Bridging Sector3 Token and Deploying Other Protocol Contract on Optimism

[okhaimie-dev]

Optimism is a layer2 scaling solution and an EVM equivalent solution which also solves the problem of gas cost and speed of the Ethereum network.

I am proposing we bridge Sector3 token and deploy protocol's contract to optimism to contribute to Ethereum's scaling solution and also reduce the cost of contributing and using Sector3 protocol.

Why do open source web3 contributors need to pay a really high gas fee to submit contributions that might or might not result in a profitable reward when there is a cheaper alternative? We also have a good case to provide a solution to one of our target audience contributor's compensation issue more autonomously.

Pros

• Cheaper Gas Fee for network Participation
• Scaling solution
• Access to retroactive optimism public good grant fund application
• Easier Case to convince users to try out our platform
• Ethereum Security

Cons

• Validators are still centralized.

https://l2beat.com/scaling/projects/optimism

[okhaimie-dev]

Also, once we create a bridge for Sector3 token anyone who absolutely's wants to remain on ETH mainnet has the liberty to bridge their Sector3 token back whenever and vice versa.

[aahna-ashina]

@okhaimie-dev Thank you for the proposal 😄

The max total supply of $SECTOR3 tokens on the Ethereum Mainnet is 2,049. Is the idea to bridge a portion of these to the Optimism chain?

[okhaimie-dev]

Yes. This is correct

[aahna-ashina]

@okhaimie-dev Is the strategy to deploy the identical token smart contract on Optimism, but without minting any tokens there? So we would basically remove line 10 from the source code and disable minting before deploying on Optimism?

[okhaimie-dev]

@aahna-ashina
So I just checked Sector3 token contract. Why does the ERC20 token not have a max?

I think we need to have a more in depth conversation on the tokenomics before you change the contract. = If you are going to redeploy the token, you might as well focus on Optimism to begin with.

IMO. I think we need to stay on testnet rn, instead of spending gas fee on main test when the protocol is still under development. Basically, I don't think we are ready for anything on mainnet and that's why testnet network was create to begin with

[aahna-ashina]

@okhaimie-dev Great observations, thank you. Technically the token does have a max total supply because there is no owner of the contract who can mint more tokens. We can make this point more clear by adding ERC20Capped to the source code? - sector-3/protocol@3cf3527

[aahna-ashina]

If you are going to redeploy the token, you might as well focus on Optimism to begin with.

@okhaimie-dev Yes, agreed. Makes sense to operate on Optimism by default, and that would also include our Governor smart contract (for Tally).

[aahna-ashina]

On-chain proposal here: https://www.tally.xyz/gov/sector-3/proposal/93992875151817433442197912599179947567890076085931349905930103967978100048292