Dear zkBob Community Members and Users,
We’re reaching out today with a significant proposal that we believe could greatly enhance the zkBob protocol and make it more user-friendly. As we continue to strive for improvement and user satisfaction, we want to ensure we move forward with transparency and community involvement. We invite your valuable thoughts and feedback on the idea presented in this post.
So far, the protocol has deployed two BOB pools, one on Polygon and one on Optimism. However, after conducting extensive user feedback sessions, we understand that many of our users would prefer to use a widely adopted stablecoin over BOB when interacting with zkBob. The main reason is the convenience it offers—using e.g. USDC removes the need for additional swaps, thus making the process more streamlined and efficient. Recognizing this, and understanding that zkBob is in active beta, we are considering migrating the Polygon BOB pool to USDC and converting all the liquidity in the pool from BOB to USDC. This would occur automatically on behalf of all users in the pool, not only for convenience but also to reduce any issues manual migration might introduce for users.
This means that if you made a BOB deposit into the BOB zkBob pool on Polygon, contract address: 0x72e6b59d4a90ab232e55d4bb7ed2dd17494d62fb, the tokens will be automatically converted to USDC. There won’t be any manual user input needed to trigger the conversion. Until the migration happens you can withdraw BOB stablecoin at anytime from the pool, and once the migration is finished you will be able to withdraw USDC from the pool where 1 BOB = 1 USDC. Currently, there is no proposed date for the migration and we aim to keep the whole process as transparent as possible. We will inform you of any updates on our official social media channels on Twitter, Discord, and Telegram.
We are also actively researching and working on deploying more non-BOB pools on Optimism, Polygon, Ethereum mainnet, and other popular EVM chains. The outcome of this proposal is not directly tied to these efforts and we aim to launch additional pools, mostly for ETH on Ethereum mainnet and Optimism, regardless of the decision made here.
There are several implications related to this proposal. On one hand, it will simplify the transaction process for many users, leading to a better user experience overall. We also believe that this change can positively impact the size of the pool, attract more liquidity and increase the anonymity set, thus making the protocol much more usable for users and 3rd party DApps alike. It can also encourage more developers to integrate zkBob into their applications as it will remove the barrier created by requiring BOB usage. On the other hand, the protocol will lose some flexibility as it will become more dependent on a third-party token. However, we believe that the benefits outweigh the drawbacks in this scenario, particularly given zkBob’s strong focus on compliance and safety.
That said, it’s crucial to reiterate that no decision has been made yet. We believe in the strength of our community and the value of your perspectives. Therefore, we want to gather as much input as possible before any decisions are made.
We invite all community members and zkBob users to join this conversation. What are your thoughts on migrating from BOB to USDC? How would this impact your use of the zkBob protocol? Are there any specific concerns or considerations you think we should address?
We’re looking forward to your responses, and we assure you that each comment will be considered carefully. This is an important decision that will shape the future of zkBob, and we want to make it with you.
Thank you for your continuous support and commitment to zkBob. Together, we can make the best decisions for the protocol and its users.
The zkBob Team