STAKE/GNO Merger Vote & Results
Over the past month we’ve seen a record amount of active community participation in the proposal and voting process. Many members expressed their opinions in the forums, and many more through snapshot voting. 746 unique addresses voted over the course of the week. The result was a resounding YES in favor of the token merge.
In addition to STAKE weight favoring the merge by 91.26%, the number of Yes votes vs No votes regardless of STAKE amount was overwhelmingly in favor of the proposal.
So now the work begins to initiate the merger. There will be no immediate impacts for xDai chain users, transactions will still be paid with xDai. Projects deployed to xDai will not be impacted in terms of functionality. The name of the chain will change to the Gnosis Chain, but operations will remain as they are for now.
STAKE incentives from specific projects may or may not shift, depending on the application, but look to see GNO incentives coming on board for DeFi applications deployed to the Gnosis Chain (formerly xDai Chain).
The swapping application is scheduled to go live Saturday, 11 December. Look for announcements in Twitter and on the community Telegram. You can learn more about the swap process here; a link will be added to the live app once it is available.
Immediate Impacts
xDai Chain will be renamed to Gnosis Chain. Rebranding will occur over the course of the next several weeks. Twitter, telegram and other channels will be updated with the new name.
xDai stable coin will remain as the native token for the Gnosis Chain. Users will pay for gas fees and transactions with xDai.
STAKE to GNO swap is scheduled to start Saturday, December 11. A swap application will allow users to easily swap from STAKE to GNO on Ethereum or on xDai. Info on swap application here.
Swap rate of 0.0326292707 GNO/STAKE will be open for ~6 months.
The GnosisDAO will initiate a Gnosis Auction to use up to 20K ETH to buy back GNO, ensuring GNO trades at at least 0.12 ETH ( achieving a 0.12 * 0.0326292707 = 0.003915512484 STAKE/ETH rate).
The Gnosis Auction is scheduled for Dec 11 - Dec 20, 2021. At the end of the auction, the GNO/ETH rate will no longer be guaranteed to trade at at least 0.12 ETH.
Want more details? See the Gnosis Proposal.
Impacts Over the Next ~ 6 Months
STAKE will continue to secure for the Gnosis Chain (formerly xDai Chain) for the next ~6 months. Validators, Delegators and EasyStakers will continue to earn emissions on STAKE staked in the protocol.
The Gnosis Beacon Chain (GBC) will go live, scheduled for December 2021. Validators will stake 32 mGNO (a meta GNO token where 32 mGNO = 1 GNO) to protect the GBC.
STAKE protection of the Gnosis Chain and mGNO protection of the Gnosis Beacon Chain will be concurrent for the next ~6 months.
At the end of ~6 months, STAKE emissions / protocol protection will end when the Gnosis Chain merges with the Gnosis Beacon Chain. STAKE will no longer be used for chain protection. The merge is planned to occur ~1 week prior to the Eth2 merge.
GNO in the form of mGNO will then protect consensus for the Gnosis Chain as well as other shards added to the Gnosis Beacon Chain.
Gnosis Beacon Chain will act in a canary network capacity for the Eth2 ecosystem.
We will continue to provide updates as they occur and the process unfolds. We are excited for the next part of this journey as Gnosis and xDai join forces to usher in the next era of mass scalability, adoption, and growth!
In the Meantime….
Projects are deploying and continuing to thrive in the xDai-Gnosis ecosystem. A few highlights from the week:
POAP celebrated 3 million POAPs now minted on the xDai chain! Congratulations to this innovative platform creating NFT bookmarks for our lives.
DeHive released its first cluster on xDai. The xInfra cluster includes tokens from a host of projects on xDai including HAUS, DXD, RAID, BRIGHT, RICE, DATA, FOX and STAKE. Learn more about the xInfra Cluster.
xDaiPunks token sale wrapped up on xDai. The initial bonding curve offering resulted in 50M PUNK tokens sold for 0.003170 xDai each.
It was Red vs Blue in the first ever DarkForest Community Round. Check out some results from this head-to-head battle in this twitter thread.
Exciting times ahead. Thanks again 🙏 for your support and participation in the evolving community!
See you on-chain,
The xDai (Gnosis Chain) Team