eIP-58 Token Split and New Ticker

[eIP] Euler Improvement Proposals Formal submission
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Simple Summary

This proposal outlines a strategic change for Euler, including a token split and the introduction of a new ticker. The aim is to rejuvenate the brand, enhance its appeal to a broader demographic, and position it more favorably in the competitive DeFi market.

Abstract

Euler faces a perception challenge in the current DeFi landscape, often seen as a legacy player in a rapidly evolving market. To address this, I propose a subtle change. This includes a token split resulting in a more accessible price point per token. And will involve a new ticker for our tokens, aligning with modern market trends and meme culture, which significantly influences investor behavior in the crypto space. We live in an attention economy and grabbing that attention is the only path to success. With the imminent relaunch of the platform, this is a great opportunity for change.

Motivation
The motivation behind this proposal is multi-faceted:

  • Market Perception: Shifting the brand image from a traditional DeFi player to a more dynamic, modern, modular entity.
  • Investor Appeal: Making the token more attractive to retail investors through a token split, lowering the individual token price.
  • Brand Visibility: Leveraging the change to create a buzz in the market, placing Euler prominently on market cap lists and in investor discussions.
  • Community Engagement: Revitalising community interest and involvement through new initiatives with the rebranded tokens.

Specification

  • Token Split: Implement a token split with a ratio that makes the new token more accessible to a wider range of investors. The new total supply will be 1 billion tokens. This will be completed in under 4 months from this vote’s passing.
  • Ticker Change: In consultation with community feedback.

After long discussions with members of the community, we came to choose 3 options that seemed most appropriate to us:

  1. Keep the current ticker but with a 1 billion supply.
  2. Change the ticker to MEGA with a 1 billion supply.
  3. Do not make any changes.

Conclusion
The proposed ticker change and token split for Euler represents a strategic move to reposition the brand in the DeFi market. By aligning with current market trends and investor preferences, Euler can enhance its appeal, increase its market presence, and foster a more engaged and diverse community. This initiative will open new avenues for growth and success and I strongly urge the DAO members to support this transformative step.

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If this proposal passes, who would carry out the work required to implement these changes?

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sounds like an unfunny joke.
What kind of challenges does Euler face if before the hack TVL was constantly growing, and after the hack we didn’t see the product?

I guess Eiler’s partnership conclusion looks something like this now, huh? Partner asks:
“where’s your product?”
“we haven’t relaunched it yet.”
“It’s basically irrelevant. Your token has a weird name and too small a sapplay, we’re not going to make a partnership.”
Curtain.

The best thing you can do for a token is to launch a product that makes a profit, and give most of the profits to longterm tokenholders (verification of longterm can be done either by lock/stacking or retrospectively). That’s the minimum to start with.