Migrate ETH BSL to Hedera

Proposal Discussion
1

Migrate ETH BSL to Hedera

Greetings BSL DAO Community,

This proposal is a temperature check of a strategic initiative to migrate all tokens currently on the Ethereum network (ETH) to the Hedera Hashgraph chain (HBAR). The plan comprises two phases aimed at leveraging the unique features of the Hedera network.

Migration Plan Overview:

Phase 1: Liquidity and Token Transfer

-Liquidity Transfer: Withdraw liquidity from Uniswap and relocate it to SaucerSwap, facilitating trading on the Hedera network.

-Token Minting on Hedera: Bank Social, as per the prior vote, has the authority to mint an additional 10 billion tokens for the ETH side. Minting an identical amount of 10,000,000,000 (10 Billion) ETH tokens on the Hedera chain, named $BSL, with an open mint capacity. Tokens sent to 0x…DEAD wallets will be mirrored on the Hedera side.

-Conversion Ratio: 1 BSL/ETH = 1 BSL/HBAR on migration day, subject to changes based on the movement of HBAR prices post-migration.

Phase 2: Token Availability and Claiming Process

-Availability on SaucerSwap: Tokens from the ETH liquidity pool will be available for purchase on SaucerSwap DEX on Hedera allowing people on the Hedera network to trade $BSL tokens on SaucerSwap.

-Token Claiming Process: Connect your ETH wallet to the swap website, sign a transaction confirming ownership, and make an identical claim on the Hedera side. A small gas fee on the Hedera side finalizes the token migration, with no gas fees on the ETH side.

-Migration Period: Up to a 48-hour migration period for claiming tokens on the HBAR chain post-liquity transfer. The duration may be expedited based on testing in the production environment.

-Swap Mechanism: BankSocial offers a swap mechanism, allowing the BSL DAO the option to pay the gas fee upon claim. Long-term support of the swap is not guaranteed, but tokens remain claimable indefinitely.

-Tax Implications: No tax on the migration, ensuring a direct 1:1 migration with no loss.

Additional Considerations:

-Simultaneous migration of SLP to be held in HBAR for native staking benefits.

-Stake rewards, per the prior community vote, will be distributed to $BSL stakers.

Your Input Matters:

We would love to hear what the community thinks.

26 Likes
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yes I fully agree with this!

8 Likes
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Still on the fence if i will actually vote for the migration. Do think having the token on ETH is a good thing.

Important this is discussed though.

1 thing.

  • There are already 20,000,000,000 tokens minted. Prepared for this to possibly happen
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Opposed, there is no justifiable reason to migrate off of the largest and most liquid smart contract platform. Because the ecosystem is built out on Hedera, rewards are going to be paid out on Hedera which means liquidity is being siphoned from ETH to Hedera. If we migrate then the liquidity in all those giant whale bags on ETH (not BSL bags) stays on ETH. If you are a Hedera fan then it is a no brainer to leave ETH side as is. Having both chains makes BSL more inclusive, the future is Multi-Chain and BSL should be as well. Just my thoughts.

2 Likes
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No, there were 10 billion tokens minted for hedera(which migrated from the binance chain) and there are already 10 billion tokens minted on the ethereum chain. Which this propsoal would migrate to the hedera chain, there would be no new tokens minted.

3 Likes
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The price discrepancy between the two is big. It would make more sense to have everything on hedera.

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https://hashscan.io/mainnet/token/0x000000000000000000000000000000000043a076

The max supply is set to 20 billion.

8

yes exactly, there are 10 billion on hedera now and 10 billion on ethereum. if we migrate the ethereum side then there will still be 20 billion total

2 Likes
9

they always level out. but for now the price difference is rather big

10

yes it is, seems like the hedera community is buying and the ethererum isnt. Ethereum is dragging the price down.

