DAO PROPOSAL #0

Mirko Semprebon

Published in

MetalSwap

5 min readDec 22, 2021

#opendiscussion!

This post begins a seven-days period of open discussion regarding the first vote to be considered within our DAO!

SUMMARY

We propose to give MetalSwap the possibility to distribute the $XMT token on Binance Smart Chain on behalf of the community.

We believe this is a strategically correct timing for the following reasons:

BSC is among the most widely used blockchains by users who are interested in purchasing MetalSwap; the biggest difficulties reported by our community are related to the prohibitive fees that on Ethereum force long waits, or not considering purchasing XMT at all, for small investors. This leads to a shrinking number of token holders, and our intention is to distribute our governance token as much as possible increasing the DAO distribution. Although the choice to land on Ethereum with tokens and apps has been of fundamental importance from the security point of view, our community is clamoring for the possibility to have $XMT exchangeable on other cheaper chains.

The implementation of BSC can in fact bring many benefits: in addition to a growing user base, and huge savings for users. Therefore, more community activity, more revenue, better market coverage.

⚡ PROPOSAL ⚡

We are willing to incentivize the adoption of MetalSwap ‘s token: BSC is already used by a very large user base and could be the first choice aiming at our community growth.

This to give everyone the option to take part of MetalSwap’s project, or simply bet on it as loudly asked by our Telegram community, and from the YT community during the official AMA sessions.

We respectfully submit this proposal for your consideration, and look forward to your questions and feedback.

BSC OVERVIEW

Binance Chain was launched by Binance in April 2019. Its primary goal is to facilitate fast, decentralized (or non-custodial) trading. Perhaps unsurprisingly, the largest decentralized application (or dApp) built on top of it is Binance DEX, one of the most accessible decentralized exchanges on the market. You can use it through a web interface at binance.org or through its native integration with Trust Wallet.

Binance Smart Chain (BSC) can be described as a blockchain operating in parallel to Binance Chain. Unlike the latter, BSC offers smart contract capabilities and compatibility with the Ethereum Virtual Machine (EVM). The design goal was to leave the high capabilities of Binance Chain intact while introducing smart contracts into its ecosystem.

Because BSC is compatible with EVM, it was launched with support for the rich universe of Ethereum tools and dApps. In theory, this makes it easier for developers to port their projects from Ethereum. For users, it means that apps like MetaMask can be easily configured to work with BSC. Take a look at Connecting MetaMask to Binance Smart Chain to get started.

⚡ BENEFITS

Deploying to BSC can bring several direct and indirect benefits, let’s summarize them:

User Base Growth: Many projects have significantly expanded their user base after deploying on BSC.

Huge savings for users: With transaction fees that are on average an order of magnitude lower than on Ethereum, it allows projects to save their users millions of dollars.

Increased user activity: Low fees are encouraging users to interact more with the project, and not just at the smart contracts level, also at the community level;

Increased revenue: Projects from Ethereum often generate more revenue for their staking liquidity providers and governance votes. The reason is twofold:

Liquidity mining incentives (offered directly by BSC Pancakeswap or other projects in the ecosystem);

Market Capture:BSC is at a point during this very attractive and lucrative market, to capture and capitalize on, probably right after Ethereum. Any large DeFi project that decides not to deploy on BSC is obviously missing this opportunity and leaving a void that will certainly be filled by competitors.

Back to DeFi’s original vision: As mentioned above, projects originating from Ethereum normally significantly expand their user base. These new users are mainly people unable to use these protocols due to the high transaction fees. DeFi is envisioned as an open and inclusive financial system, so the implementation of BSC and other scaling solutions, such as Layer2 Polygon can be considered as a return to this original vision.

MultiChain enabled

This is a first step, but in the future we see main projects be spread across multiple blockchain structures.

The blockchain ecosystem is developing on different chains and we are doing it because we see an upcoming distributed and interoperable evolution. We would like to set up the MetalSwap project this way from the beginning.

Financial Incentives

We might consider allocating a significant amount of capital from our treasury to incentivize liquidity.

Specifically, we would be willing to commit $2M for this purpose, and propose to use these funds as follows:

Trading pool on PancakeSwap
Staking pool on MetalSwap’s App

This amount, as well as the proposed use of funds is not intended to be final; we are open to discussing and working with the team and community to arrive at a strategically agreed upon allocation.

Non-Financial Incentives

We would like to employ a variety of non-financial activities to help MetalSwap on BSC growth. Some of the things we could do:

Actively participate in the design and execution of cash extraction campaigns;
Work with important projects in our DeFi ecosystem to help them understand the benefits of using MetalSwap as LEGO Money, i.e. important component of the entire DeFi ecosystem;
Encourage discussion and knowledge among community members
The project would gain additional visibility, outside the Ethereum meta.

Let’s discuss it together to get an official proposal to vote on all together!

https://discord.gg/EnShnJ9NMv

⚠️Warning⚠️

❗ METALSWAP ‘s admins or moderators will NEVER contact you directly on any social under any kind of circumstances.

❗ Everything concerning $XMT ‘s smart contracts and addresses is shared by our official channels (list below), do not trust any different info from any different source.

To the MetalSwap!

… and beyond!

✎ What is MetalSwap?

MetalSwap is a decentralized platform that allows hedging swaps on financial markets with the aim of providing a coverage to those who work with commodities and an investment opportunity for those who contribute to increase the shared liquidity of the project. Allowing the protection for an increasing number of operators.

With MetalSwap we enable hedge swap transactions through the use of Smart Contracts, AMM style.