GIP: GTON Improvement Proposal 2.4

Extensive research work conducted in Q1 and mid Q2 and the current market situation entail several adjustments to the current roadmap that re-prioritize some of the outlined releases.

Today, we encourage the DAO to vote on the following amendments to the roadmap:

I. Ethereum as the primary network

Being focused in Q1 with establishing core protocols on Fantom, conducting research and involving the Fantom community and partners, we reached many important goals. As ETHDubai co-organizers, we were also able to establish many connections within the Ethereum ecosystem, which can help us to concentrate on Ethereum as the platform of choice, as well as our own L2 network. Therefore, in line with the plans for the GTON Chain, envisioned as an Ethereum L2, we suggest prioritizing Ethereum as the primary chain for deploying the core protocols such as Pathway, Bonding, and Staking. Ecosystem products, such as farming, DEX, and other dApps, will be launched on GTON Network (GCNet L2). Thus, the expansion to other EVM networks is being moved to a later date.

Staking and bonding have been audited and are ready to be deployed on Ethereum upon the approval of the DAO.

II. GTON Chain is the key priority

In the current market, fundraising and deals with strategic partners and investors are more feasible for infrastructure-oriented projects. From a technical perspective, having a proof of concept on Ethereum means that it will take less effort and time to develop an L2.

Deployment of the envisioned DeFi products on our own blockchain also brings additional advantages as it automatically brings value and utility to the network. Moreover, taking into account the planned design and architecture of the products, we will be able to pre-select all the necessary features for the network design.

Therefore, we propose to move the development of GTON Chain (L2) from Q4 to Q2 and make it the key priority.

III. Whitelisting as the key short term marketing focus

The whitelisting approach to bonding is a great opportunity to revive the existing partnerships, provide value to the partners’ communities and establish new collaborations. We will focus on adding our current partners and recently emerged collabs into the bonding whitelist during the next two months.

IV. Bonding target price

Deployment on Ethereum will allow for using Uniswap V3 pools (USDC market) for Pathway which seems to be the best option, considering the current FTM volatility. This move will allow for the increase of liquidity necessary for Pathway V1 launch.

With establishing a higher price level that will trigger bonding, we ensure beneficial terms for the early investors (EB).

According to the Proposal on Bonding&Staking parameters, the GTON Capital DAO determined the bonding parameters. We described the design of the bonding in this article.

There are some points left that are the subject for the DAO approval:

  1. Currencies to purchase GTON with

With the approval of Ethereum as the priority chain for launching products, USDC and ETH on Ethereum become the most reasonable purchase currencies. The expansion onto other tokens and networks are subject to separate DAO votings.

  1. Bonding activation target price

The proposed GTON purchase price for bonding is $5. Thus, for the bonding activation trigger to switch on, the weekly average/median price should be at $5, and bonding will operate only if GTON price is higher than the activation target price. The DAO is allowed to vote to update this parameter as any other parameters mentioned earlier.

Rationale: monthly bonds get 60% ROI in GTON, that is why the weekly average price must be higher than EB price and Pathway floor price.

Some questions. Can be used for the AMA tomorrow but I won’t be able to attend.

I. Ethereum as the primary network

  • Will the creation of an independent L2 chain make it harder to attract investors given the extra costs/hassle to move funds around? How will gton.capital promote this?

  • The tokenomics of a token are closely interwoven with the overall functioning of a chain (validators/…). How will the tokenomics of GTON be altered to meet this new avenue, if at all?

  • Other chains that have been launched as L2 layers usually take years of preparation. How will gton.capital advance this?

  • Which type of PO* will gton.capital adapt, which of the current EVM chains are the most likely sources for creating the new chain?

  • What is the ETA of launching the L2 network?

  • Generally, it would be nice to see a clear overview of the advantages and disadvantages of implementing L2 rather than existing on existing L2 layers.

III. Whitelisting as the key short term marketing focus

  • Why is whitelisting important? why is the team not allowing all types of investors to use the bonding mechanism? Against what or who is this protection implemented?

IV. Bonding target price

  • Will pathway be active before bonding takes off? is this how an initial price of 5$ will be reached?

  • What is the ETA of bonding being launched?

Hey,

to be honest, I don’t like this proposal at all…

What I dislike so much about it, is, that you combine several different topics - that need to be separately voted on - into one proposal… You did this also with previous proposals, but this time it is really too important to do it again.

So, don’t just make a proposal, like…

“Here is our roadmap for Q2/Q3, it will include the development of a layer 2 blockchain with a dual token mechanism, deployment on Ethereum as main net, whitelisting of bonding, activation price of bonding and so on - do you agree or disagree?”

But split it into several proposals… “Here is our roadmap for Q2/Q3!
It will include the move of the blockchain development from Q4 to Q2 and make it the key priority - as well as these other changes to the roadmap. Do you agree or disagree?”

"We agreed, that we start the development of our own blockchain somewhat earlier… What type of blockchain do you prefer?

  • Do you prefer a layer 1 blockchain, based on this technology we propose?

  • Or do you prefer a layer 2 blockchain, based on this technology we propose?"

By the way I TOTALLY DISLIKE the idea of a Layer 2 blockchain on Ethereum, in this post (–)
An alternative conception of GTON Net - #2 by ForumUser) I will explain why.

