Petsverse Migration
Hello Petsverse™ Community! As you are all aware, we have been preparing for the Ethereum migration and waiting for the liquidity to unlock so that we can begin the migration process. However, as you can see, the liquidity has been unlocked for almost a month now and we have yet to migrate because we believe now is not the right time to undergo a migration.
You may be wondering why we believe now is not the right time, and here's why: We need a better market sentiment to attract new investors, as well as for our marketing efforts to pay off and result in a successful, hype-filled launch. We believe that if we migrate now and hold the public sale, we will fail and that all marketing efforts will be futile because everyone is scared due to the recent crypto debacles.
As a result, our core team and advisors are observing the situation and creating new plans for the migration process while maintaining our long-term development plans. Our migration plan is already prepared, and we planned to migrate in December, but unexpected events occurred that caused the market to crash, resulting in investors being afraid to keep funds on exchanges, let alone invest in a project.
As much as we want to fast-forward and migrate to Ethereum as soon as possible so that we can freely show-off to the world what we have already built, and release our beta game, we simply can't because revealing the cards now will kill our hype and drain our resources. That being said, the recent market situation is damaging us in a variety of ways, including slowing developments due to having less funds available.
We are being extremely cautious and watching the situation very carefully, hiring data analysts and advisors to come up with the best course of action based on how the market unfolds. This is our one and only chance to make things right for our community, carry out all of our plans, and build for a better future.
We have been thinking about and planning the migration strategy for quite some time. The move to Ethereum not only allows us to build and scale our ecosystem more easily, but it also allows us to generate new funds to keep up with developments, allowing us to launch everything on time and merge our communities, creating a larger hyped community to make our beta testing more efficient and have more eyes on our past and upcoming achievements.
That is why, rather than rushing the launch, we have decided to monitor the situation and act in accordance with how the market reacts to the recent panic, and to wait for the appropriate time to migrate and launch our public sale on Ethereum.
MIGRATION STAGES
Stage 1: Announcement
An announcement is made across all of our official channels prior to starting the migration process, giving holders a chance to decide whether they want to go through it or sell their tokens before we pause trading and start the migration process. If holders fail to see the announcement and sell their tokens before the migration process begins they will need to take part in a pre-claim campaign and then claim their tokens once they become available or presale starts.
Stage 2: Pause Trading / Transfers
The second step in ensuring a flawless migration and liquidity pull is to pause trading prior to removing the liquidity. This ensures that no one can buy tokens cheaper, transfer tokens to different wallets or try to manipulate the claim portal to claim multiple times after the liquidity is unlocked. When trading is halted, we will take a snapshot of all current wallets and their holding, then remove the liquidity allowing users to only send/receive tokens with the wallets that are whitelisted such as the Claim portal.
Stage 3: Liquidity Pull
To keep the funds secure, the core team shall remove liquidity from the current contract and send it to a multi-signature wallet. Only the core team and governance have control over the multi-signature wallet, reserves sent to it are exchanged for stables, or as determined by the governance and core team, or according to the method chosen for the migration process.
Based on the approach employed for the presale phase, the liquidity extracted from the current pool, which at the time of writing is $500,000 will be used only to transfer to the ETH contract and distribute tokens to our holders in the same dollar value as the wallet held previously.
The reserve wallet address, balance and holdings will be available to the entire world via a simple link with an amazing and simple user interface, ensuring full transparency of the liquidity reserves.
NOTE: Parts of the liquidity funds (approximately $10-20k) may be used to include wallets in our claim portals and returned once the claiming stage is completed.
Stage 4: Pre-Claim campaign
The Pre-Claim campaign allows us to filter out wallets that are active and part of our community so that we can give priority to those wallets in the first claim or as soon as possible. It also allows us to avoid overspending to include wallets in the claim portal that will never claim which would result in loss of funds for gas fees.
We created this stage because, as you are all aware, we cannot automatically airdrop or include every holder in our smart contract because it is prohibitively expensive and would take funds away from game development.
If we decided to include every single holder, we would have to spend approximately 110,000 holders x $ 2-5 in $ETH gas fees, which will deplete our liquidity and may be pointless at some point because some wallets hold dust amounts.
We will launch various pre-claim campaigns over the next 6 months until every current holder is airdropped with the same $ value in $PVG tokens as they previously held in $MetaPets tokens. Please encourage all of your friends and family members to participate in our pre-claim stages so that we can airdrop all of our holders as soon as possible.
Holders who participate in the pre-claim campaign will be included in the next claim stage and completely excluded. This means that a single holder can only claim their total balance once, you cannot claim in parts, it is all or nothing.
Holders can claim any time once they are added into the claim list. The tokens that will be sent are calculated based on the snapshot taken at the time of liquidity pull. So, for example:
Holder X has = 10T $MetaPets tokens which is $300 at the time of the liquidity pull (SNAPSHOT). Tokens will be distributed based on the presale price and the dollar value at the time of the snapshot. For example, if 100 $PVG tokens are worth $300 during the presale phase, the holder will be able to claim 100 $PVG tokens whenever they want as long as they participated in one of the pre-claim campaigns.
