Last year, a developer called SwampThing began contributing to Sovryn code review, and then writing tests and other development work. Some time later, he and two other developers decided to develop the Mynt Protocol. At around the same time, I and some others, were very interested in experimenting with SOV-bonded tokens as a means of fractal scaling for Bitocracy. I helped persuade SwampThing to launch Mynt as just such an experiment and introduce the MYNT token as SOV-bonded. It was expected, per the SIP, that the MYNT team would receive 4% of the MYNT supply as a vesting incentive to continue development.
Unfortunately, SwampThing had a life event towards the end of last year that meant he was unable to continue to pursue the activities he was interested in, and specifically Mynt development. Without his leadership, the other devs faded away as well. In the end, no MYNT was distributed to them or the Sovryn core contributors. In practice, Mynt protocol work has been taken on by other devs contributing to Sovryn and the responsibility for maintenance and development is mostly being shouldered by Sovryn core.
The Mynt protocol will become a key component of the Sovryn ecosystem, issuing the Sovryn Dollar (DLLR) - which will become the standard currency of Sovryn. I think its time to accept that the SOV-bonded token experiment did not succeed. However, Mynt protocol itself is likely to prove extremely important and I expect successful. To make sure of this success, we should separate Mynt protocol from the MYNT token - and I suggest MYNT token should be deprecated.
SOV bonded tokens were a terrible idea and should have never even been considered for a bitcoin defi protocol. Those experimental ideas are for ETH people.
Sovryn suppose to copy what worked on other chains, not run experiments.
All of Sovryn is an experiment. We canât simply copy. Then we would just end up with off-brand Ethereum. We need to build a more sound system. More responsible finance. More decentralized. More scalable. And we need to build a mission-driven community.
Yes, good housekeeping! And glad to see this chapter closed. I hope that one general conclusion drawn from it is that pre-emptively scaling up way before there is the actual growth that demands it can stifle that very growth.
The deprecating of the MYNT token will itself be an interesting experiment, itâs not easy to do that in a fair and orderly manner, but abandoning the curve and pro rate exchange for SOV seems sensible to me.
If you discard the mynt token, it will hurt the supporters of the sov. After all, mynt is a sub-project of the sov. Many investors invest in mynt because of this. Since the mynt protocol is still under development, I think we should close the curve of mynt, set a fixed value for the total amount of mynt, and then distribute some tokens to the mynt team that is currently working in the way of linear unlocking to encourage them to work. Mynt has a good background and a very low mc. If I believe that closing the adhesion curve can contribute to the ecosystem of sov.
The wind-down mechanism specified in SIP-0037, stipulates that âto return the Mynt-bonded SOV to MYNT holders without having to adhere to the bonding curve formulaâ. This procedure will be followed during the deprecation process - allowing MYNT tokens to be burned for SOV tokens on a fixed rate, pro rata basis.
Regarding this part of the proposal, with the bonding curve now paused according to the proposal procedural context, people in the Discord were wondering what the âpro rata rateâ will be. I am re-posting this information here for the wider communityâs benefit:
The MIP specifies a pro rata distribution of SOV in the curve. This implies taking the current SOV balance of curve reserve and dividing by the total MYNT supply to get the pro rata rate.
We see here: RSK explorer
that the reserve balance is 231,727.3136 SOV
and we see here: RSK explorer
that the total MYNT supply is 49057867.925919878933673404 MYNT
resulting in a pro rata rate of 231,727.3136 / 49057867.925919878933673404 = 0.0047235504395394 SOV per MYNT
That said, @yago one thing is not clear to me, perhaps you can clarify. In your post, you say:
The MYNT referred to here is part of the âincentive supplyâ specified in SIP-0037:
Should MYNT holders take the incentive supply (or the Mynt Founders and Sovryn Core Contributors slices of the incentive supply) into account when calculating the pro rata rate, as I have above? Or should this portion of the MYNT supply be deducted from the total MYNT supply for the purposes of the pro rata calculation, and Sovryn Exchequer (who, as I understand it, still controls this portion of the supply) will simply burn this part of the supply rather than redeem it according to the pro rata rate? If the incentive supply should remain in the formula for calculating the pro rata rate, will the SOV being allocated to the incentive supply as part of the pro rata rate be distributed to Sovryn Exchequer/Treasury for general use or will that SOV have some other specific purpose?
Hello Sovryns - I may be wrong but it feels like Mynt token holders (if compelled to swap for SOV) will lose out at the exact time that Mynt is about to shine.
I bought sov on SOV Origins Sale, I bought BableFish on the FISH Origins Sale and also I bought MYNT on the Mynt Origins Bootstrap Event. Now u decide to sunset mynt and with this announcement u killed the token. Whats next, Bablefish? â also there is no realy good progess. Pls keep on developing MYNT and Fish.
TL;DR I would like to cast my vote (yes) in the snapshot but canât (Sovryn account set up via direct connection to ledger hww thorugh Sovryn app)
I would like to vote yes on snapshot, however my Sovryn account is secured direclty through a ledger hww. If I understand correctly (from Sovryn Wiki), this means my MYNT are associated with an RSK derivation path derived address which is different to my ETH derivation path derived address. Since MM defaults to the âETH addressâ and I will not be able to find the RSK derived address on the ETH derived address lists in MM. Hence, I can not see how to cast my vote.
Can we make it easier and just give a number for people to easily understand.
The initial bonding curve was 100$Mynt=1$Sov, if I remember well.
Is it possible to understand how things would stand with this solution ? (i.e. how much $Sov per $Mynt)
Also why not swap just the same way as it was at the beginning:
100$Mynt=1$Sov
Agreed on everything stated but about the pro rata rate, shouldnât we keep the redemption price the same that we had the initial launch price of Mynt per Sov?
Hi, for future reference, if you need to, you can use Liquality with Ledger to derive the same RSK address you see when you plug your Ledger directly into the Sovryn web app.
