Reuben, your insights on Firo’s long-term direction open up a vital discussion about our path forward. I’d like to share my perspective, which I believe is crucial for Firo’s survival and growth.
The recent trends around privacy coins are concerning. Mainstream, centralized entities, under pressure from regulatory bodies like the SEC and ESMA, are starting to crack down. What we’re seeing with Binance’s monitoring is just the beginning. The likelihood of other centralized exchanges following suit is high, and this poses a significant threat to privacy-focused cryptocurrencies like Firo.
My primary concern with most of the strategies proposed is their potential to keep Firo on the same trajectory we’ve seen in recent years – a gradual decline in community engagement and market value. This path leads to an organic death, compounded by mounting challenges from centralized entities.
To avoid this fate, I believe Firo needs to pivot drastically. The first and foremost goal should be achieving complete independence from centralized dependencies. This means prioritizing compatibility with major DeFi platforms. While initially, we might operate in both centralized and decentralized spaces, prioritizing DeFi ensures Firo’s long-term viability.
Once we secure our position in the DeFi ecosystem, we can then focus on enhancing our privacy features. After all, if the project doesn’t survive, the privacy features won’t matter.
Observing market trends, it’s evident that the projects thriving today are Layer 1, EVMs, and IBCs that are interoperable with other blockchains. This interoperability is key to engaging with the broader DeFi ecosystem.
I propose considering one of three paths:
1. Adopting the Cosmos SDK: This offers a massive community and potential for growth, interoperability through IBC, and a solid foothold in DeFi. It also provides an avenue to promote Firo within the Cosmos ecosystem.
2. Transitioning to an EVM blockchain: Similar to platforms like Fantom (FTM) or Harmony (ONE), this would enable Firo to participate in the expansive Ethereum-based DeFi space.
3. Creating an Avalanche-like multi-chain framework: This could involve a primary privacy chain (FIRO P-Chain), an EVM-compatible chain (FIRO E-Chain), and possibly another for validators/contracts (C-Chain). This setup would maintain our privacy features while allowing participation in DeFi.
Whichever route we take, it’s imperative to include a mechanism for seamless token swaps between chains, preserving fluidity and user experience.
In conclusion, our focus should be on growth and DeFi, ensuring Firo’s relevance in an evolving market. We need a strategic shift that embraces independence and interoperability, securing our place in the future of decentralized finance.