Proposal to Delist Standard protocol dApp
This proposal seeks to delist Standard protocol from the dApp store on Shiden Network.
I will attached list proof in support of the reasons for my proposal:
1) The total TVL protocol is around 213K, and 78K for Shiden. The activity seems very weak and has only been experiencing a slowdown for more than 6 months now, regardless of the blockchain supported by the protocol.
2) Their social media activity is very limited, and recently it’s been very quiet. Latest posts.
-twitter → September 3
-discord → April 29
3) 32 eras are unclaimed from dappstaking contract. 486 Stakers for 1M SDN on the dapp at the moment.
I don’t feel that Standard has imposed itself for Shiden users as a reference, and in my opinion the current lack of involvement in the development of the project, will not tend to lead to a wide adoption of it by our community.
While I was confident when it was launched on Shiden, and the project was very promising, it is also as a user disappointed by this project that I open this proposal with respect for everyone’s work.
@hskang9 @billjhlee @derrenb0
Yes. It is a shame that I did not have time to maintain the dapp as I joined UST restitution group to track evidences and locations of Do and doing research to prevent them. I would say it is ok to delist the dapp for now as we are making version 2 from imperfections of design that we faced. Using resources to provide support to SEC and Korean prosecutors is draining for me to maintain the dapp for now, and I apologize that I was not being able to communicate effectively. Bull market leads to misallocations of capital and I fired employees who just chase for gains instead of technical contributions to the people, and it also was not a good time to communicate. Hopefully, I am now with a designer who made https://stargate.finance and a tech firm to build the new dapp.
Current design of the dapp has problem for forming a free market for decentralized economy. AMM is not an automated market maker, rather forced market maker. We proposed a design where people can get arbitrage by collateral liquidation on managing stablecoin’s CDP position. However, order spread in AMM are not set to be persistent, making toxic volume on maintaining the stablecoin price. In fact, is amm ever let people buy and sell assets freely with their wanted price? We were trying to replace uniswap style
x*y=k dex to stableswap, but this was what Terra was doing to manipulate their UST price. Also, this cannot make a stablecoin the decentralized money as it can only measure prices through the liqudiity in the stableswap. Due to this, we have made on on-chain orderbook smart contract on solidity called ‘New Order’, and we are on development process making one in substrate runtime New order by hskang9 · Pull Request #1160 · w3f/Grants-Program · GitHub.
Also, as I investigated through FTX and Terra, what crypto needs now more than ever is self-sovereignty and general awareness. Those who do not understand the system chase TVL when it can get fabricated through unreported tokens in the supply dashboard WEMIX token plunges 70% after it's delisted by Korean exchanges, chase Twitter when bots are aligned to make fake traction. Most of all, they do not understand what is the cost and benefit of having a decentralized economy but chase selfless leaders who says they will bring wealth and cure for all without “return”. Now we know what the return is through SBF and Do Kwon. I am now being an Ethereum magician finalizing self-sovereign finance standard with EIP-5252. Add EIP-5252: Account-bound Finance by hskang9 · Pull Request #5252 · ethereum/EIPs · GitHub
Standard 2.0 will focus on non-custodial finance that can empower individuals, and if we are judged with TVL and twitter activities that can be manipulated with bots, I will gladly leave this ecosystem and focus on protecting the digital human rights of web 3.0 while tracking down hypocrisies upon this industry with other restitution group who wants the real decentralization. I understand the perspective of a general person from the community last year to propose this, but it is disappointing to see the proposal like this without the awareness of what this industry is trying to achieve. It just feels like my work for this industry over 1 year is entirely ignored. Your response just makes me reevaluate the contribution to be done in this ecosystem as I see the mismatch in value.
Details of the Standard 2.0 is now written in Korean as my mother tongue. Translation is expected to be done next week. Whitepaper/whitepaper_ko-kr.md at main · standardweb3/Whitepaper · GitHub
In conclusion, I would say that it is right to delist Standard for now. In 2023 Q1, we will upgrade STND token in order to be bridged as Celer native token and STND holders will be able to migrate their tokens to other networks as they like. We may reapply as our new version of implementation, and the choice is up to the community to list again.
This proposal makes sense, Standard has no activity, keeping it in dapp staking doesn’t make sense.
Shiden has a HRMP channel to Kusama since 8 months and there is no pool for KSM/SDN which should be considered as a bare minimum for a usable DEX nowadays.
Great, then Kaco finance should be delisted as well as they do not have pool for KSM/SDN. In fact, I don’t think there was no information of KSM existing in evm as erc20. Where do I find it?
KSM is available as XC20 on Shiden EVM. This is the same with Astar and Moonbeam. And I do agree, Kaco finance should be considered for delisting shortly.
I meant ERC20 as the interface of interacting with solidity contract, not the term itself, and it uses ethereum H160 address to list in the DEX. If you fail to describe technical details of your implementation, Any DEX project cannot locate the token in Shiden state and add pool into UniswapV2Pair contract. Even CEXes require the contract address to list it in their platform, and this is just very poor answer.
You can find the XCM asset list here: XCM Asset List | Astar Docs
KSM smart contract can be found here:
Thank you @Maarten, that is helpful.
@hoonkim How is the progress of delisting Kaco finance?
Delisting a project for not supporting latest updated assets in Shiden but then not delisting Kaco is incosistent af. I am not getting away with this and start boycotting this project.
I you think Kaco Finance should be delisted as well, please could you create a proprosal with all arguments and a vote will be done.
You can also provide all information to one of ambassadors and this one will investigate and create the proposal.