Dear Betswap.gg Users & $BSGG Holders:
In order to safeguard the Betswap.gg ecosystem we will be providing details below on the $BSGG token migration plan. This article will share crucial information regarding the next steps we are taking to protect our community and token holders.
What Happened
On July 14, developers of the cross-chain protocol Multichain confirmed that the protocol’s CEO, known as “Zhaojun He,” was arrested by authorities on May 21. On July 6th, 2023, the Multichain Bridge unexpectedly lost access to $125 million of assets, leading to the bridge being frozen.
This obviously raised immediate concerns from the Betswap team and beyond. Our security protocols have always been of the utmost concern, and in response to these unfortunate developments, Betswap has taken proactive measures to ensure the safety and integrity of the $BSGG tokens and the entire Betswap.gg ecosystem.
Recent Developments
Towards the end of 2023, Betswap and $BSGG were featured and endorsed by influencers like Ran Neuner of Cryptobanter, and Mario Nawfal. The increased attention caused a surge in the (undervalued) $BSGG token price by a staggering 150% in less than two weeks! During that period, migration was discussed over multiple channels with users wondering how and when it will begin, causing some confusion as well as significant profit taking on BSGG token towards end of 2023. This article is intended to clarify everything.
Audit Completion and On-Chain Utility:
Our new contracts have been undergoing an audit with Hacken to ensure that everything is bulletproof. We ensure that all our smart contracts successfully pass a rigorous security audit before going live. As always, our main goal is to provide significant utility to $BSGG holders by enabling the on-chain experience.
What Does This Mean for You?
Now, onto the important topics. What does this mean for you? The main implication is the necessity to migrate your old $BSGG tokens to a new, more secure, and uncompromised platform. This proactive step will ensure the $BSGG token will be insulated from the issues that happened on the Multichain bridge, and ensure the $BSGG token will remain as the centerpiece of our Betswap.gg ecosystem. Our tokenomics will remain the same. Each $BSGG you transfer will be returned to you at a 1:1 ratio. .
The Migration Plan
Migration Begins: The migration process will begin on January 15th 2024, 8:00 am GMT.
Migration Ends: Migration will remain open until April 15th 2024, 8:00 am GMT.
During this time period, $BSGG token holders can swap their existing $BSGG tokens at a 1:1 rate to the new addresses provided below. We have created a simple user-friendly migration dashboard and a token burn page, where users can easily see how tokens from the old chain can be swapped over and exchanged for the new $BSGG tokens. The entire Betswap.gg team is working tirelessly to ensure this migration is not only secure, but also transparent and user friendly for our holders.
TRADING: ALL TRADING WILL BE SUSPENDED FOR A PERIOD OF AROUND 48 HOURS BETWEEN JAN 15th AND JAN 17th UNTIL MIGRATION AND NEW DEX POOLS ARE IN PLACE AND WILL REOPEN TO ALL TOKENHOLDERS BY JAN 17th.
New Token Contract Addresses:
The new $BSGG token contract addresses are listed out below for your reference.
BSGG ETH: 0xdA16Cf041E2780618c49Dbae5d734B89a6Bac9b3
BSGG Avalanche: 0x49f519002EEcEd6902F24C0BE72B6D898e4D27FC
BSGG Fantom: 0xCE22c3e95B5E118ea61C4fb9357Fe45Cbb34cb56
Step-by-Step Migration Guide for $BSGG Tokens
Step 1: Access the Migration Dashboard
Navigate to the official migration page at https://www.betswap.gg/token/ Once there, you will see the ‘Migration’ tab as the primary interface for the migration process.
Step 2: Connect Your Wallet And Ensure You Are On The Correct Chain
Click on the ‘Connect’ button located in the top right corner of the page to connect your cryptocurrency wallet. This will connect your specified wallet, enabling you to migrate your $BSGG tokens. Ensure you are on the correct chain on your wallet that you have your $BSGG tokens.
