the last proposal, which was introduced by the team, is one of the most controversial proposals so far.
I asked the team in their AMA, if they would update it, after all the community feedback they got… The answer was basically “nope, not really”.
And while I tried to be happy with this proposal, I just can’t.
In consequence, I came to the conclusion, that I have to propose a counter-proposal, that is better aligned with the interests of the community and the investors in GTON.
Fast forward, here is what I propose…
First, I agree, that the GTON Network should first be launched on the Binance Smart Chain and only later on released on Ethereum. The reason for this should be found most of all in the economic situation… I asked Alex P; and if he is right, it would cost us 30000 Dollar per month, if we launch the L2 on top of Ethereum, while it would cost us only 300 Dollar, if we launch the L2 on BNB. Nonetheless, as soon as we can afford it, we should go back to Ethereum and become a multichain L2.
Secondly, we should make a token swap, to improve the tokenomics of the GTON currency. I believe, that the current tokenomics are not sustainable and for investors not attractive enough.
So while I can partly agree with the current proposal; here is where I disagree…
Third, GTON should be swapped to a GTON version, that has better tokenomics; but GTON should not be renamed in OGXT because it should not only become a DEX currency for the OG Exchange.
Fourth, GTON should instead become the main currency for the GTON Network, not GCD. GTON should be used to pay for transaction fees and should become the fundamental currency for the whole ecosystem.
Like, it is good to have GCD; no doubt about it… But making it the main currency for the GTON Network seems already very questionable to me…
Like, why are people into crypto? They want to speculate, that the projects they are investing in will go up in price… That’s the main thing that attracts people to certain projects and makes them following them. A project, where the main currency is a stablecoin is IMO therefor not as interesting overall.
What will convince people to follow the project, when the main asset of the project is a stable coin? What will spark excitement and interest in people to join the project, if they can’t speculate with the main asset, that represents the project?
Like, how many succeful projects do you know where a stable coin is the MAIN currency for a network and ecosystem? Especially in comparison to projects, where this is not the case…
In the top 200 crypto currencys, there is only one blockchain, where this is the case - namely Gnosis. And that blockchain still has a volatile asset, that is used for staking and network validation.
Next, the argument that it is a plus to pay network fees with a stable coin is also pretty neglible. Like, on a L2 the network fees will be 0,001 to 0,0001 cents… So, if they are paid with a token that appreciates in price… Well, so be it.
GTON and GCD should be more like BNB and BUSD. The utility of GCD is thereby simple, it is pegged to the USD; it needs nothing more than that.
Fifth, after the tokenswap of GTON to the updated GTON version; GTON should have a built in burning mechanism, everytime a transaction is made on the GTON network.
Sixth, GTON should nonetheless also become the relay currency of the OG Exchange (Original GTON Exchange). Here too, everytime a token is swapped, GTON should be burned with a certain burning mechanism.
Therfor it should basically become a deflationary currency… Very similar to Ethereum.
However to make GTON not too deflationary we can offer GTON stakers a high APY of 25% or more. We can even design this system very flexible. The higher the burning rate is, the higher the APY gets; etc.
Seventh, let’s move away from all this talk about futuristic and unproven trends, like RWA, Metaverses, SocialFi, etc. And build upon FUNDAMENTALS…
Fundamentals to me, are…
Have very attractive tokenomics for the main currency (GTON) to attract users (highly deflationary due to burning fees, still very good staking rewards).
Focus on good optics, graphic design and user experience (this got already much better, but isn’t “perfect” yet!),
Invest much more effort into better partnerships with well-established projects (not many unknown projects).
Start grass roots marketing (go into forums, like Reddit and say “did you already know about this new and up coming ultra low market cap L2”).
Reward the most productive and loyal community members; give people great incentives to join the DAO and work for the project.
Work on CEX listings.
Be reliant; if you say you release something in Q3, it has to be ready till then; if you say you will airdrop tokens to the community, don’t tell us then “ah, never mind”. But also don’t say “there is no guarantee”… And don’t make abrupt changes, that make everything you said before irrelevant. Simply, just keep your word.
These are the things, that make a community happy; not Metaverses, RWA and SocialFi or anything like that…
To me, now is the timeframe we have to make essential decisions…
If we make the right decision, I would say we can still become a very succesful project.
We would still be one of the first L2s… With L2s there is a niche in which we could establish ourself, if we would move very fast before all the big ZK rollups launch (that’s a BIG differentiator and a big opportunity).
And if GTON would relaunch as network currency and DEX currency, that gets burned everytime when a transaction is sent on the network and a transaction is made on OG Exchange, while owners of the token get still a high a high staking reward of 25% APY…
That would be a VERY attractive currency to own…
Plus good work overall (like mentioned above; good graphics, partnerships, etc.)
Plus the fact, that we are a very low market cap project…
That sounds to me like a very good investment.
And if many people view it that way - what I believe would be the case…
Naturally, this would attract many new investors…
Naturally, this would lead to many new users.
Naturally, with many new users, many more projects would want to have a partnership with us.
Naturally, if we have a good ecosystem of projects, many more users would be willing to join.
Naturally the price of the token would increase massively.
Naturally the worth of the GTON Capital treasury would go up immensly.
Naturally we could hire many more talented devs due to this.
Naturally we could also fund the development of our ecosystem.
Naturally this would attract many more users again…
And so on, and so on…
That’s a clear path to success.
On the other hand, if the proposal, that got proposed by the team, gets accepted, I don’t feel there is any good path forward.
We would have a stable coin as a native currency, that will turn off most investors from this project or at least won’t make them interested in…
And GTON, which was promised to us as an important network and ecosystem token would become a mere DEX token.
At least to me, that is not very convincing…
While one prospect is very bullish to me, the other prospect is very bearish to me.
If this DAO is good for something, please listen to the community.
I propose, that you let us vote in which direction we should go.
Give the community three voting choices…
1.) Accept the team proposal.
GTON Network should launch on BSC.
GCD should become the main network and ecosystem token.
GTON should be re-issued with new tokenomics as OGXT and become a relay token for OG Exchange.
2.) Accept the community proposal.
GTON Network should launch on BSC.
GTON should be re-issued with new tokenomics and should become the main network and ecosystem token. Everytime a transaction is made GTON should be burned.
GTON should become nonetheless also the relay currency for OG Exchange (Original GTON Exchange). Everytime a transaction is made on the exchange GTON should be burned.
GCD should also play an important part in the ecosystem; but not as a network and ecosystem token. It should have no extra utility; other than being an important stable coin in the ecosystem.
3.) Reject both proposals.
So, please team give us a fair voting like that.
If you are confident, that the proposal that you released, will be viewed by most of your loyal investors and community members as a good way forward… Well, if that is the case, that proposal could then win anyway.
On the other hand, if most of your investors are not happy with your proposal… Well, then there is a reason for this and you should listen to the community.
Again, please team, give us a fair voting, where the community can decide between real options in which way we should move forward.
If the team doesn’t do that, I urge you - the community members who are not happy about the proposal from the team - to reject their proposal and demand a new vote, where we can vote for something that aligns better with the interests of the GTON community. For example, in my opinion, something like here presented.
The reasons, why politics all over the world is so messed up, is because we accept nearly everything what is presented to us… Instead of just outright rejecting it, when there are better alternatives.
Let’s don’t repeat the same mistake in this community.