduced, explained in detail further down on this proposal.
• Relaunch. For a better usability of all the new functionalities, it was agreed that it's better to focus solely on one, gas efficient, chain.

Why do we need to change? After some reflection, it became clear that having charity donations as the sole purpose of the token is a system that is no longer working, as it massively depends on hype and market sentiment and lacks holding incentives.

What would we focus on? Impact investment. ESG projects would help us maintain the project's ethos whilst being able to introduce new revenue streams and provide the holders with a return on their investments.

Note: I'm leaving some interesting articles if you would like to read a bit more about impact investment and why it is a match made in heaven with blockchain: https://www.iisd.org/system/files/publications/impact-tokens.pdf https://proofingfuture.eu/2021/08/06/the-future-of-impact-investing-the-defi-way/ https://www.coindesk.com/markets/2021/01/02/why-impact-investing-and-crypto-are-mutually-beneficial/ https://www.unpri.org/download?ac=4522

How exactly would we do it?

Here's the proposed new ecosystem:

1. Updated contract with a configurable transaction fee. The initial proposal is that we distribute 2% to the M3 team to be used for project sustainability and 3% to the treasury. It will also introduce burning and minting mechanisms so we can keep decreasing the supply. An example is to stake M3, which will burn the tokens and mint wM3 (token names are likely to change)
2. Treasury - wM3 holders will vote on where to apply treasury funds. The options are endless, from “buy back and burn”, to top up reward pool, donations, community incentives, extra funds for marketing, impact investment (the treasury can also invest and hold NFTs to generate even more funds for the treasury), etc.
3. NFT contract(s) - wM3 holders will have the possibility to invest in impact projects. By doing so, they’ll get an NFT in return that states the project, the cause and the level of ownership over the potential returns. Example: A project is seeking a $50.000 investment to produce new solar panels. There are 3 types of NFTs, one for $1000, one for $2500 and one for $5000. Each NFT in this scenario would represent 1, 2 and 5% of the returns.
4. Reward pool contract - the reward pool has the information regarding NFT ownership, so each investor can claim the returns.
5. LP contract - this will remain as is. LP providers will get more M3 in return.
6. SAS - The single asset staking will work continuously with a 7 days cliff time. We will need to work on the rewards to make this sustainable. Staking M3 will burn M3 and create wM3 which will allow holders to: - Create a DAO proposal - Vote on DAO proposal - Invest in new projects

I like what I see so far, so what would be the selected chain? So far, the team considers Polygon to be the best option.

How soon could this be done? There are a lot of steps in this process. Personally I believe we should expedite the token launch ASAP, or at least prepare for it. We can either:

1. Wait for liquidity to unlock by the 31st of December (risky) or
2. Take a snapshot of current holdings, send the tokens to the deployer, sell the tokens and inject liquidity into the new token (preferable, but will need the community to collaborate).

Which solutions will be delivered?

• Investment Wallet The investment wallet would be the natural evolution of the “Hodlers dashboard”. This can initially be part of the dApp but it would be interesting to also develop a mobile app. Using the investment wallet, the holder can see the breakdown of his holdings, the token value, the amount staked, the NFTs owned and passive income being generated.

• Governance Portal (DAO) Initially this would be for the proposals and votes, but can evolve into something more complex, such as instantly executing the result of a proposal upon the voting period ends. Essentially, the DAO could control treasury’s transactions without the team’s intervention.

• Projects Launchpad Similar to our previous idea ("Go fund me of crypto"), the launchpad is where the projects are submitted and the crowdfund happens. This is where holders search for the best projects to invest in and mint their NFTs after investing.

What will happen to fiat to crypto? This solution will be powered by m3 protocol and its revenue will continue to help the token with liquidity and allow the team to pay salaries. More solutions like this will be developed under "M3 labs", a sector that belongs to the protocol.

Summarising the next steps:

• Graphics team will work on the new logo and overall image of the protocol
• Our copywriter will start writing the new whitepaper, so we can pitch it and start striking new partnerships
• I'm going to start designing the technical architecture of the entire protocol. This will include the tech spec for the wallet, the DAO and the launchpad
• Our tech guys (including me) will start writing the new token contract, as well as the reward pool and NFTs contracts
• Assuming everything goes according to plan, we will be ready to launch in September (the token can even be launched before, if we have the right market conditions).

Munch love X

Rod