BCVT TOKEN UPGRADING TO POLYGON and MARKETING KICK OFF
As we all know Ethereum gas fees have spiraled out of control and become incredibly prohibitive. This problem is not going to resolve itself anytime soon so we are taking control of the situation by upgrading our token.
On January 2nd BCVT will be upgraded in order to lower transaction costs and enhance trading. In this article we cover what you need to know so you can be prepared for what’s to come — please read in full as your action may be required!
On January 1st 2022, we will also be making a very exciting announcement about the evolution of the project. All will be revealed in January and marketing will kick off with a bang in anticipation of the live platform release.
TOKEN UPGRADE
We are minting an entirely new token which will be distributed to all BCVT holders on a 1:1 basis (1 BCVT = 1 new token) using the Polygon network. This new token will drastically reduce fees, encourage more users to stake tokens, and enable trading with lower fees.
The token will also have enhanced utility in the platform. The tokenomics will be exactly the same.
Snapshot and new token distribution
On December 30th we will take a snapshot of all addresses holding BCVT.
On January 2nd the new tokens will be distributed to all wallets identified in the snapshot.
You will need to add the Polygon network to the wallet holding your BCVT in order to see your new tokens.
If you are holding BCVT in an exchange or non-private wallet, you need to move your BCVT to a private wallet before December 30th.
Important questions & answers
What if my BCVT is on an exchange?
You should withdraw your BCVT to your private ETH wallet before December 30th.
We suggest using MetaMask, My Ether Wallet or Trust Wallet.
What if I am staking BCVT right now?
On December 30th we will take a snapshot of all the addresses staking BCVT.
We will exclude these addresses from the distribution on 2nd of January, allowing you to continue to stake. So, there is no need to spend gas if you are currently staking and happy to continue.
Before you withdraw from the staking contract, you should notify us at Maisa@bitcoinvend.com and we will issue your new tokens with the earned yield.
In this way, there are no extra costs involved.
Will the new token have staking?
Yes, we will release a new staking contract for the upgraded token via the Polygon network, it will be available on January 2nd. Full details will be released via official channels — APY and terms will remain the same as the current staking contract (20%).
What will the new token symbol and contract address be?
This will be released on January 1st.
What if I participated in a BCVT airdrop and didn’t get my BCVT?
If you were selected as one of the winners (a winners list was provided in the Telegram news channel here), you will receive the new tokens in the wallet you provided during the airdrop.
What if my BCVT tokens are vesting?
You will be distributed new tokens for whatever BCVT is in your wallet, due tokens will still be processed on request according to the vesting schedule.
Will BCVT still have any purpose after the new token is distributed?
No, the old BCVT will have no purpose. Trading will be discontinued. New liquidity pools will be created by us to support the trading of the new token.
New token trading venues
New liquidity pools will be created on various DEXs before the new tokens have been distributed, meaning they will be tradable immediately with no downtime.
Polygon DEXs:
- Quickswap
- Sushiswap
Some of the CEXs where BCVT is currently listed will also support the new token. More details will be released in due course.
Take note: We are not using exchanges to distribute new tokens so do NOT ignore the information provided above about having your BCVT in the right place for the snapshot.
We will provide official links for new trading venues on January 2nd.
Summary
We plan to make this a smooth, spotless, and painless process for everyone, kicking off 2022 with a bang!
We, the team, are alive, well, working hard, and are excited to share everything we have been working on.
Stay tuned and have a fantastic holiday season.
Best wishes,
The BitcoinVend Team
