I think that wrapping the current $CLNY token and making it the Polygon’s currency token is a good decision, especially in this time when the economy of $CLNY on Harmony is not doing good. It will give it some life for sure.
That’s the short term reason, but I also think that it is natural for the long term to have Harmony, Polygon and any other future planet share the same currency and to have all of them influencing the demand and price action. That’s how we connect all the colonies and create a Metaverse where I can easily travel across the planets and have my currency accepted everywhere without a need to go to the exchange for each planet I visit.
Each planet should be the economy for itself, but that shouldn’t be confused with the need for a new currency. We can all use one $CLNY but the price of the milk, for example, can be 5 $CLNY on Hamony and 10 $CLNY on Polygon. This way we can still have independent economies but have the one and unique token accepted in every colony.
To make another point how you don’t need dedicated currency to have your own economy:
Take an example of set’s say USA and Argentina. They both have their native currency, but you as, let’s say USA citizen can come to Argentina, exchange your currency and buy what you want. So why would we need two currencies, when you are having the same value of the money just in other currency? It’s completely unnecessary.
Of course, I would let the colonies and it’s DAOs decide if later they would like to detach from the initial alliance with other colonies and stop recognizing the original $CLNY token as a valuable source of money and let them create it’s own.
Does anyone have a comment on this? I think having one and only one universally accepted currency across the colonies is the only and good way of doing things. I as said, I would let other colonies leave the system if they want, it’s up to them.
@andi it’s brilliant! Let’s dig deeper into this idea.
Basically, we try to execute your vision. Technically we don’t need CLNY to be named differently on different chains. We were thinking to keep the CLNY everywhere. Don’t you think that such naming will confuse other users?
I would love to discuss this idea more, one currency for all planets are cool idea if the planets still have separated economies and can influence the growth of its own economy.
@andi what do you think if the multiplanet currency will be not CLNY but CLNY backed stable coin?
Short answer in my opinion is “No”. The reason being is that if the DEX is stood up
within the game, it should contain the correct contract by default for the relative chain your on. Posting the correct contract number in official mediums is the only way to ensure people don’t “buy” the wrong clny on different chains. The bridging of CLNY should go to the correct contract.
I had no idea such thing is possible. If so, sounds much better. But I am not an expert on that topic, @TdxTri wrote how having the same name on every chain: $CLNY could confuse people. I see how this can be the case if you go to buy $CLNY on let’s say Binance. Maybe it can have a logo of the chain in the bottom right, but I guess that’s not the solution?
It is definitely much more cleaner to have only $CLNY, and not pCLNY, bCLNY, and so on… How could we address the potential issue of users picking the wrong one?
One solution could be to enable the buying of $CLNY only on DEXes. That way you know on which chain you are and which coin you are buying. I don’t know if this is the ultimate solution… Probably not.
What are others thinking?
Yeah, I think it’s necessary to have separate economies for planets, it’s more fair. And at the same time we should definitely have the currency that would bond all the colonies.
It actually makes sense. Are we able to back a stable coin, if not when can that be expected?
The positive thing is that it should always hold the value. The minus side is that the multiverse won’t be able to show it’s full power through the mutual currency. Each planet would be able to do it, but not the whole multiverse if we go stable. Again, it would be nice to discuss what are other opinions in the community. We should schedule the calls every now and then to discuss the further future and ideas from the core team and the community. Such calls should last more than one hour