1 Like
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There are Pro’s and Con’s to both sides for this:
Pro’s 1.) One token - one price and we can finally stop all the nonsense about which is higher and people complaining. Yes they usually even out but it is weird and sometimes has taken months to even out. 2.) Simpler to maintain for team and community. No more confusion overall. I also imagine the team would have a much easier time as more and more products get deployed using BSL. Remember BSL is the backbone to the ecosystem and eventually will be in many products - staking, debit cards, exchange fees, loan fees, rewardsocial, Secura, etc. 3.) One market cap overall. That looks ways better and easy to see and tell people. I think it is a strange think in Crypto that we even put coins on multi-chains unless they are connected. I think it more like a stock - you have 1 stock price and that is it, yes some brokeages might have a slight different price but there is only one. 4.) We are built on Hedera and showing all in on Hedera with the move. Hedera community has been way more supportive. ETH there really isn’t a community IMO. 5.) IMO - I believe Hedera has much more upward potential. I see it going at least 10x this bull run, maybe 30x if it catches fire and there is more adoption. ETH - I think we might get 3x, maybe 5x if we are lucky. But since it already has such a high market cap, not a lot of upward potential. 6.) FEES, FEES, FEES - Hedera is so much easier. Everytime I make an ETH network purchase - I really question why I am doing this. ETH pretty much rapes people in fees. 7.) Though ETH is making a lot of updates, Hedera’s tech and hashgraph is faster, cheaper, more scalable, secure and better governance and decentralization.

CONS 1.) We lose exposure to people hooking into ETH network and its the largest network. 2.) We offend people that believe in ETH and not Hedera. We can see some of the reactions in the comments here. We may lose community members. 3.) Another migration too deal with and this may be messy considering they could have a significant price gap at time of migration. This may piss people off if the ETH price is lower and they get less tokens on Hedera or however we do it. Again we may lose community members because they get offended, or don’t like Hedera or think it is the wrong decision if they strongly feel one way, ego’s get in way. 4.) Hedera is not as established as ETH. Though I think the network is growing so fast that is point is irrelevant as Hedera is here to stay at this point.

There may be more hear and would love to hear from others. Maybe it makes sense to actually do a spreadsheet with pro’s and con’s, risks and score it. I would also like to hear from John and team on their viewpoints, what do they want, what is easier for them, what is going to best serve Banksocial and the ecosystem and growth. I want the best for Banksocial and if they truly believe this will make Banksocial better, then I want to hear and will go with that for my decision. I hold quite a bit of tokens at this point since I have been adding for 3 years now and will continue so I know my vote will have some weight and will not take it lightly.

Thanks!

8 Likes
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the proposal states a 1:1 ratio of eth bsl to hbar bsl. so at time of transfer you would get 1 hbar bsl for 1 eth bsl. this would be good for eth bsl holders because their bsl would be worth more after the migration and it would benefit the hbar bsl holders becuase the hedera bsl volume is much higher then then the eth bsl volume so the eth side is holding the price back for the hedera bsl holders.

3 Likes
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Also hedera has a rapidly growing community with large corporations and enterprises on board as well. The technology is obviously superior to ethereum so it would benefit bsl to be fully on hedera as it is going to run on it anyways. Peoples ego should not hold back the growth of Banksocial, so if they do decide to leave it would be for the better for banksocial in the long run because they dont have banksocials best interest at heart.

4 Likes
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The Pros for Hedera DEFINETLY outweigh the cons IMO. The upside for Hedera is massive and HTS tokens have been exploding lately, now is the opportune time to migrate eth bsl to hedera to take full advantage of that momentum.

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This! Love this! Rational thinking!

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Not sure if it works that work or possibly. Isn’t that like printing money… @PresidentHODL - way in

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@PresidentHODL - can you way in on this response as well - would love for the team to give their viewpoints on pros’and cons

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One think that sticks in my mind is Banksocial is suppose to make crypto easier for people to understand, and use it. I am pretty new to crypto and get pretty confused with the two tokens etc. How are we suppose to reach the everyday user. I don’t know if we are there yet with the one token. I think we have to make it much easier to buy first. Since the app/exchange is very limited to states and countries we are not making it easier. It needs to be worldwide and very easy to buy and sell, interact with my bank credits easily, my credit cards, debit cards, etc. Without borders - right now the limitations we have many borders who can buy and sell. We will get there.

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This is a hard decision. Can Banksocial team tells what they think?? I am good what they decide if they think it is a better for banksocial. I think they know best vs. having opinions or likes/dislikes of different networks. Cheers!

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The price discrepancy is irrelevant, everyone has access to both chains and can purchase from whichever is cheaper. I also fully expect ETH side to out perform the HBAR side.

1 Like