rebranding
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$FRONT audit finished yesteday for layer 1 #MainnetLaunch đââïž At 80M marketcap you can imagine what will happen after #binance #announcement . The mainnet is scheduled for April and will be called SelfChain đ©âđ» #rebranding
1. Polygon-based project 0VIX Protocol rebrands to Keom after a hacking incident that resulted in a $2 million loss.
2. The 0VIX DAO plans a governance vote to decide on merging the 0VIX Lending DApp with Keom as part of the rebranding.
3. Earlier this year, the #0VIX Protocol suffered a cyber attack in the Polygon ecosystem, leading to significant financial losses.
4. Keom's #rebranding and potential merger aim to aid recovery and restructuring efforts, consolidating #assets and services.
5. The #upcoming governance vote's outcome will influence Keom's direction, impact on the Polygon ecosystem, and future success.
$MATIC
2. The 0VIX DAO plans a governance vote to decide on merging the 0VIX Lending DApp with Keom as part of the rebranding.
3. Earlier this year, the #0VIX Protocol suffered a cyber attack in the Polygon ecosystem, leading to significant financial losses.
4. Keom's #rebranding and potential merger aim to aid recovery and restructuring efforts, consolidating #assets and services.
5. The #upcoming governance vote's outcome will influence Keom's direction, impact on the Polygon ecosystem, and future success.
$MATIC
Unveiling the Core Reasons Behind MakerDAOâs Rebranding: The Struggle Between Rapid Growth and Decen
On August 27th, MakerDAO announced a rebranding to Sky Protocol and the launch of a new stablecoin, USDS, along with a governance token, SKY.
According to the official description, the existing MKR and DAI tokens will be upgraded to the new SKY and USDS (Sky Dollar) tokens. The upgrade process follows these rules:
1. MKR to SKY Exchange:Each MKR token can be exchanged for 24,000 SKY tokens. This ratio is fixed, meaning that MKR holders will receive a corresponding amount of the new governance token, SKY, after conversion.
2. DAI to USDS Exchange:The exchange rate between DAI and USDS will remain 1:1. This ensures that for every DAI held, users can directly exchange it for 1 USDS, maintaining the continuity of the stablecoinâs value.
This token upgrade is voluntary. Users can choose whether or not to convert their MKR and DAI into the new tokens. MKR holders who convert to SKY will retain their corresponding governance rights. Sky Protocol has promised that the new governance model will be more efficient and transparent.
Additionally, Sky has provided a user-friendly migration tool to help users easily complete the conversion process from the old tokens to the new ones. To encourage token exchanges, the team has announced an additional reward mechanism. Users who complete the token migration during the beta period will receive 1.25 times the SKY and USDS tokens as a reward.
As of now, a total of 1,494 users have migrated their tokens.
Community Concerns About the Rebranding
The rebranding of MakerDAO has faced some criticism from the community, mainly for two reasons:
1. Questioning the Decentralization Principle:
The main concern is that once DAI becomes USDS, it will introduce a freezing function, similar to centralized stablecoins like USDT and USDC. Additionally, the Sky Protocol websiteâs frontend seems to be blocking certain regions and banning the use of VPNs for login.
2. Impact on Existing Brand Value:
MakerDAO has been a leading project in the stablecoin sector, and this âsuddenâ rebranding, along with the official account not being properly managed, has led users to question whether the brand value has been compromised.
The Fundamental Reason for Rebranding
MakerDAO co-founder Rune Christensen mentioned earlier in âReconciling the two opposing paths for Decentralized Stablecoinsâ & âPureDai: Returning to the ideological roots of Daiâ that it is impossible to simultaneously achieve pegging to the USD, maintaining pure decentralization, and scaling up, as these three objectives present a trilemma.
There are two main approaches to solving the stablecoin trilemma:
1. Prioritize practicality and scalability by choosing USD pegging and real-world asset collateralization.
2. Pursue pure decentralization, advancing in both directions simultaneously.
Sky Protocol has chosen to address both directions simultaneously through the Endgame plan.
Therefore, this rebranding is not a spur-of-the-moment decision but the result of careful consideration.
