PLM Token Redenomination for Shiden Network

Economics
49

After the redenomination will it be a fixed supply or every year new PLM will be issued like staking?

1 Like
50

no. we will have PoS. This means we will have inflation around 10% per year

3 Likes
52

I think the redenomination will be a good thing for the project. As serveral already said, less supply it´s more atractive for investors

3 Likes
53

Completely in support of re-denomination :+1:

4 Likes
54

Me too, totally supporting it, it´ll be good at the end so it is good for all of us.

1 Like
55

I think good target supply would be 10 -100 mill, so dividing everyone’s stack by any number necessary is ok. I don’t understand people who think they will loose something after re-domination… You will have exactly the same percentage of total supply so don’t worry.

3 Likes
56

Hi all!
First of all I agree that redenomination takes place. But completely disagree with /1000 variant.
As I see we want to put initial price at 0.5-1$. If we cross out 3 zero and get 10 000 000 PLM the initial full cap of Plasm network will be 5-10 mil$. And thats a very strange point to start for such a huge infrastructure project. It’s complicated to me to understand why does Sota want to put for Plasm network such a small in full cap? Also we have an example as Kusama with total 10 000 000 tokens and price 62$ for now. So its far from than our target 0.5-1$. And I dont assume Plasma 60 times less valued than Kusama.
Based on my experience of investing in hundreds of crypto projects, at the start of trading, I see the project capitalization of 50-100 million and this is in the worst case.
Proposal:
I am sure that the best solution for Sota, for me as investor, and for growth of project will be 100 times denomination - 100 000 000 PLM.

5 Likes
57

Please can unclaimed PLM be supplied to people prior to or as part of the redenomination process by way of an air drop or by reopening the lockdrop 2 claim process. It makes no sense to not help people that are big supporters of the project. Lockdrop 3 is a perfect time to make sure all supporters receive what they deserve prior to redenomination.

58

We were Promised with 1600X PLM but now it’s 1.6X PLM I don’t understand but I guess as investors we can’t do anything about it. Renomination would be a good thing if it came with the (x) amount rate as was Promised.

I locked 7.8 EH for 1000 day = $10909.94 as of today…
→ = 2,125,341.431 PLM.
After the Renomination I should have 2125.341431 PLM
→ = 2125.341431* 0.5 = $1062.6707155
OMG Let’s try $1 :cold_sweat:
→ 2125.341431* 1 = 2125.341431
OMG Let’s try $3 :fearful:
→ 2125.341431* 3 = 6376.024293
OMG Let’s try $5 :face_with_head_bandage:
→ 2125.341431* 5 =10626.707155
Okay I’m even now :disappointed_relieved:

This is not fair.

59

We are working on a solution, please keep an eye on our channels for more information shortly.

60

I don’t see the problem?
After 1000 days you will get your ETH back, so everything you calculated is extra :slight_smile:

1 Like
61

Do you mean you are working on a solution for unclaimed PLM from lockdrop2?

62

Yeah, but I would not lock my ETH for 1000 day I would do 30 days or 100 max because it is not worth the risk. I risked 10k to make $1000 :thinking: I mean it’s not bad but still as an early investor I should be rewarded not used I’m not happy about this move I feel like I was played. If i was told this before I would adjust my investment or even wait till it hit the market but who cares I’m no body and probably my comment will be deleted too.

1 Like
63

I believe the “problem” is you see this as only “free” tokens and not an enthusiastic, blind faith having investment like so many of us did. As I have stated before, this lockdrop is better represented as a loan or “renting” of my tokens and not “free” tokens that were just handed out. Yes we will be receiving your tokens back at a later date, but you “borrowed” or “rented” my tokens at a set amount and now are saying “I will only pay you x amount of what we agreed on”. The ETH that was locked in the first two lockdrops has ,at the very least, almost 4x in all cases, but will this be taken into account when the redenomination is done since many people did the 1000 day option to maximize their “opportunities”? The ETH lockdrops are nothing like what will happen with the DOTs because if by some strange reason a slot is not given, the DOTs will be returned whereas we are locked in for whatever time period that was chosen. Everyone is in agreement that a redenomination needs to happen because 13 billion and counting tokens is ridiculous. If .25 to .50 is the target fine just have it as the new base and recalculate the “opportunity” tokens that were issued. Maybe something along the lines of after the redenomination is completed, we can have our “opportunity” token amount recalculated based on the finalized token price and either airdropped the difference into our PLM wallets or have it setup so we would have to sign for it with our wallets that were used in the initial lockdrops. We are just saying that something needs to be done that still rewards early, faithful risk takers that believed in this project in its early days and not lose them within the shuffle of this redenomination.

2 Likes
68

Do realize how reckless that sounds? An “overflow” of tokens is BAD. Whenever anything is done that affects the projects tokenomics it should be HEAVYLY monitored. Most projects include a set amount or a percentage of their overall token supply to different activities as to not adversely impact the projects tokenomics. All the ETH that was collected during these hugely successful lockdrops were directly tied to the projects tokenomics. Unless the original plan was to lock as much ETH as possible regardless of how many tokens were minted or how it would effect the people that support this project, then it was a HUGE success. The problem now is that we are facing a very painful redenomination because someone choose to mint unlimited tokens within a limited token project.

71

Whenever someone has had an issue “it was your choice” or “quality not quantity” has been the go to phrase team members have used when discussing this redenomination, but never have they given us a real reason. Everyone understands that a redenomination needs to happen because of the huge supply of tokens that were minted, but the team has never stated why they massively over minted the token. Yes I knew about the redenomination but never would i have dreamed that the team would have used it in this way. If we would have stayed under 10 billion total minted, there is a good possibility that the 1000 to 1 proposal would never have been considered, I have yet to read one comment were an investor has stated they were unhappy with the project itself. The main concern is the way the second lockdrop was handled and how the redenomination will affect their investment. I don’t understand why this line of questions is hurting the project but speaking from an investor’s perspective i hope that it would help the project move forward,

72

Redenomination doesn’t affect investors at all. Sorry, I don’t understand your point.

73

So the tokens i have now will not be affected by the redenomination?

74

Your value of the token is the same after the redenomination. Did you read the posts above?

Read this: PLM Token Redenomination - #10 by sota

75

Did you read mine? No one said anything about the “value” of the tokens. Why did you over mint the tokens to the extent that a 1000 to 1 redenomination has to happen?