Let’s talk about beneficial cycles, positive feedback, tokenomics, and embracing web3 as things the DAO probably wants to do before we try to bootstrap some kind of retail Phonon presence.
This is a simple idea. But simple things can be very powerful. An image speaks a thousand words, so, to summarize:
What we have above is a brainstorm of an idea. Here are the 5 Ws of it:
What: Create a decentralized cross-chain swap network that is beneficial for the PHONON token (via Proof of Stake based on PHONON) and any opt-in Lattice1 users who want to earn passive income on their Lattice1 ownership.
Why: Because with this we can approach the UniSwaps of the world and offer them exclusivity on the first and only truly decentralized cross-chain network in existence. This instantly adds liquidity to their network and, potentially, multiplies their liquidity and project visibility by orders of magnitude. In turn, this vastly increases Phonon’s footprint and grows our treasury, leading to the ability to do the other things we want to do with Phonon (more on that if needed).
When: My view: we should pursue this now. We should embrace web3 before we try to leapfrog into retail/trad-fi, or try to bootstrap our own thing from thin air and compete with e.g. Apple Pay.
Where: Planet earth. Ok this one is pretty simple.
Who: Phonon DAO in partnership with GridPlus, white hats and other technical experts, extending to a possible exclusive partnership with a big DEX.
How: We need to dig into the details of how this could work. It would need to be Turing-complete – basically unhackable. We would want to enlist white hats to tell us where it works and where it doesn’t. How to implement it. What the attack surfaces are and how to eliminate them. This would take a coordinated effort from a DAO working group (or multiple groups).
I firmly believe that if we developed and offered the above solution it would be the most significant achievement for Phonon to date, and possibly forever.
Thanks for reading…