The decision - if GCNet will be a L1 or a L2 - is thereby one of the most important decisions, that we have to make, as a DAO. In my opinion it is not okay that you already decided for a L2. If we have a DAO and consent by voting is of any importance here, the community HAS TO vote, if they want a L1 or L2 blockchain.

And then there should be a separate proposal regarding bonding…

Hereby one proposal is enough, but you should make it on snapshot in a way that allows multiple answers…

Do you want, that whitelisting is necessary for bonding or do you want to make it open for all without whitelisting?

  • Yes to whitelisting!

  • No to whitelisting!

What activation price do you prefer?

  • None?

  • 2,26 dollar?

  • 3,50 dollar?

  • 5 dollar?

(1/3)

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Now in regard to the details of the proposal…

I. Ethereum as the primary network
I don’t like that…
Why?
Because… Who wants to pay disgustingly high fees?
I don’t want to. Fantom is much smoother!

Yeah, and who said that the community wants a L2 chain on Ethereum?
Did we vote on that? Nope.
And as long as the community didn’t vote and agree on that, Ethereum as primary chain doesn’t make sense…

II. GTON Chain is the key priority
Well, I don’t know…
First we should finish some products…

Like instead of finishing, what you begun (OG Swap, Candy Shop, SuSy Bridge, Ergo Bridge), you already want to start with a new project that is much bigger than all these mentioned products together… First finish all these other things, that are promised since long time ago and only when they work like a charm and gained some traction, start with something new. Otherwise everything will just be vaporware till I don’t know how long…

III. Whitelisting as the key short term marketing focus
Whitelisting yes or no is not such a big deal in my opinion… So I don’t know, if this really has a big influence in any direction… However, it goes a little bit against the permissionlessness of crypto.

IV. Bonding target price
Also not such a big deal in my opinion… BUT I question, if we will gain 5 dollar any time soon. So, even when bonding is already developed, we users won’t be able to enjoy it for I don’t know how long. Therefor, bonding activation price should be at around 2,26 dollar I would say. That’s more realistic.

(2/3)

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Here are my questions for today’s AMA…
Even if some of them are critical, they are absolutely with good intentions and the team has my deepest respect.

So, let’s begin…
The proposal is mixing several different topics together into one… Could you please split them into separate proposals?

In general you do this mixing of topics in your proposals pretty often… That is misleading, because there can be some parts in the proposal that are widely agreed upon in the community, and some parts that are controversial… In this way, you can assure that you still receive agreement on the controversial topics – while you couldn’t, if they would be standalone proposals… So please change that.

What is your reasoning for a L2 blockchain instead of a L1 blockchain?

Could you make an in-deph description, how you envision our blockchain?

The decision, if GTON Chain will be a L1 or a L2 blockchain is very important. In fact, it could be the most important decision, that we have to make. We are a DAO, important decisions have to be agreed upon in the community… Therefore if this means anything, the DAO should be able to vote, if they want a L1 or L2 blockchain in a separate proposal. Will you respect that and offer us a separate proposal?

Could you give us a general overview, how the development is going?

What is the current state of development for GTON Capital, OG Swap, Candy Shop, SuSy/Ergo Bridge, Solvex, Pathway and so on? A quick overview for each and every product and protocol, please. Thereby feel free to go also into all the technical details, if you like.

Does the refined pathway protocol with a PMM dex work as expected? What further refinements did you start making and could you tell us more about the Uniswap V3 pools and their difference to Uniswap V2 pools in regard to Pathway?

What are the next price targets, that you want to achieve with Pathway?

Will OG Swap still be an on-chain and cross-chain exchange, similar to Anyswap but better due to GTON as relay token? Or did you change that, when you switched from a Uniswap V2 to Dodo PMM exchange model? I would say that is a crucial functionality, to make OG Swap stick out of the crowd! It has to be implemented to offer are real value in comparison to other exchanges.

In Telegram, I suggested in regard to bonding, that you give us the choice of a fixed and a variable price… Also, that you make the UI interactive (idea came from another user)… Will you implement these suggestions?

(3/3)

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Hello GTON Team!

Thanks for all daily updates. During these red days I feel only hope for my GTON holdings. Also thanks for any updates with vision or strategy you are suggesting to approve by holders.

My two cents here:

1 - ETH is a great choice now to be focused on. Correct me if I’m wrong: does it mean that core protocols: pathway, staking, bonding and GCMoney will be implemented on ETH but all ecosystem products will be implemented on GCNet? If so, this is perfect choice.

2 - Are you planning to bridge all other nets into GCNet as well?

3 - What is team’s short-/mid-/long- term priorities for the dev side?

4 - Can we wait a bit (a few weeks) for the pathway launch? I mean markets are crashing right now, so there is a risk of huge sell pressure for GTON as well. Same for bonding campaign. How team is hedging risk of sell behaviour?

5 - GCMoney architecture is still unclear in the docs. Will GTON be used as a collateral? Will other liquid assets will be used as collateral as well?

6 - What is your unique strategy for GCNet ecosystem adoption? Any life hacks here? I seems like incentives with farming or airdrops just don’t work during bear markets?

7 - In general: small caps projects like GTON aren’t too much influenced by the big market moves, so it’s a chance for fast growth. What obstacles you can see here?

8 - I have some friends who potentially gonna buy bonds, but I’m not sure how they can do that. They are new in crypto and I don’t know how to whitelist them :frowning:

Unfortunately can’t participate the AMA, but waiting for summary article.

Best
James B

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