Abstract
This proposal is made to create a time-limited cross-chain solution to solve the problem of YFX Token fragmentation on other public chains and lower the team’s maintenance expenditures as a result of the transfer of the YFX core version to Arbitrum.
Motivation
Since YFX’s initial launch on Tron Chain on January 1, 2021, the YFX V1 version has been deployed on four public chains, namely Tron, BNB, Heco, and xDai. Platform tokens have been issued on Tron, BNB, Heco, and ETH. However, due to various factors such as activity and maintenance costs, Tron Chain, BNB Chain, and Heco Chain are no longer suitable for deploying perpetual contracts. The team has deployed the YFX V3 version on Arbitrum, which serves as the core version for future iterations.
Therefore, the mining, staking, governance, and other operations of the next V4 version would be adversely affected by the YFX Tokens dispersed over many chains. Before the V4 version launches, it is suggested that YFX tokens be progressively moved to Arbitrum in order to provide stability and sustainable growth in the YFX token economy and to relieve the development and operational burden on the team.
The team has created a cross-chain bridge especially for the YFX token to connect the aforementioned public chains in reaction to this. On Tron, BNB, and Heco, users may delete YFX by moving to the address 0x000000000000000000001. After that, the cross-chain bridge software will issue and send the appropriate number of YFX tokens to the users’ Arbitrum addresses.
Specification
To expedite the progress of cross-chain operations and mitigate the risk of attacks on the cross-chain bridge, the closing time for the one-way bridge has been restricted to January 31th, 2024. The cross-chain function of Tron, Heco and BNB Chain will be closed for good.
Voting for YFXIP-1:
The vote on this proposal is scheduled to start at 10:00 UTC on December 23, and will last for three days. Eligible voting power accounts for the amount of your YFX Token on Arbitrum or Ethereum.
