Craft multi-token support and a new stable fee currency
Hello Crafters,
As you may know, the Craft development team is busy integrating features to enable cross-chain transactions through x-calls.
In order to allow Craft users from connected chains to trade NFTs, we will need to enable multi-currency payments on the Craft platform. This also implies that we will need to support multiple currencies as fees, which are then distributed to the DAO fund and $CFT stakers.
The current system gathers and distributes the fees to Craft traders on a daily basis, and it’ll get unnecessarily complex if we support so many currencies as fees. We believe this is the perfect timing to switch the Craft DAO rewards to $bnUSD, with the following rationale,
1 — Rewards efficiency: Swapping any token to native $ICX currently implies a 1% fee on the Balanced DAO. This fee will eat away the rewards but we want to ensure decent rewards, so swapping all fees into $ICX is out of the question. Converting to bnUSD on the other hand only has a negligible fee of 0.03%.
2 — Treasury stability: The DAO fund at present (all in $ICX), is nothing short of hyper volatile. We’re all witnessing market fluctuations and this isn’t an ideal treasury currency for obvious reasons. Converting into $bnUSD will ensure that the DAO fund value remains stable over time.
3 — Rewards experience: $CFT staking is incentivized from platform fees, and many of our community members call this “real yield”. $CFT has a fixed maximum supply, your $CFT holding is never diluted from inflation. We want to further this experience by converting rewards into a stablecoin, which ultimately is the pathway for stakers when they exit. Of course, stakers can always repurchase more $CFT with the stablecoins they earn, the choice is yours.
With this update we expect to:
- Enable listings with more currencies (this will be enabled via a predetermined list, and expanded over time)
- Converting all proceeds in fees to $bnUSD before distribution
We’ll be submitting a DAO vote for this change, and we’d love to hear your thoughts about this plan! Feel free to provide your feedback in the #general-cft channel on our Discord server!