$MKR #makerdao #rebranding
According to the official description, the existing MKR and DAI tokens will be upgraded to the new SKY and USDS (Sky Dollar) tokens. The upgrade process follows these rules:
1. MKR to SKY Exchange:Each MKR token can be exchanged for 24,000 SKY tokens. This ratio is fixed, meaning that MKR holders will receive a corresponding amount of the new governance token, SKY, after conversion.
2. DAI to USDS Exchange:The exchange rate between DAI and USDS will remain 1:1. This ensures that for every DAI held, users can directly exchange it for 1 USDS, maintaining the continuity of the stablecoinâs value.
This token upgrade is voluntary. Users can choose whether or not to convert their MKR and DAI into the new tokens. MKR holders who convert to SKY will retain their corresponding governance rights. Sky Protocol has promised that the new governance model will be more efficient and transparent.
Additionally, Sky has provided a user-friendly migration tool to help users easily complete the conversion process from the old tokens to the new ones. To encourage token exchanges, the team has announced an additional reward mechanism. Users who complete the token migration during the beta period will receive 1.25 times the SKY and USDS tokens as a reward.
As of now, a total of 1,494 users have migrated their tokens.
Community Concerns About the Rebranding
The rebranding of MakerDAO has faced some criticism from the community, mainly for two reasons:
1. Questioning the Decentralization Principle:
The main concern is that once DAI becomes USDS, it will introduce a freezing function, similar to centralized stablecoins like USDT and USDC. Additionally, the Sky Protocol websiteâs frontend seems to be blocking certain regions and banning the use of VPNs for login.
2. Impact on Existing Brand Value:
MakerDAO has been a leading project in the stablecoin sector, and this âsuddenâ rebranding, along with the official account not being properly managed, has led users to question whether the brand value has been compromised.
The Fundamental Reason for Rebranding
MakerDAO co-founder Rune Christensen mentioned earlier in âReconciling the two opposing paths for Decentralized Stablecoinsâ & âPureDai: Returning to the ideological roots of Daiâ that it is impossible to simultaneously achieve pegging to the USD, maintaining pure decentralization, and scaling up, as these three objectives present a trilemma.
There are two main approaches to solving the stablecoin trilemma:
1. Prioritize practicality and scalability by choosing USD pegging and real-world asset collateralization.
2. Pursue pure decentralization, advancing in both directions simultaneously.
Sky Protocol has chosen to address both directions simultaneously through the Endgame plan.
Therefore, this rebranding is not a spur-of-the-moment decision but the result of careful consideration.
$MKR #makerdao #rebranding
The Hidden Agenda Behind Frontierâs Rebranding: A Fourfold Token Issuance
On August 19, 2024, Binance announced its plan to support the token swap and rebranding of Frontier (FRONT) to Self Chain (SLF). Binance stopped trading and delisted all existing FRONT spot trading pairs on August 27, 2024, and opened new SLF trading pairs (SLF/BTC, SLF/TRY, SLF/USDC, and SLF/USDT) on August 30, 2024. According to the announcement, FRONT was swapped for SLF at a 1:1 ratio.
However, concerns arose regarding the issuance of $SLF , as noted in the announcement, which caught the attention and suspicion of the community.
Token Swap Becomes Token Issuance
The rebranding and token swap were considered typical in the crypto industry, as many well-known projects have undergone similar processes, such as Polkadot and Polygon. For example, in 2020, the Polkadot community passed a resolution to redenominate the DOT token by 1:100, increasing the total supply from 10 million to 1 billion. This year, Polygon initiated a 1:1 token swap of MATIC to POL, maintaining the original supply of 10 billion tokens.
However, in the case of Frontier, the token swap involved an issuance, and holders did not receive corresponding compensation. The total supply increased from 90 million to 360 million tokens, resulting in a 75% dilution in value for users. Most of the 270 million additional tokens were allocated to equity investors (10%), validators/growth sales (28%), the ecosystem (19%), foundational nodes (25%), and the team (8%).
Due to the dilution of value and the unclear purpose of the issued tokens, this action triggered serious dissatisfaction among token holders.
