A little background and where we come from
When I first learned about GTON - or Graviton as it was then called - the main focus of the project was a multichain solution that was supposed to allow you to seamlessly use different chains with one account only. GTON, the protocol token of the Graviton system, was supposed to be used as the central relay token. Besides the fact that I had great confidence in the technical expertise of the team, I really liked the concept and this is also why I invested as one of the so-called early birds. The price of GTON was north of 2 USD at that time. This was two years ago.
Since then, GTON has pivoted several times. There were the pathway concept, bonding, candy and finally the concept to develop GTON’s own optimistic roll-up chain was developed.
The main difference to other optimistic roll-up solutions was however that the native currency of this chain is not GTON but instead a stable coin called GCD, which is used to pay for fees. Today, GTON has no real function anymore. Even the last remaining functionality - the possibility to use it as collateral to mint GCD was never activated, in my view mainly due to the low value and liquidity of the GTON token. Consequently, in the last proposal late last year the team proposed to convert the GTON tokens to OGX tokens, which would be the protocol token for a new DEX on the GTON chain.
Today, the GTON chain is up and running, but the adoption by attractive projects is lacking.
The dilemma we are facing
While I have no doubt that the technology behind the GTON network is super solid, we are facing a hen and egg problem. Without attractive protocols, there is simply no reason to use GTON network. On the other hand, without users there is no reason for an innovative protocol to deploy your project there.
The main approach that has been used by other chain - being it layer 1 or layer 2 - is to build a war chest by selling tokens, which can then be used for marketing and an incentive to new protocols. In many cases, VC funds are amongst these first investors.
However, this option is not simply available to GTON as 15% of their tokens are already outstanding. If the GTON Dao would sell tokens from their treasury, the risk for the fresh investors would be high that the original investors immediately dump, bringing the price under pressure from the start. The current market environment further complicates any capital raise, but that is something could of course change again.
The current approach
In the DAO voting from late last year it was proposed that GTON holders will be allowed to swap their tokens for OGX tokens. While I generally believe that allowing users to swap into another token and thus reducing the amount of outstanding GTON is one possibility to allow for a fresh start, I think that this is not going to work. The price of GTON is currently at 10 Cents or a token Market Cap of around 400k USD. At this price I would rather stay in GTON as it also represents a share of the DAO Treasury, which is currently at USD 2.3m or more than 70 Cents per GTON token. On top, the GTON brand which has been built over the last 2 years.
My proposal - a fresh start for GTON
My proposal is thus to modify the original proposal by adding a cash component to the exchange offer. On top of the 4.76 OGX tokens per GTON I propose to pay also 0.5 USDC/USDT per GTON. This would on the one hand add a strong incentive to swap for those that no longer believe in the future of the project, while at the same time increasing the cash value per GTON remaining.
As an alternative I would suggest resolving the DAO and payout the current cash value to every GTON holder. This is not an option I would vote for, but it is in the current status a fair option.