POSE Improvement Proposal (PIP-1)
Summary
If passed, PIP-1 would remint a new version of POSE tokens using an open-source token contract. This will allow POSE to be listed on many CEXs, increasing access to the token and liquidity on the platform. All existing POSE holders will be given new POSE tokens and also a highly lucrative staking contract for those tokens.
Abstract
PoseiSwap is a pioneering DEX, the first to launch on Nautilus Chain and take advantage of its innovative modular architecture. To guard certain proprietary information, POSE engineers used a non-open source contract for the native token, POSE.
Though the launch of POSE has been highly successful, the PoseiSwap Foundation wishes to increase access to the token. The primary way of increasing access for all tokens is by increasing listings on Centralized Exchanges, but to be listed, the POSE Token contract must be open source.
As a result, the POSE Foundation is proposing to the community to relaunch POSE using an open-source token contract. This will ultimately increase access to the token and liquidity on the platform by opening it up to centralized exchanges. Recreating POSE with an open-source token contract will also enable the creation of many more USDT trading pairs for general users.
The vote will take place using Snapshot and will be available for all POSE holders who have staked on the PoseiSwap Staking portal and received a voting certificate from the platform.
If passed, token holders will be issued new POSE tokens on a 1:1 basis for their existing holders. The new POSE will be automatically locked into a 1-year staking contract that earns a 100% APY. All rewards or new tokens purchased will be liquid and available for use.
Rationale
Increased Token Access
By moving POSE to an open-source token contract, the team will be able to list POSE on various CEXs worldwide and increase access to various communities.
Increased Liquidity on the Platform
Listing POSE on CEXs will significantly increase the liquidity on the platform. It will allow for many more trading pairs, especially USDT trading pairs, than if the token remains on closed contracts.
Fair Compensation for Users
Users will be given a highly remunerative, though temporary, staking contract for all the new POSE that replace their old POSE tokens, which will help facilitate the process and reward them for their early support.
Tokenomics: Auto-Staking
All exiting POSE tokens will be burned and replaced with new POSE tokens on a 1:1 basis. However, these new tokens will not be transferable for the first year. Instead, the POSE tokens that replace the old ones will automatically be locked in a one-year staking contract, providing a 100% APY provided in two separate tracts.
Tract 1: 50% of the APY will be streamed on a per-second basis to the token holder who will be able to make withdrawals of those rewards once every 15 days.
Tract 2: The other 50% of the rewards can be withdrawn at the end of the 1-year automatic staking period.
3% of the principal can be withdrawn each month. However, doing so will reduce the reward in tract 2 by 3%.
The rewards earned on the principal will be liquid. Users can use those reward tokens or purchase new POSE to fulfill any of the utility of the original POSE tokens, e.g. paying gas fees, supplying liquidity, staking and swapping, etc.
All of the tokens belonging to the PoseiSwap team, including vested tokens, will also be exchanged for the new POSE token and automatically staked, just like the community.
Voting
Voting will take place on Snapshot. We’ve included a link to a short voting guide for all community members with voting certificates here.
Conclusion
Adopting PIP-1 would be a strategic step forward for the PoseiSwap community. The proposal to recreate the POSE token using an open-source contract is not only a response to the community’s demand for increased accessibility and liquidity but also a proactive measure to ensure the long-term viability and scalability of the platform, embodying a spirit of transparency, innovation, and community engagement.
The move to open-source contracts is expected to foster a higher degree of trust and security among current and prospective stakeholders, which is crucial for the growth of any decentralized platform. Auto-staking would not only reward the community but also provide a strong foundation for the token’s economy by locking in liquidity for a year.
We call on all POSE token holders and community members to carefully consider the merits of this proposal and to leave comments below or in our various community chats on social media.
About PoseiSwap
PoseiSwap is dedicated to bringing decentralized finance to the real world. By building on Nautilus Chain, PoseiSwap offers users a high throughput DEX with low fees and lower slippage. Beyond that, PoseiSwap will also use Nautilus zk-tech in the future to give users privacy and make Posei suitable for tokenized real-world items and assets.
Learn more about PoseiSwap and join the conversation online!
