Decentralise metabonding: Empowering xExchange as a token distribution vehicle

x89
Thu, 07 Sep 2023 19:51:55 +0000
General Discussions

The value of a network is directly correlated to the number of participants within in it (Metcalfe’s Law). So it stands to reason that we should find & utilise methods that widely distribute tokens amongst active users. Metabonding is an ideal candidate for this - essentially acting as a vested airdrop.

However, broadly speaking, metabonding on xExchange has for the most part stagnated, with the last token having been added many months ago and no indication when/if the next will occur.

I believe there is a great opportunity here for metabonding to act as a token distribution and bootstrapping vehicle, but it needs to empower xExchange and XMEX holders. To do so, I propose changing how projects are selected for the metabonding program.

It could be something like this:

Allow ANY project to apply (provided they already have a token issued)

No restrictions, completely permissionless (even memecoins eligible)

The community decides upon approval of a project/token through governance

No prescriptive requirements of token allocations (can be 1% through to all 100% of the total supply)

Flexibility on the duration of the metabonding disbursement period (could be 3 months through to 36)

It could then function something akin to this:

1. Project A launches digital product and its respective token

2. Project A creates a metabonding proposal on xExchange governance module (a dedicated section exclusively for metabonding proposals)

3. By completing a standardised application form, the proposal details their project background, tokenomics and the amount/duration of metabonding, along with the contract address for the token

4. This proposal is then reviewed & voted on by the community via XMEX/energy, requiring passing quorum and a majority approval

5. On its success, proposal details are then subject to review by the xExchange/MultiversX team (the team cannot veto on the basis of subjective quality etc, purely an assessment for malicious code)

6. Team approves the proposal and subsequently adds the token to the metabonding program

To summarise; this would make some effort towards decentralising xExchange, empower its XMEX holders, provide greater value to the token, whilst enabling a route for projects/protocols to distribute their tokens within the community on self-authored terms. Elevating xExchange with an innovative and decentralised token distribution module.

13 posts - 6 participants