Bonkv2 Proposal

Bonkv2 Migration

This article is designed to fill out the various concepts for the future of Bonk & Bonkv2 to the Bonk community. There will be a vote in the Bonk Telegram & Discord in order to gauge the communities opinions on these updates moving forward.

What Bonkv2 Should Be

Bonk should be a utility token that is used for creating various NFTs. Bonk should be less about passive gains, or staking. Bonk should be a platform that assists digital artists by building innovative decentralized applications that involve NFTs. This ultimately gives Bonk something that it is currently lacking. The Bonk Minter Alpha Dapp is a step in the right direction because it actually requires Bonk in order to create NFTs in the Bonk Minter collection.

Compatibility with other Dapps

The current Bonk staking system should come to an end in order for Bonk to be more compatible with other crypto applications. For example, Bonk can’t access a Balancer Pool solely from the staking transfer fee. It seems contradictory because the Bonk staking system is suppose to encourage a network of Dapps that reward the users staking using the network. The problem comes when a lot of these Dapps become incompatible with any sort of deflation or transfer fees. If Bonk is wanting to build an entire network & ecosystem of Dapps, then now is the preferred time to remove the staking system.

Staking Should Conclude (A Suggestion)

There are entirely too many inconveniences with the current Bonk staking system. In order to simply swap Bonk on Uniswap slippage has to be high & because of the decimals one has to trade Bonk at an even number. Imagine how many people who have taken an interest to Bonk have tried to trade & have solely failed so they moved on. The current staking system rewards the users staking by volume, but by contradiction discourages trading & volume. This doesn’t seem like something that will scale long term.

Increase Funds & Development

There should be a reserve of tokens (which are locked) that are solely used for this, could be 10 or even 15% of the current supply which will be capped & anything extra will be burned with no ability to mint more. For example, Bonk supply could possibly be increased to 3,4 million, but the circulating supply would still be close to 3 million tokens, but could potentially be lower as there will be tokens that have been lost along the way. Not everyone will end up swapping there Bonk as there were wallets lost along the way & a lot of fees that are burned in the Uniswap pool.

The Tokenswap Solution

In order to achieve all these ideas, a swap to a new contract is necessary. How this would happen; users would go to the new Bonk website, connect their wallet, & swap their old Bonk for the new token. The old Bonk token would then be sold on the current pool & the liquidity would be migrated to the new one that has Bonkv2.

Bonkv2 Website Upgrade

The current Bonk website is functional & cute. It does lack a sense of identity and confidence. It seems like it is maybe niche. Bonk should take these charming visual elements & make them just a bit slicker while incorporating for decentralized applications.

Bonkv2 Showcasing Community Artists

Bonk really needs to represent the artists that have helped grow the project. There should be a specific section on the new website really demonstrating that this is a home & platform that encourages contemporary artists. The illustration below is just one example of all the interesting artwork that has spawned from Bonk.

BONKRILLAZ art by Sir Johnny of Gonzo

The Echochamber Revision

Farming for BONK NFTs in the Echochamber

Bonkv2 Timeline

If this passes the community standards, then these changes will most likely come into effect early 2021. Specifically the website update, Token swap, & the release of The Echochamber for Bonk. Bonkv2 would still keep the current NFT minter.