I like the idea. I think xdai is a great chain but they missed marketing when it was time. Rebranding it to Gnosis Chain and introducing it to all gnosis users will be amazing for the projects on this chain.
Sounds interesting but also risky to invest in revamping a sidechain when Validium solutions are approaching, which are supposedly more secure at similar costs versus general sidechains.
Are there any specific value propositions or product-market fits targeted with Gnosis Chain?
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Why buy a sidechain at the end of 2021 ???
Don’t you think that rollups will completely dominate the market in 2022?
i voted NO because i think Xdai Stake should be it’s own thing and this sounds like xdai faithfuls are being robbed
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this is not a merge, is in an adquisition, there’s no way xdai community will accept the stake swap as it is considered very undervalued. A token swap would just eliminate the potential profits of a more realistic valuation for the xdai network.
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So far we can see a lot of positive feedback from the Gnosis community. Also, DAPP on xDAI have so far reacted postive. Negative feeback comes from some Stake holders. Here the main concern is not the merge generally but the concrete ratio of GNO/Stake.
Here it is very important to have a few information about GNO.
Generally we agree that Stake (xDAI) has been undervalued so far! Though the same is true for GNO. We believe my merging the 2 projects (and tokens) we will together reach the critical mass to build a chain that is widely recognised as a good place for DAPPs.
A few useful to know facts about GNO:
GNO controls GnosisDAO - GnosisDAO controls assets of >150k ETH.
So the 1.5m GNO control 150k ETH - so the value from those assets alone would put 1 GNO at 0.1ETH. This was roughly the price of GNO in ETH during the TWAP period.
Now - Gnosis has built many many applications with Gnosis Safe and Cowswap currently the 2 most prominent ones, followed by https://gnosis-auction.eth.link/ and Zodiac. For the Safe and Cowswap, there are proposals on the table to spin out from Gnosis and issue their own tokens. So GNO token holders can expect to both get SAFE and COW tokens.
Here are 2 dashboards showing the success of Safe and Cowswap.
Some have argued with the total supply of GNO. Here it is very important to note that >90% of the non-circulating supply (8m GNO) are controlled by GnosisDAO and thus GNO holders. So basically this GNO will only be used if current GNO holders approve it. Thus any dilution that is against the interest of GNO holders is unlikely to happen. But powerful proposals that put the GNO to good use like potentially this proposal are possible.
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Regarding the valuation of the two projects what should be stressed on the Gnosis side is also the following
- The circulating supply of GNO is 1.5m. Of the remaining 8.5m, 8m belong to GnosisDAO and 500k are vested to Gnosis Ltd over the next five years. Depending on how conservatively you look at this, the circulating supply is thus either 1.5m or 2m – the 8m controlled by the DAO (i.e. the GNO token holders) have to be discounted. This reduces the total diluted market cap put forward by some of the critics by a factor of 5.
- Gnosis DAO controls assets in excess of 150k ETH (mostly in ETH, some other liquid tokens). GNO consequently trades just above book value.
I would also agree that STAKE is currently undervalued! In my books the same goes for GNO, so the proposal seems fair to me.
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Oops, Martin was faster 
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xDAI holders are getting ROBBED BLIND by this proposal. VOTE NO if you hold STAKE, or get robbed of a 100x. Gnosis devs are cashing out at the expense of loyal stake holders. SHAME
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When reading this, my mind immediately went to BrightID as a way to add legitimacy to group Circles that want to become validators.
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I agree. This is straight up theft. Why on earth did we hold stake for all this time just to get stabbed in the back like this??
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Agree with the proposal. xDai basicly have no voice in this year, and it should not. Gno have a great community and eco-systerm(dao + cowswap + launchpad), I think this merge could combine the commity and user from GNO and the solid tech infra from xDai to make eco-systerm better. I vote yes, and I think you should if you want both GNO and xDai have a better future.
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The xdai chain is very good.
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I voted no. xDai and $STAKE have so much potential. EIP-1559 will solve stake’s price and popularity problem. Leave it alone please.
7 Likes
I think it’s an awesome idea. xDai is one of the most under appreciated side chain that deserves more ans more attention and use cases. I have used most of the side chains and L2s I can say xDai has the best community and infrastructure.
Being a part of Gnosis will give xDai a huge rebranding and trust in the industry.
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100%!
Integrating Circles and BrightID more closely is long overdue. If this proposal will be accepted Gnosis will put a significant focus on Circles and those integrations should be on the top of the list! Generally, we envision this to become a chain of digital identities. Circles can offer a compelling reason to get an identity but brightID is the more general version of it so that all Dapps that want to use identities connected to a Web of Trust can benefit from it!
2 Likes
I my opinion there is a big lack of transparency between the xDai dev team and the community. They promised us eip1559, rebranding, SBC and much more in the last weeks and months. And suddenly this proposal comes out of nowhere, just a few days before the first big update is going to happen, without any statement from the team, but a cryptic statement of igor on twitter.
The community wants and deserves a explanation of the plans and past decicions.
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What happend to the rebranding plans? Did Raidguild make a Branding Campaign? And if yes, will it ever going to happen? Or what happend to the plan?
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What are the plans with SBC? If the merge will happen, and $STAKE doesn’t exist anymore, how do you plan to run a node? With GNO? How much? Also 32 GNO? This would be against the acutal plan to make it possible for many people to run a node….
I think many oft he negative comments here are because of that communication problem and many people could change their opinion about the merge if the team will make a detailed statement about past and future plans.
6 Likes
Under the new proposal, it would be 1 GNO. It is definitely a big goal to enable as many as possible to become a validator and specifically incentivize smaller individuals that run their own physical hardware.
On this note: both - the collaboration with Dappnode and the idea to start its own beacon chain have been things that were initiated by Gnosis.
thx for the info. Where can i find this chart?