[SIPS-001] - A Proposal for Sommelier to deploy the SOMM ERC20 using the Gravity Bridge

Governance
#1

Status: Proposed
Author(s): Hooded_Towels
Type: Text
Discussions-to: [SIPS-001] - A Proposal for Validators Deploy the SOMM ERC20
Created: 10/29/2021

Simple Summary

Direct the Sommelier Network to deploy the Sommelier ERC20 token on the Ethereum Blockchain using the powerful Sommelier Gravity Bridge and the ERC-20 Somm token Solidity contract.

Sommelier Foundation. If you are interested in the community taking this proposal and conversation to an on-chain vote, please send a signal with 10 SOMM tokens at this Sommelier Address: somm122mg296uvu7yd7v8tzfq3v8ruhrah4vkhfg0gz. We will use this to deposit the 10SOMM required to start the voting period.

Abstract

This proposal requests that the Sommelier network leverage the power of the Sommelier Gravity Bridge to deploy the SOMM ERC-20 Contract on the Ethereum Blockchain so that the SOMM ERC-20 token exists for all the SOMM tokens on the Sommelier chain.

Motivation

The motivation of this proposal is to create a Sommelier ERC-20 token that will be capable of distribution on Ethereum wallet and Ethereum pools such as Uniswap, Curve, Sushiswap, and on other EVM compliant chains and bridges such as Fantom.

Specification Overview

The Specification for the Sommelier contract can be found online at GitHub - PeggyJV/somm-token: Sommelier ERC-20 token Contract

Sommelier Foundation. If you are interested in the community taking this proposal and conversation to an on-chain vote, please send a signal with 10 SOMM tokens at this Sommelier Address: somm122mg296uvu7yd7v8tzfq3v8ruhrah4vkhfg0gz. We will use this to deposit the 10SOMM required to start the voting period.

Technical Specification

The technical specification for this proposal is outlined in the Solidity Contract located at GitHub - PeggyJV/somm-token: Sommelier ERC-20 token Contract

Rationale

Now that Sommelier protocol is an active and working mainnet, it’s time to activate usage of the Sommelier Gravity Bridge with the creation of the SOMM ERC20 token on the Ethereum Blockchain. This will make it easier to begin exchange of the Sommelier token on the Ethereum blockchain and available AMMs.

4 Likes
#2

How to get 10 somm for vote?

1 Like
#3

Not sure ourselves. We are just trying to help move things forward with a process. Based on what the community has already shared, we have some other ideas. We will post them up.

1 Like
#4

I’m supportive of deploying an ERC-20 token via the bridge via the gravity bridge. What needs to happen is that someone need to call the DeployERC20 function on the gravity bridge to create the SOMM token instead of the using the PeggyJV Somm token contract.

Recommend that token holders vote against SIPS-001.

4 Likes
#5

great idea! How can one vote on chain? :slight_smile:

#6

I support this proposal

#7

Sounds amazing.
I’m supporting it.
Cheers :wine_glass:

1 Like
#8

I think you might need to support SIPS-003 SIPS-003 A Proposal for a Sommelier Token Airdrop of SOMM to Select Liquidity Providers

#9

We were not aware of the DeployERC20 function so that is a better approach and we agree. This proposal should fail and another should be proposed to use the peggy function. Thank you @Zaki.

#10

This looks like a decent proposal !

#11

good ,very good jkkholiugliugp[

#12

I would also like to know this.

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