New Tokenomics for Rubic

Rubic was launched back in September 2020, and since the token sale, we haven’t attracted any additional funds. Those funds have helped us to develop the project for over two years and achieve a lot. Rubic was the first-ever project which introduced One-Click Cross-Chain swaps, and we still maintain industry leadership in terms of technology, providing Cross-Chain swaps via the aggregation of DEXs & Bridges, and offering tools to enable it for dApps. Today, 130 out of 2,150 live dApps currently operating on the market have become Cross-Chain with Rubic’s widget or SDK, which accounts for 6% of the total number of live dApps on the market.

In 2023, we plan to increase our dApp share to 25% with the help of our new product. We’re planning to expand our SDK from just swaps to the aggregation of any cross-chain tech a Web3 dApp might need: from signals and oracles to NFT bridges and smart contract execution — in ready-made templates for DEXs, Lending/Farms, and more. Besides all of these, we will continue to add new blockchains and DEXs to our protocol.

We need to update our tokenomics, as they don’t allow Rubic to reach its full potential and ambition. We need to have more token utility and more financial opportunities to develop the project further.

In addition to this, as a result of a 35M unauthorized increased supply, we are facing serious technical issues with our token:

• This extra amount hasn’t been locked in the current smart contracts. Right now, we can only fix it with the new contract, as this is a huge number to buy back, even if it was possible.
• The BRBC token price is currently higher than that of RBC, the RBC <> BRBC bridge cannot maintain the ratio of 1 to 1, and BRBC is no longer connected to RBC because there’s no more collateral for it on Ethereum (which 35M served for).
• The RBC token has suffered from a 75% price decrease.

Read our article to learn more: https://cryptorubic.medium.com/introducing-the-new-rubic-tokenomics-the-way-forward-abca6cf11d8d.

The only option we see to solve all these issues is to relaunch our token with new tokenomics, and we want our community to vote on Rubic’s future path. The vote will last from December 2nd 08:00 UTC to December 5th at 20:59 UTC.

All RBC/BRBC/RBCpos holders will be able to participate in the governance voting. Stakers can also vote - they will automatically be airdropped governance RBC tokens on the BSC network, 1 to 1 with their staked BRBC.

If the vote is successful

If the vote is successful, the snapshot will be completed on Dec. 12th at 12:00 UTC. You’ll be able to claim the new RBC at a ratio of 1:1 to the old, as long as your old RBC is in a private wallet (no CEXs). The new RBC will be listed on UniswapV2 at the pre-snapshot price.

The total supply to be minted in Dec. 2022 is 176M RBC, so current holders keep their share for at least a year and Rubic gets a chance to make a move in the market with an updated product and additional funds. More RBC can be minted in the coming years for marketing, partners, VCs, & ecosystem growth. Locks and vesting periods will help prevent token price dumps. There’s also a possibility to burn tokens if needed.

The article above features Retrodrops to holders, a new Rubic product for dApps, new RBC utility, and much more - please study it carefully before voting.

https://medium.com/@cryptorubic/introducing-the-new-rubic-tokenomics-the-way-forward-abca6cf11d8d

If you vote No

If you vote No, the Rubic team can slowly continue development with its current cross-chain swaps proposition (adding 1-2 chains per month) for 6 months to a year or so, but there will be no marketing or major product upgrades. There’s no guarantee that the competitive situation will allow us to earn enough from fees to sustain the project beyond a year, though.

Feel free to ask clarification questions in our Telegram group or find them here:

https://cryptorubic.medium.com/the-most-frequent-questions-which-have-been-addressed-at-yesterdays-ama-68b2f5d3b4cb

We count on your support!