🔂Harmony->MATIC Reissue
Brief explanation of the redeploy of FATE from Harmony ONE to MATIC
The MATIC move was necessary to build FxD.
Fundamentally, the Harmony ONE blockchain is not ready to host the commercial, bank-grade web 3.0 applications that FATExDAO was formed to build. Speed, management, infrastructure, security, reliability, transaction cost, cross-chain compatibility, ecosystem, and user base are the main variables that were considered when deciding which blockchain to host the DAO's initial platform. POLYGON MATIC is an acceptable fit, we must remain chain agnostic - whatever blockchain(s) provide the most secure, scalable and lowest cost is the best for FxD..
FATExDAO does not need to be a cross-chain protocol to build the DAO membership - the main purpose of FATExFi in its current, earliest stage.
FATE on Harmony or leaving it connected as we moved served no purpose.
The path chosen allowed for a revaluation event that benefited Harmony holders immensely because members and the success of the mission come first in a DAO.
Reissuance was voted as the most sensible:
It was done fairly and generously to Harmony holders of FATE:
A vested allocation of +8% of total supply was given to the +/- 1000 wallets
The specific structure of this offering greatly ensures this allocation will have more value in the long-run.
A "FAIR" pre-launch token swap to contribute to the initial LP of FATExFi on MATIC ensured any Harmony member had the same rights as the founding team.
It was easier than a migration event
Other DAOs that add or move blockchains either migrate or add a new token:
That is not fair to the old-chain token holders
Mixing the different tokens under different names is less efficient for governance
Last updated