Governance: First Major Proposal

This post was originally published on Wault finance

Rebranding & Token Merge Proposal

As everyone is aware, the current Price Action and sentiment around Wault Finance has been less than ideal. It has become apparent that even with the developments on the current roadmap, the path to recovering value for our users is long and may not result in a positive outcome. The team has made some mistakes, and we have suffered considerable bad luck, making our current ecosystem arduous to recover.

We have developed a proposal that would involve merging all three Wault tokens into a single entity and rebranding as a new project. We believe this is the best path forward, with an opportunity to bring the hype back to our ecosystem, rewarding our users once again. The new project would be structured differently, bringing some brand new innovative features and a better profit generation model benefiting the entire community of token holders. We would launch this new project with a DAO structure where users would have input into decision-making and improvements from the beginning.

We will explain some of the thoughts behind these changes below and what the path forward would look like.

Merging

While developed with good intentions and planning, our three token structure has not been as successful as hoped. We tried something new, and unfortunately, we did not see the success we had thought we would have seen.

We are proposing a fair merging process that would benefit all token holders equally.

Some of the current struggles with the current token model:

biswap
  • It is not very easy for new users to understand. New users don’t know what to buy or fully understand the use cases of each token.
  • This three token structure creates rivalry in the community. For example, when WEX gets a new pool, WAULTx and WEXpoly holders feel forgotten.
  • Emissions have to be carefully balanced — and with a continuously falling TVL, this becomes increasingly difficult.
  • Development resources are spread too thin.
  • Such a model is challenging to travel across multiple chains and has led to further division amongst investors.

A single token model is what many have asked for and would greatly simplify the project. New users would only need to purchase a single asset to participate in all we offer. In addition, all developments would be focused on a single token allowing for faster and more streamlined improvements. This agile structure would also allow us for rapid deployment across multiple chains.

If the proposal is passed, distribution of the new token will be based on the percentage allocation you currently own of each respective token and the new initial supply. As such, your current weighting in the ecosystem will remain the same.

EXAMPLE: If you currently own 1% of WEX supply, you will receive 1% of the new tokens that are allocated to WEX holders (see metrics below).

There would be a 1-month time frame to deposit your current tokens into the burning contract. Then, for an additional 2 months, Wault tokens would be tradeable on the swap for those who do not immediately migrate. After this deadline, liquidity would be removed from the previous token pairs and added to the treasury to support APRs when traveling to new chains.

This is the fairest mechanic to ensure everyone is treated equally. The planned distribution to Wault token holders who deposit into the burning contract is as follows:

New token Initial supply: 10,000,000

90% of the initial supply is reserved for Wault token holders and 10% for the initial liquidity.

Max supply: 200,000,000

WEX allocation of new token: 5,149,800

WAULTx allocation of new token: 2,245,500

WEXpoly allocation of new token: 1,604,700

Tokens Ratio:

  • 1 newToken = 1,368 WEX
  • 1 newToken = 445 WAULTx
  • 1 newToken = 5,048 WEXpoly

Rebranding

While we all have invested a lot of blood, sweat, and tears into Wault Finance, we feel that rebranding is necessary for future success. However, we believe it will be challenging to regain value with our current branding due to the reasons described below.

  • Many people believe our CEO is in prison due to a news story shared widely about a WEX exchange CEO being arrested. This is even displayed on Coinmarketcap on the listing for our WEX token. This story is about an exchange from 2018 with no relation to Wault Finance.
  • The price action and charts look like a dead token to any new buyer researching Wault Finance.
  • The WUSD flash loan sentiment has been very poor and has not improved with time.
  • The sentiments around Wault have been very poor due to the price action of our tokens.

We believe a fresh start, new branding, new logos, a fresh new UI, and a new game plan would allow for the best chance of success. The community would heavily influence a rebranding. The community would have input into the UI, the name of the project, and more.

NEW Project Model

The new project model would retain Wault Finance features while adding new innovative elements to bring much value to our users. The structure would be as follows:

  • NEW AMM/DEX
  • Launchpad
  • WUSD
  • Locker
  • Governance
  • Pools

These existing features will have tweaks and improvements using the knowledge we have gained over this journey to ensure equal and fair utility for all holders.

In addition, the protocol would be developed with dynamic cross-chain integrations in mind, allowing us to be flexible and act quickly to target new blockchains.

NEW Innovative Features

This rebranding and relaunching would not simply be a Wault clone. We have been researching and monitoring the developments of Defi 2.0 and have some great ideas for merging these methods into our current model.

We will institute a bonding structure with elements similar to the Olympus protocol allowing our project to own its liquidity while providing additional value for our users. Our goal is to be one of the first AMM’s with Protocol Owned Liquidity.

Timeline

If passed, we intend to move very quickly with this process and relaunch within the next 2 months. The first month would allow users time to burn their current tokens to receive new tokens upon relaunch.

We will release articles about all new features frequently to keep the community well-informed about progress.

Voting

Voting for this proposal will commence on Wednesday, October 27th, at 3PM UTC and will end on Monday, November 1st at 3PM UTC.

For this proposal to pass, there will be three votes. One for WAULTx holders, one for WEX and one for WEXpoly.

Here are the Governance links:

-> WEX
->
WAULTx
-> 
WEXpoly

The following tokens/positions can vote:

  • WEX : active WPools, Single asset staking, Holders
  • WAULTx (BSC only): Locked staking, Single asset staking, Holders
  • WEXpoly: active WPools, Single asset staking, Holders

There will be a governance snapshot on Wednesday, October 27th, between 2:50PM UTC and 3:10PM UTC. All users who qualify based on the above positions will be able to vote.

Users in LP positions would need to remove liquidity to vote with their Wault tokens. However, they can recreate their positions after the vote has concluded.

For this proposal to pass, 2 out of 3 voting pools must approve the proposal.

Minimum 15% participation is required to reach quorum.

Contact us

If you have any questions or thoughts, please join us on our social networks:

Telegram | DiscordTwitter


Governance: First Major Proposal was originally published in Wault Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

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