Objective of discussion
I want to kick this discussion off to see if there’s interest in the pooltogether community to:
1). Do an effective token swap of POOL for FLX
2). Add RAI as a governance pool
I won’t talk about any details of pricing/details in this thread. This is just a tentative feeler to see if the interest is there. I did chat with the reflexer guys, Stefan and Guillaume, in their public discord and both seemed open and interested to exploring a possible tokenswap that could also excel their current integration.
Who are Reflexer
Reflexer is an iteration of Maker’s protocol (RAI = DAI, FLX = MKR) that will minimise the governance FLX holders have over the protocol (compared to Maker) and only has a single decentralised asset in ETH as a collateral asset in the system. In this way, it mimics more of what SAI was in the Maker protocol before DAI was released and SAI disbanded. It acts differently to DAI in that it does not have a peg to the dollar; rather it’s price is designed to fluctuate in a narrow range in the short term. I will admit that I have not read up enough on the theory behind how the value could change over long periods of time, but nonetheless it is a new, innovative and possibly a very needed component of the ecosystem if stablecoin regulation becomes arduous in the future.
Method of the Tokenswap
It has already been demonstrated via the badger PTIP that another protocol’s treasury asset can be swapped into pooltogether’s treasury via the use of the 5% reserve rate that was applied. That PTIP was a good proof of concept of this ability. I propose that we could take FLX into our treasury over a long period of time using this method, either 100% or other as desired, in exchange for sending POOL to the Reflexer’s treasury and making the RAI pool a governance pool in pooltogether.
This also acts as a treasury diversification whereby pooltogether will share in Reflexer’s success or failure and vice versa.