Submit a token whitelisting proposal

RenVM can support most tokens for bridging to other chains, but a given token is not enabled by default as it takes some amount of time to review a token contract for safety, as well as adding it to the RenVM node software, and deploying relevant contracts on each host chain for each new token getting added. Because of this, there is a whitelisting process in place, governed by the Ren community, which sets the order for which assets are the most prioritized for being integrated into RenVM next.

How to submit a token for whitelisting consideration

Please follow the below steps to submit a token for whitelisting consideration:

  1. Fill in this form: https://renprotocol.typeform.com/to/Y2vKNVk4

A submission will automatically be posted on the Ren forum (with some spam filtering in place). Submissions could also directly be done on the forum - the TypeForm is for the convenience of the person submitting the proposal, and for making sure necessary information about the token is included in the proposal. Proposals with missing information about the token will be put on hold until the proposer adds the missing information, or someone else makes a new submission with all the needed information.

  1. A token that passes the base restrictions will be added to the proposal pool, which is the set of tokens that currently are under consideration to be integrated with RenVM.

Restrictions

  • Rebase tokens are not supported by RenVM currently (rebase tokens that are wrapped in a stable ERC-20 format are supported though).
  • Non-standard tokens deviating from the regular safe ERC-20 format, for instance using built-in transfer burn functions, might not be supported.
  • Tokens or digital assets that could be considered securities.
  1. Wait for the next voting round to take place, and lobby the Ren community.

Voting rounds will take place roughly once per month initially (but is subject to change). They are conducted using a Snapshot vote, where the top X number of tokens that win the vote get reviewed for safety on the contract level and then added to RenVM as soon as possible.


What happens to tokens that don’t win in votes

Tokens that partake in the voting rounds, and don’t receive more than 0.5% of the total voting for 3 separate voting rounds, will be removed from the proposal pool. They can be resubmitted again to the proposal pool, but only by a known Ren community member that can vouch for the proposal.

If the proposal pool gets unwieldy large, such that for instance Snapshot cannot handle so many options in a single vote, inclusion in the vote will be roughly prioritized based on the marketcap ranking and the perceived demand of the Ren community.

Delisting criteria

There are no delisting criteria regarding if a token should stop being supported by RenVM, at this moment.

Listing fees

There are no mandatory listing fees, but projects are free to commit liquidity mining incentives or payments to the Community Ecosystem Fund, to increase the chances that the community will vote for that token.

4 Likes

Thanks Max, looks great! To the community, I would suggest it may be beneficial to let the dust settle with the initial release and observe how the opening batch perform, as we may come to the realisation that certain types of tokens bring more fees to the node operators (or growth to the project in general). We need to play the long game, so that even means thinking about where dev power is being allocated – the more the core team needs to allocate towards reviewing tokens and deploying contracts, the more features that provide value in the long-term get deprioritised. In saying that, I’m fully supportive of adding any major tokens that will bring obvious value to the project!

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