OK so this will be fully drafted, then submitted to a voting proposal. These are not the final details, want to collaborate with community before we take it to a final vote.
Re-deploy the corrected token/ticker smart contract to ETH. See if we need an audit or not. Determine who does the deployment. “Flash migration” where we airdrop tokens to existing holders.
Deploy a large portion of the liquidity pool to ETH. Lock it for a period TBD
Deploy a smaller portion of liquidity for a wrapped BSC token.
This is a continuation of this thread - but that thread was exploring options, now I think we settle on the proposal details.
Would you be able to clarify the difference in terms of what holders would have between the two tokens?
So for simplicity’s sake, imagine there are 100 tokens in total circulation and a holder has 10 of these.
Would they get 5 of the ETH based ones and 5 wrapped BSC ones?
If the liquidity pool isn’t evenly split how does that work? Because then surely a holder suddenly has a lot less worth in the wrapped one and there becomes a disparity between the two tokens?
If the pool (again for simplicity) was $1000 (so each token was worth $10) then at the start of this the holder with 10 tokens has $100 worth (10 * $10), but then 80% is moved to the new ETH ($800) and 20% to the BSC wrapped ($200)- and the holder has 5 of each.
Then the ETH ones would be worth $8 each (100 supply with $800 pool)
The BSC wrapped would be worth $2 each (100 supply with $200 pool)
So the holder would have $40 of the ETH token (5 * $8) and $10 of the BSC token (5 * $2) - so their holding of $100 is now worth only $50 - so they effectively lose half of the value of their investment.
Is this what is being thought at the moment?
Or will the supply be halved for each new token? Or will they receive an airdrop of the full amount of tokens on both the ETH and BSC wrapped ones? Either of these options would stop the users losing value.
Yes, I also believe that we should move to ETH in the long run. Projects on ETH look more appealing in my opinion plus the merger seems to be showing that ETH is heading the right way and will dominate. Other than that we will leave things to you Adam, with your connections, experience and knowledge you obviously know more than us and know what is right for the project. But I will say this that progress has been slow but that’s how businesses run, one step at a time.
Exactly, it comes in bursts also too especially as a start up.
To an outside observer it may be moving slowly, but it moves. Relationships (and agreements) w/ human beings have to mature organically and cannot be pushed. Code sometimes is really stickie, but sometimes it is really easy. Sometimes even a seasoned professional makes a mistake. You deal with each situation and move on.