First of all I want to excuse my bad English, I will try my best to make my thoughts understandable.
Current status: Now we have multiple new tokens (bgov, pgov) and potentially other new ones coming when new chains go live. Pgov and Bgov performed very poorly, much to general market conditions, but most of it is for following reasons:
First: It is hard to understand (for me) why we should need a own governance token for each chain. And for governance issues, it is fact bzrx holders of mainnet are the one holding those other two token and doing the voting. With handling it all as different platforms the value of bzrx mainnet token gets damaged.
Second: Tokenomics “Trading, borrowing, and lending fees generated by users of the platform on Polygon will be distributed in the form of buyback and burns, and farming rewards to PGOV token holders.”
Doesn’t work, because people cannot touch or feel these effects. They happen or they don’t happen, you don’t even realise it. Why should you keep it? Other token you have instant feedback of how they work for you. Like bzrx staking. Users need instant gratification and to feel it.
It is all to hard to understand or explain this concept to new investors/farmers why these limitations are.
I understand: It is needed to create incentives to bootstrap liqiudity on new chains. But to the nature of most incentives went to bzrx farmers I think the bzrx holders and the remaining (who did not sell yet) bgov/pgov holders are largely the same. Does it really make sense to have new tokens?
Will we really need to start a treasury for each chain? Why? The marketing should market protocol at the same time.
Other platforms like Kyber DMM let the users farm not a newly created token which have nothing to do with their OG token. They use the main KNC token also on Polygon to farm.
After rebrand we will migrate $bzrx to a new token anyway (I will call it “main token”). When this happens, agree on a fixed exchange / buyback rate for pgov and bgov for a vesting token of the new one.
All fees of all chains will be received by staking of the main token.
All chain’s governance via the main token.
Any upcoming farming via a vesting main token, like Kyber does it.
Now every chain will add value to main token, via fees and governance - Before every chain damaged main token, because it took volume away from mainnet.
This will uncomplicate things and help the main token.
How do you guys feel about the situation? How about my ideas? Do you have other ideas? Did I miss something?