We publish the text version of Free TON Weekly Meetup DeFi Governance # 7 on November 6, 2020, the most important moments of which can also be viewed in a blitz version:
Greeting. Completion announcement Polkadot & Ethereum bridge Contest
Vladislav Ponomarev announces the completion of the Polkadot & Ethereum Bridge Design & Architecture Contest. Asks team members to vote and comment on the submissions.
How the new voting system works
Alexander Wat talks about the voting system that he has developed. The system has already shown itself well in the Ambassador sub-governance and has become especially useful for the jury members who are not yet fully familiar with the Free TON blockchain voting system. Two sites are available for voting: easyvote.com and defi.gov.freeton.org.
Alexander describes the voting process, using the FreeTON DEX architecture & design contest as an example. Each participant has two links attached, they provide all information about him and his submission. Thus, it is possible to understand whether the participant is suitable or not. If the application does not meet the requirements, it can be rejected.
Competition announcement Bitcoin Wrapper Contest
Bitcoin wrapper is one of the most topical subjects in the DeFi world at the moment. The process of creating a wrapper for Bitcoin is more complex than creating one for Ethereum or Polkadot, thus it may require more time. Therefore, the Bitcoin Wrapper Contest is the next contest to be launched.
Arrival of new validators. New website launch announcement
The main net is starting the launch next week. This means that new validators that have won the validator contest, will appear on the network within a month. This also means that they will be launched through DePool contracts, which is an important milestone for the whole network. They will also launch a new website. Due to the huge PR support, this message will be pushed to the general public worldwide. One of the potential news will be the launch of the Bitcoin Wrapper Contest.
Stablecoin project. Possibility of launching a new competition
Vladimir Maslyakov brings up another topic — StableCoins. According to Vladimir, the stablecoin project is more simple than the bitcoin wrapper project, as there are thousands of possible implementations and a great freedom of choice for possible architectures and design.
He offers to launch a stablecoin contest as a safety net and think about making some stablecoins using the TIP-3 contract that has already been published, along with the wrapper. Sergey Shashev says that this contest will be just a technical solution to the issue.
A real stablecoin requires a different liquidity or a complex organizational and financial solution.
Vladimir thinks that the first thing to start with DEX is architecture & design, as these are the two most popular approaches to stablecoins. There are also other approaches, such as, for example, a governance based launch of stablecoins, when it’s not backed up by anything except governance tokens. In the case of decentralized governance, there is a possibility of launching non-backed up stablecoins, ruled by the governance.