Abstract
With the game moving to XAI, we propose the migration of the Rainbow Token (RBW) token, whose immutable contract currently resides on the Polygon network, to Crypto Unicorns (CU) tokens on the Arbitrum network. As a part of this migration RBW tokens will convert to CU tokens on a 10:1 basis.
A token migration contract will be made available from April 2024 for holders to convert any RBW tokens held. Concurrently, staked RBW (sRBW) will be migrated and converted automatically with assistance from the Vault team.
Motivation
Given the immutable nature of the RBW token’s contract, it is impossible to directly transfer the token contract to Arbitrum in line with the game’s migration to XAI. If we were to allow RBW to exist in Arbitrum and XAI, the token must be bridged from Polygon, introducing an additional layer of complexity that could hinder the onboarding of new users. This migration aims to achieve the following:
- Strengthen the Crypto Unicorns brand identity by aligning the primary value/governance token with the overarching name of the game and its IP.
- Simplify the marketing of the CU token by making the association between the game and token more intuitive for both gamers and traders.
- Streamline the user onboarding process by eliminating the need to interact with the Polygon network entirely following the migration to XAI.
Details
- Change the primary value/governance token from Rainbow Token (RBW) to Crypto Unicorns (CU) concurrently with the game’s migration to XAI.New Token Name: Crypto UnicornsNew Ticker: CU
- Develop and deploy a smart contract on Polygon to enable the migration of RBW tokens to CU tokens on Arbitrum at a 10:1 basis. This smart contract shall utilize LayerZero’s cross chain messaging route contracts to bridge to Arbitrum after each conversion. Users will be able to interact with the smart contract via a front-end website, which we propose to be called the Rainbow Bridge. This proposal will be enacted following its approval, targeting April 2024 for the public deployment of the smart contract.
- Automate the migration of staked RBW to a new staking contract on Arbitrum, maintaining the 10:1 conversion ratio and existing lock-up periods. This process will be managed by the Vault team, requiring no action from stakers.
- Withdraw the DAO’s LP position from the Balancer 50:50 RBW/wETH pool and deposit an equivalent amount into a CU/ETH pool following the successful deployment of the new CU token contract.
Conclusion
Migrating to XAI represents a new beginning for both our game and our token. We anticipate that the DAO will benefit from the enhanced brand consistency this transition will foster. Potential partners, exchanges, marketing platforms, and public relations entities often rely on information from platforms like CoinMarketcap and CoinGecko to evaluate projects. The current naming of Rainbow Token does not immediately associate with the Crypto Unicorns ecosystem. We believe this strategic move will streamline the information and allow our DAO to fully leverage our brand identity. We hope that you vote in support of this proposal.
Q: What utility will CU token have?
A: The CU token will have the exact same utility as the RBW token.
Q: How will this affect the tokenomics, especially the allocations and the unlock periods?
A: The tokenomics will essentially remain the same with the only difference being that the overall supply, as well as the individual allocations under the P&E, Staking, Investors, Team, and Ecosystem will be converted at a 10:1 basis. Other than this, all unlock and vesting schedules will remain the same.
Q: Will there be separate re-mints or airdrops after migration?
A: There will be no separate re-mints or airdrops but a few leaderboard events are expected to ensure token market liquidity.