Paul1804
commented
10 months ago By creating a new token you guys scammed all the $OXEN supporters. Instead of adding new coins with the same, exact, non-feasible, failed (twice already) mechanism, why can’t you just maintain the same $OXEN coin (automatically make a 1=1 change with a new coin) and stop the issuance/reward program? Then use it for Session/Lokinet/whatever but at least you won’t scam people. The value of a coin is directly linked to its supply. You guys are making the same mistake over and over again while allowing people to waste their money on projects you cyclically abandon (just to pick them up few years later with another name). Also start accepting normal fiat to get a more stable funding if that is the problem. How can’t you guys understand the basic concepts of a business environment yet? WAKE UP!
I got 20 SN! This is the first sensation I have experienced ! I am interested in your opinion - what is the deception ? It seems to me that OXEN would have grown sooner or later. They should not deviate from the general line. Nothing good will come out of it( Only a headache for everyone. The team should quietly continue to work as per the roadmap adopted earlier. After being removed from kucoin, the exchange rate went up on Uniswap. This is great news! Token is gone from "weak hands", left only to those who understand. They do not need to change anything and then everything will be fine! Those changes that are planned, I consider a big mistake! I believed in the project as it exists now.
KeeJef
b006
venezuela01
Lucifer1903
pnr777
crypto-ali
keybreak
ORC-8 The Session Network Token
Introduction
It currently appears that KuCoin is moving to remove OXEN from their exchange. While this is an adverse development, it (in part) confirms concerns we have with the coin. OXEN isn’t working. While the network is stable, Session is reaching new all-time highs, and Lokinet is blazing a path, OXEN is struggling to keep up with the pace. We don’t want OXEN to get left behind — and we have spent a lot of time thinking and talking about how to get it back on its feet.
Earlier this year we knew that we needed to give OXEN some love. We planned a brand refresh that would clarify OXEN’s position in the space, create new, more reliable customer funnels, and freshen up our visuals. As the project progressed, we uncovered more and more problems — with our brand structure, our coin, and ever-increasing regulatory pressure. We needed to make moves to reunify the brands of our project, rework our tokenomics, and connect with the rest of web3.
However we kept straying further from our original goal, we realised we needed to talk to you. We are not done yet, but it’s time to start sharing our ideas with you.
Motivation
Branding
Session is on the rise. People know what Session is, they trust Session, and they understand why it is valuable. In the crypto world, a lot of people are already using Session as their daily messaging app. And yet, a lot of these people have never even heard of OXEN. Some of them don’t even realise there is a coin behind the app. Despite some efforts — like cross-channel promotion, Powered by OXEN, and official communities in-app, the cut-through just hasn’t been what we need.
We need a brand that is strongly connected to Session: in name, appearance, and theme.
Connection
OXEN is an island. While being a standalone chain comes with its perks, it also comes with devastating drawbacks. We are small, we are isolated, and nobody wants to work with a privacy coin. As exchanges turn their backs on coins like OXEN, we are left with limited fiat onramps, low liquidity, and dwindling opportunities with centralised exchanges.
Web3 anticipated this problem, and set out to solve it: but OXEN lacks interoperability and connectivity with the rest of web3. This leaves us managing specialised and unfamiliar wallets and lacking native support on dexes. These days people expect to swap for a token on Uniswap, hold it in MetaMask, and stake them straight from a website.
We need a token which can connect with web3 and its community.
Tokenomics
Our tokenomics made a lot of sense back when they were first conceived. We were following the Monero-model, whose economic structure was borne out of opposition to the Bitcoin fee-model. Back then, there were no considerations to be made about governance tokens, rebase tokens, or any of the other constructs which web3 would later concoct.
Currently, we are running with an inflationary model where coins are minted to reward nodes. As nodes receive rewards, they are also being slowly (but infinitely) diluted and creating sell pressure.
To offset this, we have monetisation — but with our standalone blockchain, most scalable monetisation models require a manual buy-and-burn setup. This is centralised, requires trust, and encourages unhealthy market dynamics.
We need a modernised tokenomic model which better suits the project and its goals.
Proposal — Session Network Token
Session Network Token is a reimagination of the original Loki from 2018. We’re not just changing the name — we are changing what we are, what the token is, how the system works, and how we talk about ourselves.
SENT will be the token behind Session, other Session-branded apps, and the network of nodes which supports them.
New token
Session Network Token (SENT) is a new token on a yet-to-be-determined alternate EVM compatible Layer-2.
This immediately opens doors to new liquidity, collaborations, and interoperability that has not been possible in the past. Session Network Token will be able to integrate with popular wallets like MetaMask, fully support hardware wallets like Ledger and Trezor, and make staking simpler and easier.
Importantly, this new token also allows us to transition to a static, capped supply, make on-chain value capture easier and more transparent, as well as opening the door to new tokenomic mechanisms, such as token pools.
The reward pool
All of the network’s value is captured and redistributed through the reward pool. The pool is filled with tokens from monetisation mechanisms such as Session Pro, Network Enterprise, and Session Enterprise. As these value capture mechanisms scale, the reward pool grows and incentivises new operators to join the network.
Our current working model for the reward pool is based on industry leaders — although its designs are still in flux. Importantly, the reward pool allows us to have a fixed supply for the network, preventing long term effects of inflation from impacting holders and node operators.
Lokinet
This transition also includes hugely increased focus and attention on Lokinet and the technology behind it. Lokinet will also be folded into the Session family — gaining stronger connection to the Session Network Token, Session, and being able to more easily leverage the value of those brands and userbases.
In the past, our token has been divorced from the things that make it powerful, instead needing to reference Session and Lokinet for proof of value. Now, Lokinet’s unique value can be re-communicated through the Session Network Token.
In the future, it will be possible for others to leverage the network just like Session and Lokinet. We have already had meetings with potential business partners, and people are already expressing interest in utilising the network for their own products, and this will likely be a key part of Lokinet’s success in the future.
Answers to Initial Questions
How is all of this going to work?
Right now we need to finish conceptualising and executing on our new branding and direction. We're bringing you guys in on the ground floor to help us work on some of the details so we can work together in the same direction.
Next, it will be a matter of bringing OXEN across to the new network. We have already started creating technical documentation for how the transition will work, and at the moment we are looking into leveraging wOXEN to bridge people across to SENT.
Where do I trade my OXEN now?
Right now we are planning to increase the wOXEN liquidity on Uniswap. Because Uniswap is a decentralised exchange, we will not be exposed to the same risks of regulation-related delistings while we transition towards a Layer2.
When will we find out more?
We know you want to hear from us — and we want to hear from you, too. We will be doing AMAs to answer your important questions and get discussion rolling about decisions which are yet to be made. You can also comment on this ORC to add your perspective.
Keep an eye out for announcements about them on our socials.
What will happen to my OXEN?
You don’t need to do anything right now. We are still working out the details about how exactly we are planning to bridge OXEN to SENT. Once the transition is complete, all OXEN should be swapped for SENT, but right now, it is fine to continue holding OXEN as per usual.
Good news for those of you running a service node, we’re planning to have large incentives for staked OXEN during the swapping process.
Consultation
This is a proposal about what purpose OXEN serves and how it operates as a part of the wider network and project. We know many of you will have your own questions and contributions — we are opening this request for comment to invite all community members to participate in the process.
We know that there are still details we are finalising, but I hope this document will provide some clarity and insight into what we believe is the best way forward for the project.