Abstract - This proposal is to register xcSTINK as an XC-20.
Details - Add STINK from AH using foreign asset registry. Launched on HDX already. $50,000 LP as of writing this. Want to launch on moonbeam and stella.
STINK aims to be a cross-chain memecoin within the Polkadot ecosystem, leveraging its unique branding and community engagement strategies to stand out in the crowded memecoin market. STINK sees itself as an auxilliary token in the PINK ecosystem. With a focus on humor and irreverence, STINK intends to capture the imagination of the Polkadot community. By proposing the registration of xcSTINK on Moonbeam, we aim to tap into the excitement and momentum surrounding memecoins on Moonbeam, providing an innovative and playful asset for users to enjoy.
hey, could you please clarify what STINK actually is? Is there a website, and who are the main contributors? how were tokens distributed to the community?
The team reached out and I tested the referenda and it properly executed. Also, I tested token transfers via Chopsticks, and they worked well. The limitation is that you need USDT or USDC from AssetHub to pay for XCM fees.
Hopefully, shortly, we can send such assets to Moonbeam paying with DOT.
when launching directly on Moonbeam, no vote is actually necessary. however, registering STINK on Moonbeam as an XC-20 requires a governance vote. therefore, I personally want to understand what my delegates and I are voting for. X and Telegram don’t seem credible
just as with PINK and DED, we are aware of the contributors behind it. in contrast, the contributors behind STINK are not clear, making it difficult for me to vote Aye on this proposal at this time
As a delegate that’s also been entrusted with other’s voting power, I too think that you and your proposal requires a bit of probing. Maybe there’s a discussion to be had on whether or not asset registration should locked behind a governance vote, but the fact is that right now for this registration a passing vote on OpenGov is required.
It’s written that one of the main ways to acquire $STINK is by sending $PINK to a burn contract – is this correct? Can you share the contracts that perform this, or any other details that can reassure the community that this in fact is what happens?
The entire meme is driven by a sexual narrative, which some may find offensive, and possibly misogynistic. What are your thoughts on the limits of xc registration, if any should be imposed? I’m sure you’ve seen some of the hateful memes on Solana recently – keeping in mind that currently xc needs to be voted on, should delegates and other voting GLMR holders attempt to maintain some standard of decency? (Note: this isn’t a question of defining what’s decent or not, it’s just if there should be some standard at all).
Ultimately, I’m accountable to those that delegated their votes to me, and so your answers to these questions are important on how I will vote with that voting power. I do suggest raising a forum post on the question of open xc registration if you think any xc registration shouldn’t need to go through this process.
The only possible limits that can be implemented are on assets originating from outside of moonbeam on polkadot parachains. Even those coming through bridges like wormhole cannot be stopped by governance without root track intervention on the level of forced balance transfers. Foreign asset registration should be entirely permissionless as was done on HydraDX. Governance oversight on this level removes all the supposed value that blockchain had in the first place. So you’re worried about Solana tokens? They can be bridged over to Moonbeam at anytime, permissionlessly, without any of this governance oversight. But here I am answering questions about memes like I’m on trial. There should be no standard beyond “this is a functional ref that will work if approved”.
I have spoken to the Moonbeam team about this [permissionless foreign asset registry] and it seems like it’s on the roadmap.
There is no pink to stink burn contract implemented because it will be implemented on moonbeam.
I agree with you that the asset registration should be permissionless, but as I explained, the fact is that currently it is not.
Community driven oversight is critical in permitting the value of a blockchain to unlock and flourish because we don’t live in the vacuum of space… but maybe you think it would be perfectly fine for a chain to devolve into some sort of 4chan /b/ cesspool. Or a place where people don’t want to build or can’t build because of some government intervention (earth… not space).
As you mentioned, governance can be applied after the registration on the root track, and I think that is the right place for it to live in cases where this is potentially objectional content. I’ll abstain from the vote.
Say what you will about degeneracy but that cesspool of Solana can maintain well over 10K twitter space participants for 48+ hours. We’re lucky to have 20 for an hour on a polkadot related space. No one is interested in the chain. We’re trying to change that one objectionable meme at a time. Don’t try to be the morality police of the world. Embrace the chaos.
I’m unable to edit the description. It was placed as the first comment on the ref. It’s not possible to authenticate with that address on PA unfortunately. I have updated the comment to be in-line with the OP here.
what in the world did I stumble upon reading in this thread ? A+ for the Futurama memes. Aye from me, I guess not all meme coins need to be a PG friendly…tho Pink FTW
I agree it’s not optimal that to get an asset registered on Moonbeam you need to do a governance vote.
I also do agree that if these guys want to get their registered, listed and trading they should be entitled to.
With that said,
I’m definitely not a big fan of this new market strategy begin used by the STINK team that entails basically just insulting everyone and being extremely provocative all under the guise of “memes”.
I’ve never met a team, developer or business executive that spends their days insulting people and then goes onto have great success. I do also think this is a tell that 6 months from now STINK will be forgotten. It’s my opinion that this venture is just a medium being used to insult others, specifically the DED and PINK teams.
Should they be allowed to do this = Yes
Should they be trusted = No
Stink is complimentary to Pink. With the current situation on Pink, they’re spending efforts expanding out into other ecosystems, airdropping tokens, doing marketing efforts, etc. This is great but it doesn’t really help Polkadot other than, this is where Pink got started. When Stink is at a 2x multiple of valuation of Pink, it incentivizes users to bring their Pink back to Polkadot to make that conversion. We provide a pathway to onboard users that Pink is marketing to back into polkadot if nothing else than to temporarily be here to swap the tokens using Stink as exit liquidity for their Pink position. In the process of this burn mechanism 2 pink tokens are destroyed for every 1 stink token paid out. This has an effect of reducing overall Pink supply which is beneficial for Pink and the Pink team. It is also beneficial for arbitrage where when STINK becomes >2x price, people will buy pink and convert to stink, helping pink price action.
Any memes posted are entirely joking. We wish great success to both the DED and Pink teams. That said, we have been primarily focusing on DED because Giotto is more responsive to banter. He’s a billionaire and could easily crush Stink in volume, liquidity, or any other metric with a few clicks.
