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Title: Build HashVerse on its own chain, with HFT as utility token
Author(s): Victor Ionescu
Related Discussions: none
Submission Date: November 19 2022
Simple Summary: Build and deploy HashVerse contracts on a dedicated chain (could be a side chain). Use HFT as main utility token.
Abstract: There are multiple chain choices that we can make when building the HashVerse. For example, it could be built on Ethereum, Polygon, or Avalanche.
Learning from past experiences (see Otherside mint), the TPS of the metaverse is going to be limited by the TPS of the chain that it runs on. Many popular apps (BAYC, Wolf Game) have spiked gas prices in the past, making UX quite terrible for their users.
As a further example, Avalanche introduced subnets to solve for this exact problem. DFK is a great example of how a subnet can work independently and not clog the entire chain, while sometimes achieving higher TPS than the base chain.
While this proposal DOES NOT suggest a solution for which technology to use, it suggest that HashVerse lives on a separate chain, and HFT is the utility (gas) token on that chain. On top of better UX, this greatly increases the utility of HFT.
Together with that, a few fundamental pieces of infrastructure would also have to be built:
- Cross-Chain bridges for NFTs
- Cross-Chain bridges for HFT
- Native NFT marketplace in the HashVerse
Motivation: This proposal aims to both create better UX in the HashVerse (cheaper, faster transactions), as well as increase HFT utility.
- increased utility for HFT
- increased number of HFT holders
- better user experience for HashVerse participants
- Less exposure to popular NFT marketplaces (e.g. OpenSea / MagicEden on Ethereum / Polygon). Since the HashVerse will involve plenty of item NFTs, it’s important for these NFTs to be discoverable and easy to trade. The suggestion is that we mitigate this by doing two things:
- creating an NFT market place in the HashVerse – incentivizes the use of HFT as a utility token
- creating a bridge so that these items can be moved between the HashVerse and popular NFT chains (Ethereum, Polygon, Avalanche) and traded on the most popular platforms
- Extra steps required for bridging. Users will have to bridge HFT into the HashVerse prior to taking steps in the game. While this is true:
- HFT already lives on two chains (Ethereum and BNB) and some of the users will have to bridge anyway
- if the HashVerse ends up delivering, there should be enough of an incentive for holders to bridge to the HashVerse and remain there for prolonged periods of time for participation
Voting: A yes vote means that HashVerse should be built as part of its own chain. A no vote means that this topic should be deferred until later.