REN token migration to renVM i/o ethereum

As suggested in the thread here thought I create a seperate post about this:

The reason I like this idea is that it would set a precedent for other projects and show that it is possible to launch assets directly on renVM. This would establish renVM in a better position as a base layer for interop and give any project the possibility to have their tokens in its native form on any chain linked to renVM (i/o renXYZ).

Another benefit is that node operators will not need to interact with other chains to operate their nodes.

One huge benefit imo is that if projects launch on renVM then we no longer have the custody model for tokens as any tokens moved to another chain will simply be burned on “renVM chain” (host chain) and simply be minted again when they are moved back. should have a good impact on issues surrounding TVL.

The benefits of being independent from other chains should by far outweigh the current model, the only thing would be if it’s really worth the migration process. I suspect it should be combined with other benefits to really be worth it.

What does everyone think? Can you see any immediate downsides to this?

It’s been discussed whether we can migrate REN to RenVM before but this is not something that is clear at the moment, we don’t for certain know how complex it would be and what the computational costs for the darknodes would be, and whether it is worth it.

Whether we’d support other projects to launch tokens directly on RenVM is also a very speculative discussion, the possibilities and the costs are not clear at this stage. But when they are we’ll definitely have more open discussions about that.

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I think it’d be a clever way to show the power of RenVM. RenBTC is a given, but renREN could further reinforce the crosschain narrative. All of us would have an even stronger reason to become crosschain proponents and crosschain governance participants

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I like this line of thinking a lot @Sabobi @DeFiFrog @MaxRoszko, it would make sense for REN token to be the first and most interop token as early as we can, it’s a big opportunity to be the primary unchained liquidity pair and all other opportunities that come with that.

We could make REN special by calling it REN on all chains, instead of renREN :sweat_smile:

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