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?