Proposal - Have ETH pool for every EVM-compatible chain

This is a proposal proposal. As I do not have enough voting power on Tally, this is a proposal to make a proposal on Tally.

Make it a constant mandate that if an EVM-compatable chain is listed/supported on Debank.com, then a Hop liquidity pool will be created for the chain’s official-bridge-token ETH, or barring that, whatever version of bridged ETH has the most locked ETH in contract. If the bridged-version of ETH that Hop should support should change, then that pool should close and migrate to a new pool.

Example, Avalanche has an “official” bridge and an official bridged version of WETH. So a pool would have to be created for Avalanche WETH. In Avalanche’s case, there was originally AEB-Bridged WETH, that eventually changed to AB-Bridged WETH (AB Bridge Token Migration. Last week, the Avalanche team announced… | by Pangolin Exchange | Medium). So if Hop had originally created an AEB pool, they would have to close it, migrate tokens (or sell, whichever had the best ROI), and then open an AB pool.

Example, Evmos does not have an “official” bridge, I don’t think. But I am fairly sure that Nomad’s bridge of ETH is the most common, has the most locked ETH in contract. It is usually just called WETH, but sometimes it is called MadWETH. That would, thus, be the pool for Hop. However, if Celer were to beat Nomad in locked ETH, then it would have to be Celer ETH. Nomad-ETH would have to close/convert to Celer-ETH. If Evmos then had an “official” bridge, even if Nomad or Celer had more locked tokens, then that pool would have to close and the Official-ETH would be created.

Note, there would have to be time-weighted averages in the case of non-official bridges, so that weird moments where a ton of liquidity gets bridged couldn’t be used to exploit Hop having to change between bridged tokens. I suggest something like a time-weighted average period of 1 week.

Ether makes the most sense here as the token for all EVM-compatible chains. All EVM-compatible chains will have Ether. Some will have different stablecoins as the dominant stablecoin. But all will have Ether. A similar proposal for stablecoins can also be offered, and maybe use USDC will be the single stablecoin, but I am excluding it from this proposal proposal.

Thank you.

2 Likes