[RFC] Make Euler Great Again

[knightsemplar]

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. I propose a 1:100 split.
• Ticker Change: In consultation with marketing experts and community feedback.

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.

Update: 18/1/24

Temperature check:

It’s clear that the token supply should be changed to 1billion. There have been a few opinions on the ticker change.

What should the token ticker be changed to?

• EUL (don’t change ticker)
• MEGA
• No change at all (including token supply)
• Other (please comment below)

[Seini]

I fully support this idea.
OIL could be a very good ticket in terms of marketing and memeability.
Concerning the circulating supply I even propose going up to 10b, to be debated here.
A new ticket and a higher circulating supply could bring back interest in Euler especially in view of the relaunch it would make very good marketing imo.

[Raslambek]

Fully support with the general idea of the proposal. DO believe that Euler needs a new ticker for the relaunch, I would advocate for $MEGA (means that Euler aims at building a MEGA ecosystem that goes beyond just a lending protocol).

As for the token split, not sure about that. Current 4$ make it very comfortable to buy. If it were 400 then I would agree, but 4$ doesnot seem a problem

[Seini]

After discussing this on Discord, I think there are two options that stand out:

1- A token split bringing the circulating supply to 1B with a new ticker.
2- The same without a new ticker.

With hindsight I think that MEGA is a ticker that will age better over time as Michael said on the discord.
We might not even change the ticker, but I think it is important to do a token split bringing the circulating supply to 1b.

[euler_mab]

As I said on discord, I’m not sure at all about OIL. Whilst it is somewhat funny today, because the of Euler name mispronunciation meme, I think the joke will grow old quickly and be lost on a lot of people. The change breaks the connection between the brand name and the token, which will definitely confuse some people too.

Oil also has political and/or environmental connotations that might not matter here today, where we know it’s just a joke, but might in 5 years time when Euler is a bigger project wanting to grow a broad church user base.

I’m also sceptical about its meme potential. With the exception of DOGE, perhaps, those meme coins don’t actually spread organically. Their creators spend millions using dark arts marketing to get them off the ground. Even if we wanted Euler to become more memeable (and I think that’s very debatable) I don’t think anyone knows how to go about making that happen in the community right now. And there’s nothing sadder than a failed meme coin.

I think GHO is a really clever name that helps marketing. If someone can come up with something like that it might be worth it, but OIL is a long way from that in my opinion. MEGA I’m also not sure about. It has served a purpose in the build up to relaunch, but in two years’ time when Euler IS great again, I’m not sure it will make sense. People who’ve never heard about the exploit in 2023 will wonder what it’s all about. And it will start to seem backwards looking.

I would definitely support changing the total supply to 1B in line with UNI, LDO, MORPHO, the new Maker token and other leading projects. It’s clearly becoming a standard and the current EUL total supply - which was chosen to match Euler’s number as a bit of a gimmick - just makes it harder to do comparisons or calculations in your head. When you’re submitting a governance proposal it’s pretty easy to see that 10M UNI is 1% of the total supply. With EUL it’s much harder to do calculations internally or make comparisons to other projects. If you have 13,432 EUL tokens, what % of the total governance power do you hold in Euler DAO? Is that more or less than someone with 56.23 UNI tokens has in terms of power in the Uniswap DAO? Get the calculator out.

With that said, I have some reservations about whether creating a new token just for the sake of changing the total supply is worth it. There might be other opportunities to consider if a new token is deployed that might make it more desirable. New partnerships, new distribution mechanisms, new cross-chain functionality, and so on. If the community wants a new token, it should be done properly and strategically with deliberate aims. We don’t want to be revisiting this topic in a year and think ‘oh, we should have done XYZ instead’. There needs to be a future-proof plan if something like this goes ahead.

[Seini]

@euler_mab

With that said, I have some reservations about whether creating a new token just for the sake of changing the total supply is worth it. There might be other opportunities to consider if a new token is deployed that might make it more desirable. New partnerships, new distribution mechanisms, new cross-chain functionality, and so on. If the community wants a new token, it should be done properly and strategically with deliberate aims. We don’t want to be revisiting this topic in a year and think ‘oh, we should have done XYZ instead’. There needs to be a future-proof plan if something like this goes ahead.

I think that on the contrary we should think about all that once the change of supply and ticker has been made. These are not details that matter in the development of the token’s functionalities in the future imo.

[river0x]

Voting “other” to let people to choose on snapshot. There is multilpe choice voting and we should take advantage of it. My ideal vote would be something like:

This will be the fairest way to decide I believe.

Thank you so much to Knightsemplar for putting together such a thoughtful proposal. Well done!

[Seini]

This is a general proposal to talk about major changes regarding the current token. There are several points that we will raise in this proposal, namely a split token as well as a new ticket, liquidity on DEXs and then a commission on the design of the token containing an AAVE-style safety module. These proposals will be voted on one by one and each will depend on how the previous vote went.

1 - TOKEN SUPPLY AND NEW TICKER

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. I propose a 1:100 split.
• Ticker Change: In consultation with community feedback.

After long discussions between members of the community, we came to choose 3 proposals that seem most appropriate to us :

1. Keep the current ticker but with 1 billion supply.
2. Change the ticker to MEGA with 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.

2 - LIQUIDITY

Many criticisms have been heard regarding the current liquidity of the token on DEXs, which can be understood from a certain point of view. It’s important to discuss this topic because DEXs are the current main access point for purchasing the token and therefore the power of governance and/or utility in future different Euler apps. Improving liquidity will reassure investors wishing to buy the token that there will be some liquidity to satisfy their orders as well as better price stability.

Motivation

• Improve liquidity and depth.
• Allow new investors to enter.

Specification
Depending on the outcome of the first vote, a relevant token liquidity to allow good entry and exit into EUL positions will be instituted immediately after the token split has begun. This liquidity would only be reasonable though (less than $1 million in total liquidity) and this issue may be revisited later in the protocol’s life.

Conclusion
I am not necessarily in favor of adding a lot of liquidity but I understand the expectation of investors wishing to buy the token without losing money due to lack of liquidity. This is why it is important to let the community choose what would be best about the thing. Too much liquidity would be detrimental to the project at the stage it is at, IMHO. this is why I propose reasonable liquidity to be able to satisfy a certain demand.

3 - TOKEN DESIGN

As you know, the current token is only used for governance voting. This is already very good but the crypto landscape has evolved since the creation of the project but the usefulness of the token for Euler has not changed since that. This is why I think it is important to address this subject while we are in times of change. The idea coming from River, it would be wise to submit a request for a commission around the design of the token from Euler labs. They will be in the best position to know what would be best for the different uses in the future of their project.

Motivation

• Add utility to the token.
• have an interest in keeping it outside of governance.
• Make it more attractive.
• Create a safety module like AAVE.

Specification

This vote being done last, it concerns the token which will have been decided to keep among all the proposals. From the moment the decision has been taken or not to create a commission, the Euler Labs team must provide a report as soon as possible (without being rushed) which will then be debated and then voted on whether yes or no it will be adopted.

Conclusion

The usefulness of a token has become the crux of the matter, which is why it is important to have to create more than what already exists to attract investors and give them an interest in keeping it. Few people are invested in the governance of a protocol, if the product suits them they will have no interest in buying and keeping a token except for speculation. Giving new uses to the token will shed light on the project in the eyes of the community.

[knightsemplar]

Let’s move ahead with this, taking it to EIP.

EIP-58 TOKEN SPLIT AND NEW TICKER

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

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.