[NIP-20] NFTE Omnichain Token Contract Adjustments

Voting ended about 2 years agoSucceeded

Summary:

A DAO vote on whether to call renounce ownership on the NFTE token contracts by Multisigs and/or Deployer relinquishing the ability of anyone to ever make an adjustment to the existing NFTE token contracts.

Background:

Since deploying NFTE as a LayerZero Omnichain token with the OFT extension, the team has been clear about having maintained admin control over the contract for use in emergency situations or other required maintenance that may unexpectedly come up and need to be dealt with.

This information has been public and clearly shared and also has been repeatedly communicated that essentially all LayerZero implementations by teams use this same set-up due to the nature of working with Omnichain contracts. (Some prominent examples being protocols such as PancakeSwap: $CAKE, TradeJoe: $JOE, Radiant Capital: $RDNT, etc.)

That being said, a constant challenge the NFTEarth protocol has faced while trying to build a non-fungible protocol with a native protocol token is that of establishing liquidity on the chains it is deployed on. It has recently been brought up by a community member that renouncing ownership of the token contract may be something that helps build NFTE liquidity as it will increase the trust in the token for both new and existing users automatically if they know the token ownership is renounced. This has been discussed internally, and the team would now like to present a proposal for the DAO to vote on the direction here as to what is in the best interests of the protocol. If relinquishing contract ownership will help bolster liquidity on multiple chains such as Polygon and Arbitrum and Base and Ethereum, NFTEarth would potentially be in a tremendous position to capitalize on the upcoming NFT bull market that appears imminent.

Implementation:

Upon the results of this vote, if it passes, the DAO Multisig and/or Deployer will execute the voted on results by making the required contract calls to ensure all is working as intended and the ownership of the contracts is entirely relinquished.