Step 3: Approve the Migration
Before migrating your tokens, you need to approve the migration contract to interact with your $BSGG tokens. Click the ‘APPROVE’ button. Your wallet will prompt you to confirm the transaction, which may include a small gas fee depending on the current network conditions.
Step 4: Initiate the Migration
Once the approval is confirmed, enter the amount of $BSGG you wish to migrate or click ‘MAX’ to select all your tokens. Then, click on the ‘MIGRATE’ button. A new wallet prompt will ask you to confirm the migration transaction. Again, this will require a gas fee.
Step 5: Confirmation and Receipt
After confirming the transaction, the migration will be processed on the blockchain. You can track the transaction using a blockchain explorer until it is confirmed. Upon successful confirmation, your new $BSGG tokens will appear in your wallet’s balance.
Step 6: Your New Token Balance
The dashboard will display your new $BSGG token balance under ‘New Token Balance’. You can also add the new token smart contract address to your wallet to display the balance.
Step 7: Completion
After successfully migrating your tokens, you will see an updated ‘Total Migrated’ balance on the dashboard. This indicates the completion of the process.
Frequently Asked Questions:
Q: If I own $BSGG in my Metamask or other non-custodial wallet, what do I do?
A: Go the the link above starting Jan 15th, and follow the ‘HOW TO MIGRATE’ Instructions.
Q: If I own $BSGG in Ascendex platform today, what do I do?
A: On January 15th, trading on Ascendex platform will be suspended for up to 48 hours until the migration is complete. They will do the necessary steps to replace your existing (old) $BSGG tokens with the new ones. So if you keep your $BSGG on Ascendex, there is nothing for you to do. You’ll be able to buy and sell starting Jan 17th.
Q: If I want to buy before migration on Ascendex what do I do?
A: There is no issue whatsoever if you want to buy $BSGG on Ascendex. Once you buy, they will deliver to you the new $BSGG tokens in your account by January 17th, and you’ll have the new $BSGG once trading resumes then.
Q: If I want to deposit $BSGG from my non-custodial wallet (ex Metamask) before migration begins onto Ascendex, can I do that?
A: Yes, you absolutely can.
Q: If I want to deposit $BSGG from my non-custodial wallet (ex Metamask) after migration begins onto Ascendex, can i do that?
A: Not directly. Once migration begins (Jan 15th), then you can no longer deposit the old (current) $BSGG onto Ascendex from your non-custodial wallet until you migrate it. You will simply need to go to the Migration Link above and follow the HOW TO MIGRATE instructions. The process doesn’t take more than a few moments (depending on the network you have your $BSGG on).
Q: If I want to buy or sell my old $BSGG on DEX, in this case UNISWAP, before migration, can I do so?
A: Yes, but then you’d have to migrate it once the migration portal is open on Jan 15th within the assigned period (90 days).
Q: If I want to buy or sell my old $BSGG on DEX, in this case UNISWAP, after migration, can I do so?
A: Yes, but before going to UNISWAP, you need to go to the Migration Link and migrate your old $BSGG to your new $BSGG, then you can go straight to Uniswap.
Our new BSGG contracts are listed above for your information. They will be on the Migration tab as well.
Conclusion:
We understand the concern and uncertainty this incident may have caused and assure you that the Betswap.gg team is always working tirelessly to safeguard the Betswap ecosystem. This token migration is an essential step we are taking to protect the interests of our community.
We will continue to keep you informed of any developments and progress made during this process. Please stay tuned for further announcements and updates.
Our Vision for the Future:
Our focus on transparency, security, and decentralization continues to drive our vision for the future. With seamless transition mechanisms, unwavering commitment to security, and an innovative approach to on-chain utility, we are set to redefine the business landscape.
As we gear up for 2024, new opportunities await $BSGG holders, and we extend our heartfelt gratitude for being part of this journey.
If you have any questions or require assistance, please do not hesitate to reach out to our team through the Betswap Discord Channel.
Thank you for your understanding and as always, unwavering support.
Sincerely,
The Bestwap.gg team
