Minting 1M RIC Tokens on Optimism

TL;DR: This proposal suggests minting 1M RIC tokens natively on Optimism to avoid bridging and to create RIC rewards for the Optimism network. The tokens will be allocated evenly for a RIC launchpad, RIC rewards, and Optimism-specific bounties. The proposal aims to incentivize adoption of RIC on Optimism and discourage bridging RIC to other networks.

Motivation

The primary motivation for minting RIC on Optimism is to avoid bridging fees and bridge risk. Minting RIC natively on Optimism eliminates the need for bridging Polygon-RIC, which would otherwise incur fees for users. Additionally, locked RIC in bridge contracts introduces a potential attack vector and bridge risk for anyone looking to use RIC outside of the Polygon network.

The secondary motivation is to incentivize adoption on Optimism by creating RIC rewards. Inflation in the token supply is used to incentivize adoption, and the inflation will be socialized across RIC token holders. Optimism-RIC will be minted and traded solely on the Optimism network, creating a separate market for the token.

Proposal Details

The proposal includes the following steps:

• Mint 1M RIC on Optimism using the existing native-super token scripts provided by Superfluid. The tokens will be minted to the Optimism Treasury address.
• Deploy a RIC launchpad on Optimism.
• Initial Token Allocation Policy: The proposal details the allocation of the 1M RIC as follows:
  • 340K / 34% RIC Launchpad: approximately 100,000 RIC per year for 3.4 years to the RIC launchpad on Optimism
  • 330K / 33% for RIC Rewards: Rates and Allocations will be voted on by RIC-Optimism holders.
  • 330K / 33% for Optimism-specific Bounties: A bounty pool to incentivize open source development of the protocol and app on Optimism. This allocation policy is not a hard rule and can be amended in future proposals, as needed.

Justification

Inflation is commonly used in the industry to achieve various objectives. In this case, the objective is to avoid bridging fees and create Optimism incentives. By minting RIC natively on Optimism, there will be no paths to sell that RIC outside of the Optimism network. However, the Optimism-RIC Launchpad will provide a way for users to purchase the token, creating a separate market for it.