On-Chain Voting (Governance)— 1:1 Bridge

Hi Pirates, we have gathered multiple feedbacks from the community and wanted to put the decision of where to continue the 1:1 bridging to an on-chain vote so its fair and transparent.

On-chain voting has always been one of the use case that we wanted to provide for our holders and we will be implementing it for the first time and for more proposals to come.

Given that the BSC and Polygon ecosystem are entirely different right now and profits from BSC games are going into the pool for $PIRATE holders and the profits from Polygon games are going into the pool for $PIRATE holders, we are considering to allow their prices to be determined by the free market.

On top of that, one of the key concern is that we might face potential security risk that can happen because of the bridge exploits that happened recently (on anyswap). To add on, the 1:1 bridge would mean that if ever 1 token on any chain get exploited, the rest will get exploited as well since price are pegged as compared to each having its own price in each ecosystem.

By artificially creating a 1:1 bridge, it might cause downward pressure on one of the tokens if its price is higher than the others in the first place. Our team believe that by allowing the tokens to grow according to their own ecosystem, we can expect a more organic growth on both token prices.

Therefore, we have put up an on-chain voting proposal to allow users to determine whether or not we will have this 1:1 bridge.

Given that this initiative was kickstarted when we only had the BSC community, we will only allow PIRATE BSC holders to vote. However, for future on-chain proposals, we will include PIRATEP Polygon holders as well.

How to Vote?

We will take a snapshot of the $PIRATE in your wallet at block 9881500. Each $PIRATE you hold = 1 voting power. The more $PIRATE you hold, the more voting power you will have.

(Staked PIRATE or Staked LP or LP holdings in wallet will not be counted so you need to unstake and hold PIRATE in your wallet right before block 9881500)

Countdown to snapshot: https://bscscan.com/block/countdown/9881500

Voting will open and start on 9th August 2pm UTC and ends 11th August 2pm UTC.

Vote here: https://snapshot.org/#/treasurekey.eth

*If voted “No”, 1:1 bridge won’t happen but in return, to help PIRATEP holders, all profits from Polygon game and chest will stay within Polygon and not flow to BSC for PIRATE holders.

On top of that, we have an option for to vote for consolidating profits across all chains weekly and distribute them evenly, ensuring equal value is given to both side holders while ensuring 0 risk of potential exploit.