Community Poll: Next Steps for WELT Token Transition

We want to hear from you! As we move forward with the evolution of the WELT ecosystem, we are considering two possible paths for bridging WELT tokens between the Binance Smart Chain (BSC) and Polygon. Your input is invaluable in helping us decide the best course of action. Below, we’ve outlined the two options, along with their pros and cons.

Option 1: Proceed with the Announced Plan

https://medium.com/@fabwelttoken/welt-token-bridge-plan-important-steps-and-what-you-need-to-know-cb655f3cc7f2

Overview:

• Snapshot and Airdrop: As previously announced, we will take a snapshot of all WELT token holders on the BSC network. After removing liquidity from the old pool, we will airdrop new WELT tokens on a 1-to-1 basis to the wallets holding WELT at the time of the snapshot.
• Supply Reduction: The old bridged WELT tokens on the BSC network will be considered burned, effectively reducing the maximum supply by approximately 120 million tokens.

Pros:

• Control: The transition process is entirely within our control, ensuring that the new contract is properly managed and deployed without relying on third-party services.
• Security: By managing the liquidity move and airdrop internally, we maintain tight security over the process.

Cons:

• Complexity: The process requires users to unstake tokens and ensure they are in the correct wallet at the time of the snapshot, which could lead to confusion or missed opportunities.
• Time-Sensitive: Users must be vigilant about the snapshot date and the need to unstake tokens, potentially causing inconvenience.
• Market Impact: The transition could temporarily impact market dynamics due to the removal and reintroduction of liquidity (flagged as Rugpull etc) and it can take a while for all partners, websites and other channels to update the new structure.
• Supply Reduction: While reducing token supply might initially seem beneficial, it has not consistently led to sustained price increases in recent years. There is growing evidence suggesting that such events can constrain the ecosystem’s evolution and might negatively impact its long-term sustainability and adaptability. This approach could potentially alienate new and existing investors if the expected price impacts do not materialize.

Option 2: Use BingX as a Bridge Between Polygon and BSC

Overview:

• Bridge via BingX: Instead of performing a snapshot and airdrop, we would utilize the BingX platform as a bridge between Polygon and BSC, allowing users to transfer their WELT tokens across chains directly.

Pros:

• Simplicity: Users can bridge their tokens at their convenience, without worrying about missing snapshots or unstaking.
• User Flexibility: Token holders have more control over when and how they bridge their tokens, potentially making it easier to manage their assets.
• Quick and Efficient: Reduces downtime and accelerates the transition process, minimizing market impact.

Cons:

• BingX Account Requirement: To use BingX as a bridge between Polygon and BSC, all users will need to create and maintain an account on BingX. This introduces an extra step for token holders, requiring them to register on an external platform if they do not already have an account. While BingX is renowned for its user-friendly interface and robust security features, the necessity of this account setup could be viewed as a barrier for those preferring not to manage additional online accounts or those concerned with data privacy. We are actively working with BingX to streamline this process and ensure the highest standards of security and convenience for our users.
• Reliance on Third-Party Service: Although this introduces a dependency on BingX, we have established strong security measures and reliability checks to ensure a smooth operation.

Your Voice Matters!

Please vote on the option you believe is best for the WELT ecosystem. Your input will help guide our next steps.

How to Vote:

• Option 1: Proceed with the Snapshot, Airdrop, and Supply Reduction as previously announced.
• Option 2: Use BingX as a Bridge Between Polygon and BSC.

[Cast Your Vote Here]

We Value Your Feedback

We want to make sure the community is fully informed before making this decision. If you have any questions, concerns, or additional ideas, please share them in the comments below or in our community channels.

Thank you for your continued support and participation in shaping the future of WELT!