What about transferring the assets on PGN to Ethereum that would let the owners redeem their assets?
Assumption: The bridge contract could transfer the assets arbitrarily.
Technical Steps:
- Develop a PGN Redemption contract that will let asset owners withdraw their assets. This is similar to airdrop contracts. It will utilize a merkle-tree to have a small on-chain footprint. A list of asset-owner-amount state will be provided.
- Develop the accompanying frontend.
- Get the contract audited.
- Freeze the assets.
- Provide the state to the contract and the frontend.
- Transfer the remaining PGN assets from the bridge to the PGN Redemption contract.
Benefits:
- PGN would spin down faster.
Costs:
- Contract and frontend development costs.
- Contract audit or bug bounty costs.
- Contract deployment and asset transfer gas costs. A L2 could be used to reduce this, with additional risks arising from the selected L2 and poorer UX.