This is the fifth proposal submitted by the Staker Operations team (Ops) based on STKR token holder feedback. The primary purpose of this proposal is to formalize the launch of BLND on Tezos.
Ops team, after speaking and receiving feedback from STKR token holders, will launch a BLND token variant on Tezos and create a swap mechanism that will allow registered holders of BLND on Ethereum to port their position into the Tezos network and vice versa.
Ops team will research additional ERC-20s to potentially port into Tezos and may provide value for STKR token holders.
The StakerDAO token (STKR) is built on Tezos, but our initial product offering, BLND, as indicated in our February proposal, will live on Ethereum. This is because Ethereum is today’s dominant platform for DeFI and BLND should take advantage of this. BLND should participate in the DeFi growth within Ethereum and BLND should become a primitive in systems like MakerDAO. However, STKR token holders also believe in good governance and it’s why StakerDAO was built on Tezos. STKR token holders are proposing to help accelerate the future of DeFi on Tezos and this vision can begin to be realized by creating BLND on Tezos.
How does it work?
- The price of BLND should be equal on both Ethereum and Tezos and the processshould therefore be simplified to a premium free atomic swap.
- An Operator, initially run by Staker Ops, will hold BLND tokens on both Ethereum and
Tezos and act as a counterparty.
- A BLND investor may submit an order on Ethereum to transfer their BLND to Tezos.
- At this point in time, the Operator will absorb the BLND submitted and transfer BLND on Tezos.
This process will be available to registered holders who participated in the BLND offering on CoinList. Furthermore, Staker Ops will work toward the development of a process, either internally or externally, so that new qualified investors, e.g. investors who are not US persons and would otherwise be permitted to hold BLND, but acquired BLND outside of the CoinList process can be onboarded in a compliant manner.
What can be changed over time?
STKR token holders may actively choose to change aspects of BLND on Tezos and the transfer process between Ethereum and Tezos. This includes the:
● Supply - The number of tokens the Operator holds to participate as the counterparty is subject to change. This may likely equal the approved supply of Blend on Ethereum.
● Transfer Fee - The fee to move BLND between Ethereum and Tezos is subject to change.
StakerDAO will create portability of BLND into Tezos and subsequently will be positioned to use a similar engineering process to bring other ERC-20 tokens into Tezos. Ops and STKR token holders will research and propose additional ERC-20s, which may benefit STKR token holders, the Tezos ecosystem, and potential investors.
The full scope of technical details is currently under development, but code will be available at a later date on Github.
September 2020: Anticipated availability of BLND on Tezos