Airdrop or swap 1:1 from old token to new token?

I wrote this article on prism’s forum, and it is here for the reference of administrators and users in the community to discuss the next plan. I am not a technical person, and the subsequent management will give a series of new plans. It may be a fair method to vote on these plans, and the following content is for reference only.

Here’s a summary from @dabbler on the prism forum,I modified it for reference,:

There may be some omissions in what I said, you can check them out at this link:

I participated with Prism from the beginning, have held throughout (some xPrism in Nexprism) and added throughout the collapse. This post poked me to actually join the forum, which I haven’t needed to date. Some points: There is no hyperinflation…

1.prism operates a free and open market,nothing happened to protocol, protocol was working fine. its a natural behavion ppl do and exit all at once because of fear, it did present in all fairness a short buying opportunity for even existing prism token holders who also were paralized in fear to take an even bigger risk and sell their assets for more prism.This is how a market works.If you believe in the protocol, you should believe it can get back to previous valuations (unlike luna)

2.There is no hyperinflation of Prism supply,.Prism was not in a in a death spiral like Luna. Its not like the supply had exponentially increased to a point that any new buyer should have known it couldnt be saved. When there is hyper inflation, such as in the case of Luna, it is understandable to take a prior Snapchat. This was not the case here. No hyper inflation. Just people that no longer believed in the project that were selling. If they truly believed, they should have kept their tokens knowing that it was a cross chain platform.

3.Sellers were part of the problem,Buyers are part of the solution,Rewarding sellers at expense of buyers is antithetical to free markets and the aspirations of defi. It’s wrong. We cannot violate the principle of free trade, which runs counter to the spirit of DEFI,Buyers are more valuable than sellers here and this proposal dilutes holders and buyers in favour of sellers ie they are subsidising the sellers.Don’t forget that people who sold, did actually get some money out of their prism. So now they have this money + the majority of the airdrop. But those who swap other asset for Prism, lose on the money they didn’t take out, and now lose even more because of a unfavorable snapshot ?At some point, if you didn’t want people to buy cheap prism you should have disable the swap.

4.Prism is a cross chain platform with a future planned beyond Terra Luna

So, I’m opposed to the direction of snapshot or block height proposal,There is only one time we need to consider, and that is fork time.No snapshots needed, just a migration to a new chain.
@dabbler’advices are as follows

If the community decides to do something as fundamentally wrong as rewarding sellers, it shouldn’t be hard to do it in a way that doesn’t devalue those who held and bought. Just:

a. Determine a period for qualification. Say depeg date to ‘launch date’.

b. Distribute an equal amount of tokens to those holding psi, in any form, at a set snapshot time on each day

Eg 100 million tokens over 10 days qualification = 10 million per day

This will give holders all the way through exposure

It will give sellers exposure up until the time they sold

It will give new buyers exposure from the time they bought and for as long as they held and holders who bought, proving their commitment, additional exposure.No one misses out, sellers get something, new buyers get something, holders who stayed do well and holders who added get the most.This is the most fair approach, rather than trying to replace the logic of the market with the moral judgements of “this purchase at this price was more worthy than this purchase at this other price.”

we should be honored 1:1 of what prism you hold at the time the new chain goes live. People who held or bought when things got tough should not be punished. It’s an open market.simple is the best.

most people came to the conclusion that 1prism=1prism even now, use bridge or wormhole or something,we should be honored to incentevise core community and honor their bravery of adding on in times of uncertainty.i dont think theres much to argue with that.

The above is a proposal for PRISM, but I think it also applies to Pylon.

Great Truths Are Always Simple.Thank you for reading.

I thought the discussion on the forum was very interesting. Since we have nothing to do with Terra 2.0 right now, and the community has nothing to do with it, let’s take a joke poll and give it a try. In fact, Pylon’s market cap is very low, and there’s nothing to do right now,I think 1:1 is also fair for Holder.OK

Hey @molers233, how could I not vote to support your gov proposal?! :grinning:

Hey @molers233

I just noticed your poll runs until Jan 30 2024. Have you changed this? It’s far too long and means voters will have their voted Mine locked up, unable to withdraw it if they wanted to.