PIP-5: $PATH bridge to Polygon

Author:
Core contributor of PathDAO

Summary:
We propose to bring $PATH tokens to the Polygon chain, alongside the current chain, Ethereum. The low-fee nature of Polygon will allow $PATH tokens to be given more utilities in the future. Note that all committed tokens will remain on the mainnet (Ethereum)

Abstract:
Currently, $PATH tokens act as the governance token of PathDAO. $PATH token holders can
1. Single-sided stake
2. Provide $Path liquidity for reward
3. Vote and govern the future of PathDAO

As we build out the PathDAO ecosystem (Ventures, Guild, Social Platform, Insights and Fintech), we are planning for more $PATH utilities. The high gas fee on the Ethereum chain is not optimal.

Some of the utilities in discussion (to be finalised) for $PATH tokens upon bridging to Polygon include:
- Initial NFT Offering
- Path fintech service access
- Co-investment in early stage deals

We evaluated multiple L2 chains ranging from fees, security to ease of implementation, and have decided to opt for Polygon as the next blockchain after Ethereum for $PATH.

Note that all tokens committed in the past (community, staking, LP farming etc.) will stay on the mainnet (ethereum). This proposal is to provide the core team with the options to allow for future claims and $PATH token utilities on Polygon.

Voting options:
• In favor (Yes)
or
• Against (No)

Rationale:
$PATH tokens on a lower gas blockchain (Polygon) will unlock more utilities for $PATH tokens in the future, and encourage smaller holders to own $PATH

Budget:
No cost required

Process:
PIP-5 will proceed in the following manner:

  1. This proposal will be open for discussion until 7th March 4am EST
  2. After the discussion concluded and any possible adjustments have been made, the proposal will be up for voting on Snapshot. This link will be provided in due course
  3. The snapshot voting will last for 72 hours after it goes live
  4. After the voting concludes and if the proposal is accepted by the token holders, the proposal will be executed
6 Likes

You guys are making real progress. Fully support this, great work.

3 Likes

Layer 1 ethereum is not viable for NFT/blockchain gaming. The question is not do we bring PATH to a lower fee and faster chain, as that’s obvious. Scholars and smaller holders must be able to transact with the PATH token without spending $30 USD on a transaction. The question is which chain?

Polygon makes a lot of sense because:

There are other options I really like and use, but they have some drawbacks. Ronin would tie PATH very closely to a single gaming ecosystem and require a wallet apart from Metamask, ImmutableX is not yet supported by the major NFT marketplaces and has not yet had its killer game (although Token Trove is a great marketplace and I’m super pumped for some upcoming games on ImmutableX), Solana is not EVM compatible, Arbitrum is too early and still a little too expensive for gaming. I could see Avalanche as a close second, but the $100 million gaming-specific fund on Polygon and Open Sea support gives Polygon an edge right now.

I will be voting yes.

2 Likes

Agree. The team also explored BSC alternative but Polygon really stands out as the low-gas option per your points raised.