BMIP 012: bitBOMB BOMB Relaunch

Discuss the governance proposal to relaunch BOMB as bitBOMB.

For more information, please review the article that discusses the relaunch in detail, as well as the proposal itself.

6 Likes

I think we should put ETH and USDC as a peg instead of BIFI and ATOM. I believe we’re diluting the bluechip value of the platform if we have BIFI and ATOM. If you’re targeting the same audience that’s looking for bluechips (BTC), It is my opinion ATOM and BIFI are in direct contention against that ideal. How many holders have BIFI compared to ETH? Why ATOM instead of ETH? I understand there is EMP, but if i’m already on the platform and using the share token, why dilute the ‘blue chip’ peg platform status. It’s also much better marketing to say this is a bluechip/stablecoin peg haven. Instead of ‘shitcoin’ and BTC. IMO, this is seriously diluting the brand.

bitBOMB should be a one stop shop for my peg needs. I should have bluechips, 1-2 top alts and a must is stable coin for long term holds. This will have user stickiness and will keep me on the platform. Not having a stablecoin is a huge miss. CZbusd has the 2nd highest market cap after czbomb. If we’re looking at lessons learned, it’s that the market wants a stable coin peg. We should at least offer usdc for those that may want to diversify risk away from busd. I also don’t want to be in the czemp/emp pool as that’s a derivative of a derivative. It’s twice as much risk and not what i’m looking for.

Launching bitBOMB with BIFI and ATOM is a dilution of the BOMB (BTC) bluechip brand. All this time we’ve touted that Bomb is a haven because BTC is safe and who doesn’t want more bluechip tokens. I agree with the relaunch but am in strong disagreement with the peg tokens of choice.

There should be two separate votes. One vote for whether we relaunch. Another vote for the peg tokens.

5 Likes

Adding another point here. Does BIFI and ATOM actually address the reasons for needing a rebrand? Does it jive with the marketing pitch of what it means to be part of the bitBomb community?

Are bitBomb community members/holders long term stable blue chip farmers? Are here for a quick buck and will sell the peg degens? IMO, the bluechip play is much better.

4 Likes

We will launch a protocol on ETH mainnet soon, so I am avoiding pegging to anything that we will peg to in the future in a more native form. This is also why any tokens that are natively on ETH, but also happen to be on BSC, we are avoiding. Things like YFI, COMP, LINK, etc…

As far as calling them shitcoins, DOT is rank 12 overall ATOM around 25 and BIFI is a bit behind them at 471 rank among all cryptos.

The criteria that was used is:

  • Coins people may want exposure to.
  • Big market cap of the token (wrapped version/native version depending which) on BSC
  • Something that isn’t better pegged to on another evm compatible chain that we will launch in the near future

For the bluechips we have BNB and BUSD on CZ, and we have BTC plus a few “speculative” but still monster size cryptos on bitBOMB.

I’m open to switching up the peg choices if enough people are against the ones chosen. Keep in mind, anyone will do perfectly fine using just bitBTC on bitBOMB, there is no need to use any of the others if you don’t want that exposure.

I will admit I do like all of the coins that were chosen, and when mentioned to the community, overwhelming amount of people agreed with me. Let’s see what others have to say, can change them anytime before deployment if it becomes obvious that a change is needed.

1 Like

I personally also really like the idea of having PEG to tokens that no one else in the space has done. BIFI, ATOM, DOT. It gives us unique edge to other protocols imo. They may not be in the top 5 but have a lot of very enthusiastic users/investors.

2 Likes

What is the effect on bitBOMB if one of the peg tokens drops 50%+ in comparison to bitBTC? Assuming bitBTC / BTC will hold value the most as alts fall.

The additional peg tokens are there as optional choices for our users, and to keep the share token valuable if we drop below 1.0 peg on some of the tokens.

The performance of the other tokens won’t impact bitBTC, with the exception that if they are performing very well, some may migrate over to those pairs from BTC, and the opposite if they are performing poorly. This is just speculation of what people may do, but I don’t see it as overly harmful.