$STND Migration: A New Chapter Begins
We are excited to share an important update regarding the future of our ecosystem. After careful consideration and extensive planning, we have made the decision to migrate $STND to a new token within the next 6 months.
This strategic decision is driven by our commitment to enhancing the functionality and utility of our ecosystem token. The migration will enable us to forge new partnerships, expand onto multiple chains, attract institutional investors, and introduce innovative tokenomics that will benefit our entire community.
Motivation
Bull market is beginning to start. Bitcoin halvening in 2024 will make Ripple effects on entire crypto market. The total crypto market cap will increase again and now institutions are more interested in crypto ever with its ETFs and Real World Assets(RWA). The wonders and desire of overall crypto starting with Bitcoin will fuel emerging trends with modular ecosystem to make whole blockchain system interoperable with bottom-up approach, intents to achieve maximum benefit with minimum cost, and points with membership to nurture real onchain users in Web3.0 dapp. $STND will migrate itself to innovate with new tokenomics and roadmap to take the lead.
Modular ecosystem
$STND started as a Polkadot ecosystem project while projects in the last bull cycle self proclaimed that their projects will eventually rule the whole decentralized infrastructure with top-down approach. However, their thesis was wrong. There is no perfect blockchain, and users prefer what they think they are the most comfortable with. $STND will move away being one native ecosystem project’s asset. Instead, it will be used as multichain asset which has modular implementations across blockchains. In EVM, it will be ERC20. In Cosmwasm, it will be CW20. In NEAR, it will b e NEP-141. Standard aims to be the first modular go-to app for all blockchain users across blockchains, and $STND will fuel the project to build interoperable modular ecosystem.
Intents
$STND will be the first coin to manage intent-centric DeFi platform. Intent is a unit or set of blockchain transactions to achieve maximum benefit with minimum cost in blockchain. With its mission to find the optimal solution, it is now being an intersection between AI and crypto. After Standard built orderbook exchange with minimum intents(e.g. limit order, market order), the team is now applying its unique algorithm derived from greedy method to money markets, futures, and options to build the next intent-centric DeFi services. Migration of $STND will fuel the project to invest, research and develop the products. It will provide platform for intent-based AI agents to find and discover optimal solutions in crypto.
Points and Membership
$STND will end the days of farming and bring new age of incentivization using Web3.0 apps. Starting with membership NFTs with real utility, it will incentivize users to stay in Standard app and use its services. Based on its performance with points based on user activity, the members will get perks and benefit from Standard without liquidity deposits on a pool which it often co-mingles users’ fund. New $STND will introduce innovative quests to earn crypto points that can be traded for reward related to share of Standard’s revenue. As revenue grows, the reward will always be substantial unlike one-time yield farms.
Conclusion
We understand that change can sometimes be unsettling, but rest assured that this decision has been made with the long-term success and sustainability of Standard Protocol in mind. We have conducted thorough research and analysis to ensure a smooth transition process that minimizes disruption throughout!
As we embark on this journey to strengthen the core foundation of Standard Protocol, we want to express our gratitude to each and every one of you who has supported us along the way — Which has been the driving force behind our progress, we are committed to ensuring that this entire plan ultimately benefits the long term future of our ecosystem and our valued community 🤝
Stay tuned for more updates and detail about the migration process in the coming weeks. Together, we will continue to push the boundaries of innovation and build a stronger ecosystem bringing in value for Standard Protocol 🔥
