We are excited to announce our preparation for the new and improved V2 XGT token contracts 🎉
Modern commerce and cross-chain (DeFi) products require tokens that can not only be traded, deposited, bridged and rewarded… but used for creating brand loyalty, recurring payments/liquidity provision, cashback locks, burning and much more. Our current XGT cross-chain token lacks some of these features that many commerce and DeFi products expect. But, with our upgraded (V2) XGT token plugging into the likes of Shopify and Uniswap, you’re unlocking more decentralized financial and commerce products to supercharge any online store.
The upgraded (V2)XGT token opens doors to better market outcomes that benefit all users in our DeFi and commerce ecosystem. Plus, we can now do a much anticipated IDO raise to not only put XGT on the map but provide the funding to build out the rest of this cross-chain protocol…
What about current XGT token holders & Liquidity Providers?
We’ve made it super easy to migrate your current XGT and LP tokens to the new and improved V2 contracts. As soon as the IDO is completed, all current V1 XGT holders will have their tokens automatically swapped to the V2 tokens. This applies to only xDAI chain holders, BSC or ETH users that hold V1 XGT will have to manually swap their V1 to V2 on Xion Finance.
As for liquidity providers, you’ll be able to migrate your shares from the old pool to the new V2 XGT pool in 1 transaction per chain on Xion Finance. How amazing is that!? Thanks to helper contracts, this makes the migration process as smooth as butter 🧈
Overview of V1 > V2 XGT migration process
The migration is as follows: When XGT(V1) holders migrate, they’ll get their USD value worth of XGT tokens swapped to the V2 XGT tokens + an additional 5%. So example: if you put in $100 dollars in v1 then you migrate to v2 and get $105 worth of XGT v2. This means, you won’t get the same amount of XGT tokens because the supply is now a 3rd(from 3 to 1 billion total supply).
The final XGT(V1) to XGT(V2) migration price will be defined at the time the public IDO sale ends and XGT(V2) is listed on an exchange(TBA).
Besides new features, streamlined migration processes for different chains and commerce mechanics. XGT has revised tokenomics that align more with the team and communities involvement in the protocol. From increased vesting schedules, token locks, burning, decreased supply and micro market caps, to a 9% market making allocation from the sale proceeds to ensure a more stable and liquid market from the get go.
The team has been working day and night on the V2 contracts, mechanics and tokenomics to ensure that existing holders can easily migrate and any IDO participants get some solid gains. And of course all the cool features coming out with the upgraded V2 XGT token.
Stay tuned for the official V2 IDO, tokenomics and migration announcements.