Hi @martz , the call went really well ! We clarified exactly the points you and others were asking around understanding the core value proposition for Gitcoin and $GTC by using $oneGTC, and how this doesnât interfere to Gitcoinâs prioroties
We will share here a summary soon. for now you and others are invited to join a group chat opened for ICHI & Gitcoin stewards to discuss $oneGTC
Thank you for your proposal! Here are a few questions I have:
What if oneGTC just launched independently, updated Gitcoin governance on launch, and Gitcoin community members can decide whether to use oneGTC or any other stablecoin? Gitcoin tokenholders can also decide whether to provide incentives for oneGTC or not. We can revisit support from the treasury post launch.
What is your metric for success that would show a community benefited from its own stablecoin vs. using an existing one? Do you have any examples of successful community stablecoins?
How does oneGTC affect GTC, if at all?
From Gitcoinâs perspective, why not borrow/earn/diversify into USDC/DAI/RAI to pay opex rather than use oneGTC? What exactly are we missing out on?
Thanks @HelloShreyas. here are the (kind of) short answers - happy to elaborate on the group chat or schedule another community call:
We can do that. but we strongly prefer to do it together with the communities we build for.
For us , getting support from Gitcoin, the leader in promoting open source development, makes it even more important to join hands and experiment together
Long term impact and value proposition for Gitcoin:
While this is a long term play that doesnât happen over night, there are benefits along the way for token holders and the community:
Think about loyalty programs and frequent flyer clubs as a successful example in todayâs economy - this is how brands retain loyalty and keep capital within their ecosystems.
ICHI wants to allow crypto communities to do the same !
ICHI has launched v2 just a couple of weeks ago, and creating a sustainable economy takes time, I can post separately updates on the progress made with the first tokens to launch - oneFIL & one1INCH (stablecoins for the Filecoin & 1INCH communities)
When you pay in other stablecoins you give up on $GTC to buy them.
When using $oneGTC you actually lock $GTC and reduce the circulating supply (cause $GTC is needed to mint $oneGTC)
Honestly, I think every token that has a marketplace should make a stablecoin
Volatile tokens can be a speculative store of value (GTC has no economic value) and CAN be used as a medium of exchange but as a unit of account they cause more problems than they solve⌠in fact, because of the unit of account issues, the medium of exchange use case is hampered.
If a good plan and a team with a track record of success can be put together that can legit pull it off i would wholeheartedly support this effort.
Sorry, I will object to it, because I donât think this is necessary. Gitcon is an open community platform. It aims to develop towards decentralization. I have every reason to believe that the value of GTC will continue to grow and issue stable coins. It will slow down his development. You need to look farther when you walk, not in front of your eyes.
On the contrary - $oneGTC is a long- term play - and is building on the belief of all of us here that Gitcoin and GTC will continue and grow. oneGTC only support that and add utility to the token, making the $GTC economy stronger
Decentralization wise - having itâs own stablecoin does increases the independency of the project, not having to give up on the project native token to get price stability using 3rd party stablecoins.
