Thanks for opening this discussion. I think that’s definitely the right place to have such debates.
First of all the truth is: xcDOT is definitely different from the native DOT token, even if it’s backed 1:1. There is a huge difference between native tokens and ERC20 in the EVM world. On Moonbeam, the “xc” prefix makes the distinction between assets that are (and aren’t) on the reserve chain. Here, of course, we’re talking about a technical point, but everything is technical in the blockchain world.
Words have a precise meaning, in everyday life, and even more so when talking about technical terms. For example, HTTP is not HTTPS. Just because the average user doesn’t understand the difference doesn’t mean they should be mixed.
I really don’t want it, but if one day a problem arises on this parachain, it may very well be that the xcDOT suffers the consequences while the DOT is doing very well.
That’s why I am personally very happy to have DOT in my DOT wallet and xcDOT in my Moonbeam wallet.
On the other hand, our ecosystem has a reputation for being elitist and overly complex. It’s probably true. But, in my humble opinion, that has to be settled at the dApps level!
On StellaSwap, we talk about “DOT.xc”. On BeamSwap we talk about “xcDOT”. On Moonwell we talk about “xcDOT” and on Orbiter we also talk about xcDOT.
Have these lexical discrepancies ever stopped anyone from using a dApp on Moonbeam? I highly doubt it.
If we consider the normal user, he probably won’t even notice it, because he will only see the token logo. I’m hardly exaggerating.
My opinion: let dApps do whatever they want on the front-end part, the Moonbeam blockchain is absolutely right to distinguish between native token and xcToken.
Why do bridged tokens like Wormhole USDC get away with not naming their token correctly?
This is a completely different subject, which is probably more debatable. When you type “USDC” into Moonscan, you have at least 4 or 5 tokens. It’s not very user-friendly but anyone can deploy a token with the ticker of their choice. Web3 is permission-less per nature: I could also create my own USDC on this chain and airdrop you billions of them (you’re welcome).
I believe the question should rather be: how do we highlight native USDC when it’ll arrive here over bridged tokens versions (Wormhole, Nomad, Multichain) ?