As part of the rebrand, bZx is migrating the BZRX token to a new contract. Passage of this proposal approves all of the following updates to the BZRX token contract.
- New ticker symbol to match the rebrand token name and ticker symbol.
- Updating token contract to enable the ability for DAO vote to mint/burn
- Cheaper gas
- Ability to increase total token supply and perform a 10:1 token split. (to benefit from unit bias)
The migration of BZRX to a new token contract will consist of a corresponding increase in the total token supply in the amount of a 1:10 split. This ratio implies that for every 1 BZRX, there will be 10 of the new tokens given.
This split will increase the supply of BZRX and lead to a decrease in the price per unit. The token itself will introduce a new ticker, name, and contract functionalities. These functionalities will enable mint and burn which will be wholly controlled by the DAO, such that the future token economic functions can be modified as necessary through a DAO proposal in order to enable burn and/or mint of new tokens if the need arises. This change will allow for greater control by the DAO of metrics such as tokenomics.