New Proposal: Should Joystick.club re-issue JOY on a new main chain?
Use your JOY on sbch or polygon to vote on the latest proposal on snapshot.org. Given ongoing issues with sbch we propose to re-issue JOY on a new main chain.
You can vote on the snapshot proposal here until Dec 6 2023:
Joystick.club is considering a critical decision regarding the future of our JOY token. Given the ongoing challenges we've encountered with the smartBCH chain, we are proposing to redeploy the JOY token on a new main chain. This proposal outlines the reasons for this suggestion and the proposed actions should this motion gain majority support.
2. Reasons for Leaving smartBCH
The decision to propose a move away from smartBCH is not one taken lightly. Our reasons are as follows:
Lack of Adoption: smartBCH has not achieved the user adoption we anticipated, adversely affecting the value and utility of JOY.
Lack of Transparency: We have concerns about the communication and transparency from the smartBCH team, which creates uncertainty for our project.
Bridging Concerns: There have been issues regarding the bridging to smartBCH, leading to potential security and operational risks.
Issues with CoinFlex: The handling of the situation with CoinFlex has raised concerns about the stability and future of the smartBCH platform.
Industry Movement: Many other projects are moving to BCH Cashtokens or other EVM chains, indicating a potential trend away from smartBCH.
Risk of Downtime: Any further downtime on smartBCH could mean JOY base assets, which back the existing bridged JOY on Polygon, lose their backing. This risk also applies to our PTS tokens.
3. Proposed Action: Redeploy JOY
To secure a sustainable future for JOY, we propose redeploying JOY on a new chain. We believe in maintaining our dual token structure with JOY as the hard currency and PTS as the soft currency. Both tokens would be redeployed on a new chain as soon as possible.
4. What Happens to My Existing JOY Tokens?
If the vote to redeploy on a new chain is successful, all existing JOY tokens will be eligible for a 1:1 swap with new JOY tokens on the new chain.
The process will generally involve depositing your old JOY tokens into a designated address, after which our Decentralized Autonomous Organization (DAO) will process the deposits and send an equivalent number of new JOY tokens back to the original sender's address.
However, to ensure we handle this transition as smoothly and transparently as possible, we will create a separate proposal detailing the exact process of reclaiming your old JOY tokens. This proposal will provide clear instructions on how to conduct the swap, discuss potential timeframes, and offer a platform for any questions or concerns from our community.
We believe this step-by-step approach will help our community understand the process better and allow for a seamless transition. Further details on this will be provided if the proposal to move to the new chain is approved.
5. Voting Procedure
We encourage you to discuss this proposal in our JOY Telegram group. The vote will remain open for 7 days, giving all holders ample time to consider and cast their votes. Voting will be eligible using both smartBCH JOY and bridged JOY on Polygon.
This decision is crucial for the future of JOY, and we strongly encourage all holders to participate, ensuring your voice is heard. Thank you for your understanding and involvement in this important chapter of our journey.
Please note: The decision to move chains is significant and may involve technical and logistical complexities. We encourage all community members to thoroughly understand the implications before voting.