Lack of Transparency in the Community Proposal
The rebranding plan originated from a proposal titled âRebranding Proposal: Frontier to Self Chain,â which passed on January 19. However, the proposal faced two major criticisms:
1. It did not mention the token issuance.
2. It is suspected that the project team manipulated voting rights to pass the proposal. According to the voting panel, 11 addresses cast a total of 1,548,148 votes, with address 0x55b6918866B147B2a13C1Dc167aE04D806F035B5 casting 1,500,000 votes. On-chain data suggests this address likely belongs to the project team.
Explanation by Self Chainâs Founder
Addressing the concerns over the âincreased token supply,â Self Chainâs founder and CEO Ravindra Kumar responded on the X platform, explaining that Self Chain was not a new team but a strategic rebranding by the original team, expanding from a wallet project to a Layer 1 blockchain based on the Cosmos-SDK. Kumar explained the distribution of the 360 million total supply: 36 million permanently locked for foundational nodes, 90 million migrated from FRONT to SLF, 10 million allocated to new investors as validators (with an 18-month lock-up period), 36 million allocated to equity investors (36-month lock-up period), 30 million allocated to the core team (6-year lock-up period), and 68 million allocated to the ecosystem (released 1.5 million monthly). Kumar stated that the increased supply was intended to enhance network security, protect against a 51% attack, and attract more investors and validators.
However, the market did not respond well to the official explanation. After the token swap, the price of $SLF plummeted from an opening price of $0.88 to around $0.47.
$SLF #rebranding #TokenIssuance #WikiBit
However, concerns arose regarding the issuance of $SLF , as noted in the announcement, which caught the attention and suspicion of the community.
Token Swap Becomes Token Issuance
The rebranding and token swap were considered typical in the crypto industry, as many well-known projects have undergone similar processes, such as Polkadot and Polygon. For example, in 2020, the Polkadot community passed a resolution to redenominate the DOT token by 1:100, increasing the total supply from 10 million to 1 billion. This year, Polygon initiated a 1:1 token swap of MATIC to POL, maintaining the original supply of 10 billion tokens.
However, in the case of Frontier, the token swap involved an issuance, and holders did not receive corresponding compensation. The total supply increased from 90 million to 360 million tokens, resulting in a 75% dilution in value for users. Most of the 270 million additional tokens were allocated to equity investors (10%), validators/growth sales (28%), the ecosystem (19%), foundational nodes (25%), and the team (8%).
Due to the dilution of value and the unclear purpose of the issued tokens, this action triggered serious dissatisfaction among token holders.
Lack of Transparency in the Community Proposal
The rebranding plan originated from a proposal titled âRebranding Proposal: Frontier to Self Chain,â which passed on January 19. However, the proposal faced two major criticisms:
1. It did not mention the token issuance.
2. It is suspected that the project team manipulated voting rights to pass the proposal. According to the voting panel, 11 addresses cast a total of 1,548,148 votes, with address 0x55b6918866B147B2a13C1Dc167aE04D806F035B5 casting 1,500,000 votes. On-chain data suggests this address likely belongs to the project team.
Explanation by Self Chainâs Founder
Addressing the concerns over the âincreased token supply,â Self Chainâs founder and CEO Ravindra Kumar responded on the X platform, explaining that Self Chain was not a new team but a strategic rebranding by the original team, expanding from a wallet project to a Layer 1 blockchain based on the Cosmos-SDK. Kumar explained the distribution of the 360 million total supply: 36 million permanently locked for foundational nodes, 90 million migrated from FRONT to SLF, 10 million allocated to new investors as validators (with an 18-month lock-up period), 36 million allocated to equity investors (36-month lock-up period), 30 million allocated to the core team (6-year lock-up period), and 68 million allocated to the ecosystem (released 1.5 million monthly). Kumar stated that the increased supply was intended to enhance network security, protect against a 51% attack, and attract more investors and validators.
However, the market did not respond well to the official explanation. After the token swap, the price of $SLF plummeted from an opening price of $0.88 to around $0.47.
$SLF #rebranding #TokenIssuance #WikiBit
