RELP 5 - Continuing to Bridge $REL to Lower Gas Fee Networks

Relation Proposals Achieved Proposals
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Title: [RELP 5 - Continuing to Bridge $REL to Lower Gas Fee Networks]

Authors: [Kurt]

Date Created: [2024-04-01]

Abstract

This proposal outlines the strategy to extend $REL to further EVM-compatible chains featuring lower gas fees. In response to the community’s desire for lower gas costs for operating $REL tokens, this plan suggests bridging a portion of the $REL token supply to numerous efficient, cost-effective networks. This initiative seeks to alleviate cost concerns, enhance user experience, and increase the liquidity of $REL.

Motivation

Following the approval and successful bridging of $REL to Polygon, along with the significant reduction in gas fees on Ethereum’s Layer-2s due to the Dencun Upgrade, numerous community members have expressed a desire for even lower costs associated with $REL token trading, staking, and others. By expanding $REL tokens to other efficient, low-cost networks, we can alleviate cost concerns, boost the user experience, and increase $REL’s liquidity.

Rationale

This proposal aligns with RELP 3 - Bridging $REL To Alternative Chains, and embodies the vision of the Relation Community to enable cost-effective and smooth transactions with a broader reach of $REL. A better integration with more affordable networks underscores our dedication to the user experience and sustainable growth.

Steps to Implement

  1. Identify compatible EVM-compatible chains (e.g. X1 Network, OpBNB, Base, Arbitrum, among others).
  2. Develop, test and deploy the multiple bridges.
  3. Establish liquidity pools on the additional chains.
  4. Communicate and educate the community on the new feature

Timeline

Identify Compatible Chains: To Be Confirmed

Develop & Test Bridges: Week 1-2 post chain identification

Deploy Bridges: Week 3-4 post chain identification

Launch Liquidity Pools & Initiate Marketing: Post-deployment

Budget and Distribution

This proposal calls for an allocation of $REL token supply (TBC) for expansion initiatives. This $REL quota will share the same Token Economics with the original plan proportionally.

The successful execution of this budget will broaden $REL’s market presence while ensuring fiscal prudence.

4 Likes
2

I will propose further information on the chain identification with $REL token supply here on a personal note.

3 Likes
3

GM Relation. A very good idea, cause reduced fees looks attractive.
I suggest we can get to bridge with BNB chain

2 Likes
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Additional Information 1

I propose the distribution for this new bridge to allocate 20 million $REL tokens, accounting for 2% of the total supply.

This allocation would come from the DAO reserve, and Marketing and Operation funds, with 15 million (75%) from the DAO reserve and 5 million (25%) from Marketing and Operation.

This aligns proportionally with our token economics where the DAO reserve and Marketing and Operation make up 30% and 10% respectively.

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Additional Information 2

Regarding the suggested chains, I’d like to mention X-Layer (formerly known as X1 Network) as a potential candidate, despite the popularity that Base and other networks might have gained recently due to various Meme projects.

Here are some points:

  1. X-Layer just announced its public mainnet launch today, demonstrating substantial potential as a ZK-powered Layer 2 network.
  2. It’s worth noting that a significant number of our community members would have participated in the X1 testnet back in January of this year. This prior engagement indicates a level of familiarity and likely comfort with X-Layer, and could potentially bring some benefits thanks to this interaction.
  3. Lastly, the connection of X-Layer with OKX could positively impact our future listing plans for $REL on additional exchanges. This offers a strong rationale to consider their integration for our expansion.
5 Likes
5

Hello Sir, good choice to seek to extend towards cheaper fees. We have relation on polygon.
Not bad if we have it on Binance Smart Chain.
Sir I hope the allocation of 2% for this will not disturb rel token prices?

3 Likes
6

I love this idea. Lower fees for gas will give users joy to use relation and it products

3 Likes
7

Goodnews, Rel about to be deployed on X later. Cheers