Hello Cronodes Members!
PLEASE READ EVERY WORD
Simple table of contents for the users that will skim this:
Para. 0: Intro
Para. 1: Explanation of the Elephant in the Room
Para. 2: Reality of the Situation
Para. 3: Community Sentiment of the situation
Para. 4: Vote Options
Para. 5: The Reality of This Announcement
0) There has been an obvious Elephant in the room. The team realized this and saw that there was going to be an issue arising soon, which is where we are at at this point.
1) Clearly, all of you have surely seen the token supply issue when trying to claim rewards. This is because there are so many users that hold CRN consistently, and, the amount of CRN going out far exceeds the amount coming in from node creation. On top of that, we DO NOT bring in enough in fees to buy nearly enough CRN to keep the wallet full at all times, and yet some users even insist that we should lower CRO fees. With all of this going on, we have been coming together as a team to try and come up with solutions to this issue AND the ones that will come from the fixes of the current issue. We all must understand that one thing done now to help can snowball into another problem down the road. We all must also pull together in the down times to all triumph together in the good times.
2) Regardless of what the team thinks is the best decision for LONGEVITY & SUSTAINABILITY, we KNOW there will be people that will be upset no matter what is done. If we dont do anything, you will be mad, if we do something, you are mad at what is done. There is no pleasing some people here, so, we are putting this to a vote in the community. We won’t be called “dictators” for making decisions for the project that we believe will be the best for everyone invested. At the end of the day, that is all we ever cared for and will continue to care for is our community. There has been people here since day 1 with negative intentions and we know that, we attempt to look past that when making decisions knowing that the real community generally agrees with what has been done with the project, at least I hope so considering everything we have done has come straight from #suggestions…
3) So now that everyone is painfully aware of the circulation supply issue, saying things like: jbeez — 7/19 at 6:12 PM “do we expect rewards wallet will be reloaded up again today, or not again till tomorrow?” IamJesuis — 7/19 at 10:20 PM “Why is it filled with so few” jbreezie — 7/19 at 10:16 PM “was there another fill?” jbreezie — 7/19 at 10:18 PM “tried. no good. we lose gas fees upon failed transactions? this is getting ridiculous” AND SO SO SO MUCH MORE…. What can we do about it? Our idea is to put this to a 5 day vote from the community. We have came up with a few situations that people will either like or not, but the choice is completely up to the users. In fact, this announcement alone could cause a mass sell off of CRN. I would hope that our users would continue to bear trust in the team, but, the greed index is high.
4) So, with all this being said, what are our options? We have a few options that we came up with that need to be evaluated heavily and really thought of. We encourage all users to SERIOUSLY consider all ramifications of each option and vote accordingly.
Option 1: Do absolutely nothing to anything with the current project. No token migration, no messing with fees or rewards structures. CONS: At this current rate of Node increase and CRN going out, we will not be able to sustain for more than 2 months from now. We make NOWHERE near enough in fees to sustain price, as well as buy back CRN to fill rewards wallet when users need to claim. $10,000 in CRN goes out the door in around 10 minutes, do the math and you see that only gives us a few days worth of buying and filling. (Which is why we have the issues we have currently) PROS: You continue to earn some CRN until the project pretty much dies. To me, that is not a PRO at all, but some of you will look at it like that…
Option 2: Do a token migration, but do nothing else. CONS: Again, at the current rate of Node increase and CRN going out, we would still be unable to sustain over the next 4 months. This essentially only kicks the can down the road a little longer than Option 1, but ultimately leads to the same outcome. After the increase in token supply, token price will drastically drop after people continue to claim and fee buy pressure goes away quickly. PROS: You will be able to claim when you please since the circulation supply will be increased.
Option 3: Token Migrations, and including a lifetime to nodes so they are no longer infinite producers of income, longer ROI on new nodes. This option will get peoples panties in a bunch for sure, but, the team has done thinking and see this as a viable option to get the project on the right track. Every node project that has grown like us will eventually run into the same issues we have and will have to make these decisions. CONS: No longer “infinite or lifeless rewards” meaning the node you purchase will die after a certain period of time naturally. PROS: The life of the node would guarantee you a 100% return on your initial investment. For instance, you buy a node at 110 CRN, the max that the node can earn is 220 CRN. This ensures your initial is recouped and also ensures that “infinite” rewards does kill the project in the future.
5) This announcement will either go one of two ways. Either accepted and embraced, or not at all. The users of this project will decide that and either kill the project or give it life. This annoucement needed to be made no matter what, because our users need this information and to be in the know. If we do not do anything for the project we dont see things getting brighter in the near future due to the amount of CRN going out. No matter what we do to better the project, its looked at negatively. If we increase fees, is not good. If we decrease rewards, thats not good. If we dont tell you all about the elephant in the room, even though we have discussed many times in general chat, then that is also not good. We need our users to make this decision because it is too much pressure on the shoulders of this project to make such changes without users knowledge, nor input. We TRUST this community to make the right decisions for CroNodes, and hope to see that relayed in the voting. Some users may just dump tokens immediately, some may just leave, some may not pay fees and take as much as they can, all leading to more problems down the road. Like we said, we trust this community to stick together and to come out with the right decisions for all.
Wrapping up, please vote accoringly to 1, 2, or 3 via the reactions in the discord announcement below: https://discord.com/channels/917960660283961364/917960660283961368/999205542348214283
