Here is a Proposal: ERC20 conversions into ADA.
- Build capabilities to convert ERC20 tokens directly into ADA
- Fund the conversions through treasury funds (we vote on projects that we want to bring in)
- Place that ADA in a smart contract to facilitate the governance of the token on Cardano
Why should we do this?
a. Captures the value of the ERC20 token and brings it directly into ADA (tx. fees, utility, etc.)
b. disperses $ADA ownership among a larger base–>increases instant adoption
c. finite ADA supply means the growth in utility by the former ERC token benefits everyone in Cardano
d. we get instant products+users without having to fund building (replicating) them, which carries risks
e. the builders of the ERC 20 token will give up their ability to print their token, which means value of the token can’t be inflated away.
This is essentially Blockchain M&A