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.
This article should be viewed as a proposal & not anything set in stone.
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.
Other complications occur with the approach of the contract itself. It wants volume, but in order to swap, from a new users perspective they have to buy with an even number & have to adjust their slippage much higher. Although this information is easily accessed to most in the Telegram. This still is just one other annoyance with 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.
We’re talking long term here. A lot of projects burn out with a lack of development funds. Bonk as a community project has been going well for 6 months, but Bonk had no presale or ICO so funding is quite limited for the project compared to 90% of the other tokens launched on Uniswap.
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.
If this swap were to occur, then the swap would have a 1 : 100/99 ratio so this would compensate the 9% unstake fee. Seeing as there will be Bonk that is forever lost from everyone removing their stake.
For example, if you send 10 Bonk tokens to the new contract, one would get ~10.101 Bonkv2 tokens
The new Bonkv2 contract will have a burn function so what tokens are not carried over will be destroyed so that the supply is as close to 3 million as possible. For Bonk holders that aren’t staking, they essentially get an extra 9% airdropped to them.
There will be a two week period where current Bonk token holders can swap their tokens for 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.
The BONK website would be combining the pixelated style that it has right now with a more modern look would be a good direction.
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.
Bonk should provide some simple to use decentralized applications that have specific utility for them. It does seem like there are plenty of Marketplaces that exist for NFTs. Bonkv2 should search for a specific niche of needed NFT utility to assist these digital artists.
The Echochamber Revision
A lot of time & effort was put into The Echochamber for Dolphin, so this UI & design should be salvaged for Bonkv2, so liquidity holders can farm for BONK NFTs in The Echochamber. See more about the farming NFT rewards here.
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.
