I am all for an optional active bridge because that makes the most sense → if 1 BSL = 1 BSL this should be a prerogative and then the existence of two chains is justified by user preference. If we must convert all or none then I am all for the switch to HBAR.
Being an OG, buying multiple times and not selling even 1 token I have been waiting for some action on this token for so many years and now I am feeling left behind, to be honest. You keep saying that ETH is the more popular, bigger market and familiarity but in the end, it does not show within the trade volume. It either needs some marketing or maybe buy-backs from the HBAR side to catch up and boost the volume.
The existence of the bridge would do couple of things → first of, it would make the price arbitrage viable since of course it would make more sense to buy BSL cheaper which after a short while would even out the prices. Second of all - it would bring a lot of attention to BSL, in general, being a bridge token between two different chains and that is another added functionality.
As mentioned before - if a bridge is not possible, then I am all for conversion into one chain on hedera. It is all about the simplicity after all and having multiple tokens adds to confusion.
bsl has been on eth for a long time, so even though it is widely adopted, that hasnt benefited bsl recently so why not switch if exposer is the only good thing about ethereum and we are not getting any of that anyways? just compare the volume of the two chains also bsl runs on hedera now.
Since inception 3 years ago those “giant whale bags on ETH” has done nothing for the BSL price which has been going down until very recently when Hedera come into play. Look at the markets, Hedera community is valuing the token much higher than ETH community.
“Skate to where the puck is going to be, not where it has been.”
Hedera is the future. Simplicity, efficiency, growth…
Hedera is not broadly adopted? Every chain is not broadly adopted now, is only more or less known by the public. But right now ETH does around 1mill trx/day, while Hedera is currently doing 115mill trx/day. If we wait until Hedera is recognized by the general public we would have lost precious time. One example, if all BSL tokens are in Hedera, the 4% tax would be collected in Hbars, where I would expect multiple times more growth in valuation than in ETH. Bank Social should excell in resource allocation!!
Exactly and the hedera community is rapidly growing and its awareness too! Now is the opportune time to take full advantage of that! Plus BSL runs on hedera, its a no brainer.
Simplicity is a big reason. How much time we have wasted in migrations, bridges, market cap errors, it is a useless mess! The inclusion argument is repeated until nausea. It seems to me easy and wrong. We have to focus in the business not in the investors. Develop a great app, a wonderful service to millions of users, and new BSL buyers will come in waves to the ecosystem. Interoperability tools are being developed, so it would be easy. Do you think SaucerSwap will come up with issuing SAUCE in ETH to atract the ETH community ? No! they have integrated Metamask in their DEX…
This makes perfect sense. The Hedera community has already shown a willingness to purchase the BSL token on the Hedera platform at a enormous premium to the ETH version of BSL. The fact that supporters of the ETH chain have not shown up to make purchases and reduce the disparity in token price between the two chains tells you everything you need to know. BankSocial will run on the Hedera chain and will be massively supported by the Hedera community.
I believe the current price differential will gradually reduce, but I suspect that will be more from the Hedera community coming in to scoop up more BSL on the cheaper chain in anticipation of this proposal going to a vote, which somewhat makes the proposed migration even more likely to happen.
Right now, I’m happy to see all the trading taking place as this adds to the SLP which is a win for everyone and I’m buying small chunks of BSL on the ETH chain. However, if/when this proposal goes to a vote I’m a 100% YES vote.
I guess the coding, operations, and mainteinance of the platform would be easier with all the tokens in one DLT. But John, Nathaniel or Anthony should speak openly about their posture as the most informed, smart and influencial in the community to guide us in the future path, particularly in these first steps.
I would ask: What would be best for the app and the users? what would be best for the borrowers?
And I would disregard completely any guesses about outside investors.
As an ecosystem first we have to grow internally, develop functionality, efficiency, systems and cooperation. At some time, investors will find the trail of money and the quality of the ecosystem, if we do the RIGHT THING.
This should only happen if ethereum marketcap is near hedera’s or the tokens allocated via migration are distributed based on marketcap ratio between the two chains. No one should get dumped on because of this migration.
Its not about price, many of us hold bsl on both chains. It is about having equal weight within the ecosystem. Thats why it should be a 1:1 ratio for migration.
Also question : if the price of the BSL/HEDERA is higher than the BSL/ETH token at the time of migration, how would that impact the BSL/HEDERA holders?
I mean, wouldn’t that drag the price down of the Hedera side if it is a 1:1 migration?
No, the remaining tokens would get bought up so fast on the hedera side. Then the price would just continue to climb even faster. Just look at the volume on hedera bsl.
Several reasons - the first being hashport doesnt support all HTS features… and this would also mean we would have 2 tokens on mainnet. It would also open us up to bridge liquidity attacks where liquidity is drained on both sides if the bridge is hacked.
I agree with you on this point. I bought BSL on both chains a couple of months ago as I intend to support BankSocial for the long term. However, the current price differential between the two chains basically gave me no option but to sell down my BSL (HTS) position, of which I’ve only put a small piece back into the ETH side. If I had confidence in the ETH side migrating to Hedera, I would have no hesitation in buying back a full position again.