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.

To migrate, simply head to Xion Finance, connect your wallet and a migration pop up will appear to migrate your V1 XGT to V2 XGT. Migrate before the deadline on 28/07/21 at 4pm UTC.

This is the OLD V1 XGT contract: 0xf1738912ae7439475712520797583ac784ea9033

This is the NEW V2 XGT contract: 0xc25af3123d2420054c8fcd144c21113aa2853f39

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 PancakeSwap and HoneySwap. As of now the vesting burn was successfully executed on 31/05/21 where 1.7 billion XGT tokens were burnt.

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 was for the remaining 1.2 billion V1 XGT rewards tokens, that completed on the 5th July, 2021 in preparation for the V2 XGT IDO. Staking and farming rewards were first paid out and then deactivated until V2 XGT is listed on PancakeSwap and HoneySwap.

Third burn will happen once the V2 token has been listed on PancakeSwap and Honeyswap. 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 BSC and xDAI. 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 or the BSC chain on Xion Finance, a migration pop up will appear to migrate pool shares and/or V1 XGT tokens to V2

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% bonus(bonus for only 48 hrs from listing). 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. (Only available once a new V2 XGT-ETH pool is created)

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

  • 5th July, 2021: Deactivate V1 rewards stash, pay out remaining V1 liquidity provider rewards and burn 1.2 billion V1 XGT rewards stash
  • 6th July, 2021(24hr prior to IDO): deploy 99% of the V2 contracts for the IDO, listing, migration + define XGT V1 fair price for migration
  • 7th July, 2021 at 8am UTC: IDO on BSCPAD & TrustPad
  • 7th July, 2021 at 4pm UTC: Honeyswap and Pancakeswap pool deployment + distribution + migration available on Xion Finance + the custom xDAI <> BSC bridge will be deactivated for 1 hour to prevent large arbitration
  • 9th July, at 4pm UTC: 5% additional bonus on the V1 XGT to V2 XGT ends. Migrators will only get 5% extra for 48 hours(from the 7th — 9th July, 2021). This will be monitored closely.
  • 28th July, at 4pm UTC: deadline to migrate from V1 to V2. After this date, no one will be able to migrate their V1 XGT tokens to V2.

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. However, only on the xDAI chain, can you automatically migrate your XGT V1 to XGT V2 without doing it manually.

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, 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

Tokenomics 👉 https://www.xion.global/whitepaper-tokenomics/

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 IDOs:
TrustPad
(7th July, 2021 at 8am UTC) 👉https://trustpad.io/#pools

BSCPAD (7th July, 2021 at 8am UTC) 👉 https://bscpad.com/projects

Conclusion

The seamless migration features will be released on Xion Finance, as soon as the new V2 XGT token has been listed on PancakeSwap and Honeyswap. 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, get that V1 XGT over to xDAI to be easily migrated so you can get into the new V2 pools immediately.

We will keep the community up to date as we get closer to the XGT IDO on TrustPad and BSCPAD, to ensure a smooth migration process.

One Click to DeFi & Commerce