Proposal:Migrating to MILK V2
Reason:
As MILK Price rise in ADA Value it becomes more relevant to make $MILK Devisable
It is becoming more and more expensive to buy MILK and with continued price appreciation it can become a problem for people that might want to hold to 0.5 $MILK instead of a full one
We opened a live discussion on this and How we should approach this matter
During The Last MuesliSwap Monthly Twitter Space for the month of June.
Here are two Possible ways we can Add decimal places to the MILK Token.
Option Number #1 is Token Wrapping
In this method we can do what’s called “Token Wrapping”
Where we can “Wrap” the MILK Token in to a token with 6 decimal places
while you will be able to redeem the “Legacy” Version of MILK at any point (Non devisable)
Basically it’s a contract where you can lock your (legacy)MILK in order to mint a new MILK with 6 decimal places.
Pros:
1)Let’s people who want to keep the old MILK in liquidity pools
so people can decide if rather to trade with the old MILK or with the Wrapped one
which might be better for trading on the DEX.
2)Smart Contract for wrapping is done (Based on Team information)
so if the community decides to go with this option it can be rolled out quickly
Cons:
1)Wrapping a token involves more risk due to smart contract vulnerabilities
although you can reduce the risk by auditing the smart contract.
2)Wrapping $MILK Will be presented as two 2 separate Tokens
which can cause confusion for new users trying to figure out what $MILK should they hold.
The other way is a Token Migration
where you basically burn the existing MILK and instead you get a new MILK token with 6 Decimal places.
pros:
1)The procedure is straight forward Burning MILK and getting a new version
2)Easier to explain to new users
3)only needs to be done one time
4)Less risk
This is something that needs to happen one way or another in order for MILK having Multi-Hop applied to!
Let’s discuss this and bring it up to vote Asap!
Proposal Update:
Question 1: What’s should be the voters threshold that need to be reached to pass this proposal:
1)75%
2)65%
3)51%
Question 2: What method of transitioning to V2?
1)Token Wrapping
2)Token Migration
