Governance #4: First network vote!
We have been impressed with investors’ participation and community involvement as we take steps towards the launch of Thorus. Now that the name, brand identity, and logo have been chosen, it is time to decide which network we will launch the project on initially.
“The chain chosen will be the first of multiple networks.”
Thorus has been developed with fast and easy cross-chain implementation in mind (read “How the new platform will work” articles for more details), so with that being said, the chain chosen will be the first of multiple networks.
In addition, we have designed a robust system that prioritizes efficient and dynamic cross-chain rewards. As such, this will allow us the flexibility to allocate capital where it’s most influential for our long-term objectives and where it would generate consistent yields.
With that in mind, the team has deliberated a host of options, resulting in our proposal for three possible chains for voting. This vote is for the initial launch only, and there are many factors to consider. Ease of onboarding, bridging, traffic, gas fees, security, decentralization, development, and more are critical to the long-term viability of this platform.
With that said, here are the choices for Community voting.
The Avalanche network has been very successful since its mainnet launch. AVAX has achieved a current TVL of over 20B while maintaining fast transaction speeds at a relatively low cost. Daily volume has also been stable. One of the strong points of AVAX is the fact that there are many high-quality and high-volume projects that could potentially be excellent partnership opportunities for Thorus. Beyond this, Avalanche has quickly become a popular alternative to the Ethereum network and the gas fees that come with it.
Onboarding/bridging is well developed and is as simple as bridging or withdrawing AVAX from a centralized exchange. In return, this increases the odds of Thorus adoption beyond the technically inclined. Furthermore, Avalanche achieves the goal of decentralization by maintaining a network of over 1100 validators and growing.
The Fantom network is another Defi powerhouse with a current TVL of 5.4B, according to Defilama, and growing. Many Yearn ecosystem projects favor Fantom along with some quality DEXs like SpiritSwap and SpookySwap. Furthermore, the FTM token has seen remarkable growth over the past few months. Similar to AVAX, transactions are fast and require minimal fees.
Onboarding/bridging is also a simple process, whether bridging or using centralized exchanges. However, the Fantom network has far fewer validators, with only 55 currently active.
Cronos is a new EVM network created by Crypto.com. While Crypto.com has been around for some time, the network is only a few weeks old, launching on November 8. However, in this short period, Cronos has achieved a TVL of 911M. In addition, the CRO token has seen great price appreciation since its launch. While this is a new chain, with fewer projects and partnerships, this could be seen as getting in early if Cronos sees FTM and AVAX levels of success. They have recently acquired the naming rights to the Staple center, so visibility is high. Gas fees on the Cronos network are also low, with quick transaction speeds.
While we believe Thorus could find success on any of these three options at launch, we do have a preference for AVAX given its size, stability, and proven adoption rate. However, this decision will be left up to the governance vote — the details are below.
Voting for this proposal will commence on November 26th at 6PM UTC and will end on November 28th at 6PM UTC.
Given that migration ends on December 1, only those who have migrated to WMT will be able to cast their vote.
Here are the Governance links for WMT holders:
There will be a governance snapshot on November 26th at 5PM UTC. Again, only WMT holders at the time of the snapshot will be able to vote.
For a network to be chosen, both WMT voting pools must vote for the same chain. In the event of a draw, team will decide what will be the first chain for Thorus platform.
Reminder — How to migrate Wault tokens:
We are excited to see what the community chooses and look forward to other contests to build this project together! As always, we are open to questions via our social media channels. You can also join our Thorus discord group here.
Read more about Wault’s new project model:
How the new platform will work — Part 3
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