[PLP#0005] - Transition from Fantom to Polygon Network

Dear Lucidao Community,

We at Arcanum Capital have constantly been working alongside experienced founders, developers, incubators, and other investors to ensure that we discover talent at very early stages. We recently welcomed on board one of the Fund’s strategic partners and investors: Polygon Co-Founder - Sandeep Nailwal.

Our first introduction to the Lucidao team was at the Lugano Plan B launch event. The team demonstrated a clear vision for the DAO and its future dApps in development, including the upcoming Marketplace. With the proper support, we firmly believe that Lucidao can be a game-changer in the path of bringing digital assets to the masses. For this reason, we propose to transfer the protocol from Fantom to the Polygon network completely.

But why do we think that Polygon is the right fit for Lucidao development?

Polygon, formerly known as Matic, is the leading Layer 2 scaling solution for Ethereum and has quickly grown into a multi-billion dollar network that hosts some of the most popular projects.

Polygon adoption has also soared exponentially in 2021, seeing more than double the volume of Ethereum in transactions going into 2022. Average volumes in Q1 2022 are holding steady for Polygon and this is a positive indicator. With the number of world class brands and projects now onboarding on Polygon, the network looks poised to continue its growth trajectory going forward.

We feel that Polygon and its dApps are moving in the right direction towards real-world utilisation of blockchain technologies. Polygon is setting the foundation for new and existing businesses to access these blockchain and digital asset opportunities for the masses along with the vision of Lucidao.

By switching the protocol from Fantom Opera to Polygon network, Lucidao will benefit from extensive technical and strategic support from both Arcanum and Polygon Studios.

After extensive discussions with the Lucidao and Polygon Studios teams, we came to the conclusion that the best way to operate the switch should be snapshot-based. Therefore, if the proposal passes, the following steps will be executed:

  • The Governance Reserve will be automatically assigned to a team-owned account;

  • The Governance’s LCD/FTM liquidity on spookyswap will be removed;

  • A snapshot of all LCD holders will be made;

  • The liquidity removal and the snapshot will be made any time on TBD;

  • Lucidao holders will have to keep or transfer their LCD tokens on an address compatible both on Fantom and on Polygon. If you created LPs, be sure to remove them before the day of the snapshot;

  • The same set of smart contracts that now form the Lucidao protocol on Fantom will be deployed on the Polygon network;

  • The FTM retrieved from the liquidity removal, the fUSDT in the Governance Reserve, and the USDT collected in the recent investment round will be collected, converted, and bridged into the Polygon network;

  • Liquidity will be created on Polygon through the USDT/LCD LP;

  • The new LCD token will be airdropped based on the snapshot;

  • All the funds and liquidity previously collected will be sent to the Lucidao Governance Reserve vault;

  • The new LCD and other smart contracts addresses will be published so that trading and governance operations can resume smoothly;

  • Lucidao holders will have to delegate again their LCD tokens to continue to express a valid vote on future DAO proposals.

Please interact here below by adding comments, ideas and show your general feeling about the PLP by using the poll. If the proposal gains enough traction it will then be transformed into a final proposal to be voted on by the Lucidao community.

  • For: Transition from Fantom to Polygon

  • Against

0 voters

6 Likes

Absolutely in favour of this. We’ve seen Polygon grow from strength to strength and it’s clear they are focused on supporting real world development applications.

There is a clear alignment with all parties involved here. If this proposal is passed, the Lucidao team welcomes any support provided from Arcanum, Polygon and Sandeep.

I feel we’re in safe hands!

5 Likes

Let’s GOOO! 100% Supporting this! :rocket:

It was great meeting both Arcanum and Polygon teams. I feel that by putting all our efforts towards one common goal we can achieve great things! :smiley:

3 Likes

I think will be good opportunity for the visibility of the project and to continue growing up! i’m really happy to support this change!
Let’s go!

2 Likes

Definitely an interesting and well structured proposal. It has my support!:fire:

2 Likes

We’re in front of an enormous opportunity for the protocol! I personally believe that the future of Lucidao will be multichain, omnichain or even to expand outside of the blockchain boundaries, but to reach this goal we’ll need to build on the most solid foundation, made of a multitude of talents and experts in the field. For this reason I am amazed to have the possibility to work closely together with the people at Polygon Foundation and Arcanum and I am sure that having a presence on the chain that they’ve contributed to create will absolutely maximize the opportunities that will be placed before us. I know the migration process could be bothersome for some of our community members, we’ve already done our best to design a process that will make it as safe, fair and painless as possible for the community. But I would also like to propose an airdrop of a fair amount of MATIC tokens for all the addresses included in the migration snapshot so that you will feel more welcomed in the Polygon chain and you have enough gas to start operating on it!

2 Likes