Authors: Vanilla#2222
Date Created: 19/12/2023
Date Posted: 19/12/2023
OBJECTIVE:
To maintain the functionality and distribution of $BLID token in the aftermath of the discontinuation of a Multichain protocol.
We invite the Bolide community to review and endorse this proposal. Your support is crucial to ensure the continued success and accessibility of $BLID token across different blockchain networks
BACKGROUND
With the discontinuation of the Miltichain protocol, there’s a need for a new mechanism to manage $BLID token across different blockchain networks to achieve:
- Independent Operation: Avoids reliance on non-native bridges, enhancing security and reducing dependency on third-party systems.
- Supply Management: Ensures the total supply of $BLID token remains constant, preventing inflationary pressures.
- Network Support: Provides necessary liquidity and support to users across BNB and Polygon networks.
SCOPE OF WORK:
The scope of work includes but is now necessarily limited to the burn/mint mechanism across three blockchain networks: BNB Chain, Polygon, and Ethereum.
- Minting on BNB Chain
- Amount: 80 million $BLID token
- Rationale: To inject liquidity and maintain the presence of $BLID token in the BNB ecosystem.
- Minting on Polygon Chain
- Amount: 20 million $BLID token
- Rationale: Similar to BNB, to support the Polygon network users and ensure availability.
- Burning on Ethereum Chain
- Amount: 100 million $BLID token
- Rationale: To offset the minting on BNB and Polygon, maintaining the total supply of $BLID token constant.
FINANCIAL IMPLICATIONS
NA
POLL
Yes – If this proposal passes, Bolide will follow the proposed changes.
No – If this proposal rejects, it will go back for further discussion to align on the required changes before the updated proposal is re-sent for review.