Forum

Request for Formal Apology from Gnosis Chain

As discussion of a merge with Gnosis continues, the XDAI community first and foremost must place its’ highest priority on upholding superior business ethics. Without integrity, there is nothing of value.

Collaboration between blockchains can be beneficial to both networks. The Gnosis team has stated they see value in XDAI chain, and the XDAI team has stated they see benefit from a merge with Gnosis.

The proposal put forth by Gnosis, on their forum was created without XDAI community governance. Therefore, it does not have any bearing on XDAI. The “XDAI team members” cited as authors of that proposal remain anonymous.

The XDAI community asks for transparency from our representatives, especially when handling such a large negotiation. The identities of XDAI team members who allegedly co-authored that proposal should be disclosed, formally, in writing. A refusal to do so cannot be accepted as authentic.

The Gnosis proposal for merge involved key exchange metrics between GNO and STAKE, as well as a rebranding of XDAI to ‘Gnosis Chain’. This was tactless and invoked hostility from the XDAI community, as it made the merge akin to a takeover. In the most recent XDAI newsletter regarding the merge, the negotiations were phrased as a “potential merge”.

Before continuing negotiations of a merge, I propose that we request a formal apology from Gnosis to the XDAI community. The manner in which they publicly demanded rebranding to ‘Gnosis Chain’, as well as setting of a predetermined exchange rate between GNO and XDAI, is not conducive to further negotiations on our end. Once an apology is received, I believe we will be more open to discussing a merge that can benefit all parties involved

  • Yes, I request a formal apology from Gnosis Chain before continuing merge negotiations.
  • No, I do not request a formal apology from Gnosis Chain.

0 voters

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I would say, I like Gnosis and the idea of the merge, let’s be honest, many of us like the idea. Except it looks like that Gnosis’ offer made almost everyone upset, and since than we have hard times with price growth as it keeps our stake token prices in hostage. We can do even better without them, as we can see the price history of STAKE. Basicly this Gnosis merge with the ratio locked us down deep over 10$.
It manipulated the price to hit bottoms pretty hard. This isn’t showing us that the Gnosis merge is a good thing at all, atleast not with what Gnosis’ first offer was.
We should do a counter proposal, with the stake holders’ offer, and repeat the process as many times as we need, maybe once in a lifetime we meet in the middle that all of us would agree upon.
Those who think that the Gnosis merge would be worthy the way they try to pay that minimum ammount for each stake. Let me ask you a couple of questions: If that offer is overpaying STAKE holders, why did the price drop very hard for each stake making it a rock solid 10$ until this offer disappear or a better offer comes? Because everyone wanted to be a STAKE holder due the Gnosis merge? Or because STAKE holders were upset & disappointed & the Gnosis offer would worth us around 15$ right now?
The issue is very clear, the time is running. We can make offers back and forth but the fastes would be Gnosis offering a proper one that we would agree upon. Would be pretty simple, and effective, time saving.

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@Pookums Proposal is presented and supported by both, Gnosis and xDai, teams. So this part: “author: Team members of xDAI and Gnosis” is indeed correct.

You can also read this article: xDai Wants a Gnosis Merger to Stay Relevant, but Some Tokenholders Are Crying Foul to learn more how the xDai team see the proposal.

Or you can read and listen to this AMA: xDai / Gnosis Merger AMA - xDai

Hello Mojmir,

Why would the XDAI team co-author such a detailed proposal on the Gnosis forum without first consulting the XDAI community? Why was no proposal first placed on the XDAI governance platform?

The XDAI team is now asking the XDAI community to engage in a vote. The order of operations was incorrect here. The XDAI community should have been consulted first. We are now in a very poor position for negotiations, especially if rigid timeframes are being set while community morale is so weak.

I think it would be better to pause the entire deal and cool the air for a while.

Hasty decisions often lead to less than desirable results. Any time constraints for a merge are fabricated and can be easily amended.

I think it would be most beneficial to XDAI investors if we could take our time. XDAI has a great product with tremendous potential for adoption in the near future. That growth should benefit current STAKE holders, the way growth of any product benefits early investors.

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You can see the two latest amendments to the proposal here: GIP 16 - Gnosis Chain - xDAI/Gnosis merge - GnosisDAO - Gnosis

I wanted to share my opinion with the upcoming xdai/Gno merger vote. When merging two projects it is difficult to find a fair price for both sides.

With that being said the xdai community being left out of initial discussions has greatly damaged our bargaining power. We are merging our project for approximately $110 million market cap at the offered 0.039 gno/stake and current Gno price around $394. That is an extremely low price in crypto right now. Why do it?

Do we need to give up so much in potential price appreciation, loss of governance voting rights percentage, tax liabilities, lost time, and potential community frustration just for the benefits GNO brings?

It appears the main reason for the merger is funding from GNO. How much funding is really needed? Is it worth the dilution of a small project with massive potential? I don’t believe so.

One year ago exactly Matic was worth $84 million market cap. Same as Stake now. Can you imagine if they merged their project with another project that was at ATHs and up 50x from lows like Gno. It would have greatly diminished earning potential. This is what Stake holders are so upset about. We see great potential but have not had the run yet. If this potential is not factored into the merger ratio it is not fair.

Why can’t Xdai/stake mint new coins and find an investor/investors? Why give up so much? For the reasons I have outlined I will vote no for this merger. We need to think through this and discuss more as a community.

I VOTE NO!

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