V1-V2 Migration Details

Everything you need to know about the V1 > V2 migration — {continuously updated}

As you know we are releasing an upgraded V2 token that’s bringing more liquidity, security, exposure and decentralized financial and commerce products to supercharge any online store 🏬 🚀

This means it’s time to let you know exactly how the migration process will work for any current V1 XGT holders and liquidity providers.

Burning V1 XGT tokens 🔥

The first step to the migration is burning all vested tokens that the founders, partners and team have been issued for V1. This is because the vesting schedules have been revised and will be restarted on the date the V2 token is listed on a DEX(TBA). As of now the vesting burn was successfully executed on TBA, where 1.7 billion XGT tokens were burnt, leaving 1.2 billion tokens for V1 XGT rewards. Additionally, any vested V1 tokens deposited into any of the V1 liquidity pools(BSC, ETH or xDAI) will be burnt on the removal of liquidity.

Withdrawing vested pool shares example: Suppose I’ve got 100 XGT through V1 vesting, I have 80 XGT in my wallet and have 20 XGT in the xDAI pool. The 80 XGT has already been burnt and as soon as I withdraw my farming/pool shares, my remaining 20 XGT will be burnt. Since our token contract notices that I still need to burn 20 XGT to be even with the 100 XGT I got through vesting.

The second burn will happen 24hrs before the V2 XGT IDO begins, where staking and farming rewards will be deactivated prior to the burn taking place and then the remaining 1.2 billion XGT rewards tokens will be burnt. Deactivated means that they can’t trade or transfer the tokens anymore besides doing the migration.

Third burn will happen once the V2 token has been listed on a DEX(TBA). Where all V1 XGT holders can easily migrate by burning their V1 and receiving V2 using Xion Finance.

👇Refer to Migration details below 👇

V1 > V2 XGT migration process

XGT holders will be able to migrate once the V2 XGT token has been listed on a DEX (TBA). We have built seamless migration mechanics and helper contracts to easily burn your V1 XGT tokens and receive V2 XGT tokens on Xion Finance. As soon as you switch to the xDAI, BSC or ETH chain on Xion Finance, a migration pop up will appear to migrate pool shares and/or XGT tokens.

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).

xDAI chain: Users holding XGT in their wallet on the xDAI chain will have their tokens automatically swapped to the V2 tokens(TBA). Liquidity providers can swap their pool shares from the V1 to V2 pool by confirming 1 signature for the LP token permit + 1 transaction to finish it off, using the migration pop up.

ETH Mainnet: Users holding XGT in their wallet or in the ETH pools will have to manually swap them by confirming 1 signature for the XGT/LP token permit + 1 transaction to finish it off, also using the migration pop up.

Binance Smart Chain: Users holding XGT in their wallet or in the BSC pool will also have to manually swap them by confirming 1 signature for the XGT token permit + 1 signature for the LP token permit + 1 transaction to finish it off. The extra signature is if you have XGT tokens in your wallet and is also all done through the migration pop up.

Thanks to helper contracts and our incredibly talented team, we’ve reduced the amount of signatures and transactions to make the migration process as smooth as butter 🧈

Dates — 2021

  • TBA: (24h prior to IDO): deploy token upgrade and prohibit most old token functions + burn 1.2 billion rewards stash
  • TBA: IDO — V1 token gets locked down so you can only migrate them on the TBA + update CoinMarketcap, CoinGecko and other graphs
  • TBA: DEX pool deployment + migration start on Xion Finance

Exact times will be updated once TrustPad has officially announced our IDO details. Regarding token locks and automatic burning, this upgradability feature will be removed in our new V2 contracts to increase autonomy and decentralisation. These measures have been put in place to not only protect V1 holders but those participating in the IDO sale.

Additionally, our XGT smart contract will look at how much XGT you have(USD equivalent) in your wallet/pool tokens, before your V1 tokens are burnt. As soon as your V1 tokens are burnt, you’ll immediately receive your new V2 XGT tokens as the contract will automatically migrate them. This makes sure you get the exact same amount(USD equivalent) of V2 XGT tokens + 5% at the time of migration.

V2 IDO Tokenomics

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.

Plus, we can now launch 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.

Check out our upcoming IDO on TrustPad(TBA) 👉https://trustpad.io/#pools

Conclusion

The seamless migration features will be released on Xion Finance, as soon as the new V2 XGT token has been listed on a decentralised exchange(TBA). All graphs/listings(CoinMarketCap & CoinGecko) will also be updated to the new V2 token since the V1 token will no longer be used in our protocol. In the meantime, hold onto that V1 XGT to be migrated and continue to earn rewards from staking and farming.

We will keep the community up to date as we get closer to the XGT IDO on TrustPad, to ensure a smooth migration process. Plus, we’ve got another Xion Finance update happening before the IDO is launched on TrustPad. Exciting times!!

One Click to DeFi & Commerce

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