Holder X can only claim the total amount in the corresponding dApp once and will be completely excluded from the snapshot once their tokens are claimed. As a security precaution, the pre-claiming stage will begin after trading of $MetaPets is paused and a snapshot is taken to ensure that the same wallets cannot transfer tokens to different wallets and manipulate the claim portal algorithms to claim multiple times.
NOTE: Tokens can be claimed whenever a user chooses to claim from one of our claim portal dApps, but pre-claiming campaigns will be discontinued after 6 months, which means that users who enrolled in the pre-claiming stage may be able to migrate their tokens whenever they want based on the Snapshot and Presale price calculations.
Stage 5: Claiming Portal
The claiming portal will be a simple dApp with a button to connect your wallet and claim your tokens if you have enrolled in one of our pre-claim campaigns, otherwise, you will see a notification that you are unable to connect your wallet and claim your tokens.
Once a user connects, the claim portal cross-checks the pre-claim database, snapshot, and performs the necessary calculations, allowing users to claim tokens based on the calculations mentioned above and ensuring that this is the first time this wallet has claimed. The wallet is then permanently deleted from the snapshot for security reasons. For more information please read the pre-claim stage.
Once connected users can see:
$MetaPets Balance
Dollar Value
Ratio of the Migration
Claimable Amount $PVG
Dollar Value after Migration
Stage 6: Presale
A token sale event, also known as a presale, occurs before a project is made available to the general public for purchase, allowing investors to buy in at a lower price and earlier
The Petsverse™ Games Presale is unlike any other presale since we are starting this as an established project that has previously shattered records on the Binance Smart Chain, reaching more than 110,000 holders in less than a month and doing more than a 97X in a short period of time.
Half of the presale hard-cap will be funded by $MetaPets holders, and those tokens will be used to airdrop them accordingly. Approximately $500,000 will be provided to the Petsverse™ Games Presale. Think of it as a big incubator or venture capital funding or giving us a head start, but instead we are doing it as a community without the help of anyone, aiming to reach new highs once more.
Holders who have already enrolled in one of our pre-claim campaigns, as well as the winners of the whitelist campaigns launched prior to the presale, will be automatically whitelisted at this stage, giving them a head start and a bonus to allow them to allocate more $PVG in our upcoming fast-filling presale.
To ensure fairness, we will distribute tokens to our existing holders who have provided liquidity in the same manner as new investors participating in the presale. The advantage our current holders will have is automatic whitelisting for the presale, allowing them to buy in before anyone else. The reason we decided to keep the same price is to keep both current holders and new ETH investors happy and to avoid a sell-off at launch.
Stage 7: Launch
Following the launch of Petsverse™, everyone will be able to purchase tokens using a swap and one of our early CEx listings, as well as holders who participated in the presale and holders who are enrolled in our claim portals, will be able to claim their tokens without any vesting or lockup period.
NOTE: Investors who were unable to participate in the presale can purchase later, and holders who were unable to engage in the claim portals will be able to enroll in our upcoming pre-claim campaigns in the next 6 months after the presale is completed.
Stage 8: Successful Migration & Launch
Advisor and Core Team Board Message:
Due to recent events in the financial markets, we think that things will start to shake and dominoes will start to fall, causing another crash that could send altcoins 40–50% lower and usher in an even longer winter for the crypto industry. We believe the odds of a leg down are significantly higher than the odds of a leg up. Launching now is a bad idea because no investor will want to invest in a project when they are unsure of what will happen to bitcoin in the next few months. Keeping liquidity funds in BNB is also a bad idea, since the market could crash and cut them in half, making it harder to pay for project costs and implement the migration plan.
When dominoes start to fall and the FTX bankruptcy reveals more insolvent companies and exchanges, the odds of the market recovering by 40–50% in the next 2–3 months are noticeably lower than the odds of the market collapsing by another 40–50%.
Therefore, we believe that the third approach is the best course of action to protect the ecosystem and avoid being greedy and trading liquidity for a higher bnb price. Wait for things to settle down and the appropriate time to launch. By the time market sentiment is back to normal, we can enroll each and every holder in our claim portals and airdrop all of our holders at once at the time of presale.
However, this is only advice and comes with a lot of risks since no matter who or what you use for the analysis, we can never predict what will happen to the market or what recent events will do to the industry. As a result, if we use this strategy, the market could rise and we would lose some liquidity funds, or if our analysis is accurate, we would save the project and safeguard it from the crash, ensuring that we have more liquidity available when the time is right.
The biggest disadvantage of this strategy is that it is really a gamble and appears to be a sham to other investors who don't follow our social media accounts, but hey, so far, every strategy involves significant risk, so it's best if we ask the community to vote in the first governance vote on which strategy they believe is best for the ecosystem.
Approach 1 [Fastest]
Completion time (15-20 Days)
We've been working on this method for the past six months. The total time until a successful launch would be around 20 days, including the pre-claim phase, during which we would run a campaign to enroll holders in the first claim phase.
Following the completion of the pre-claim, we would launch the claim portal as well as the public sale link, allowing our current holders who participated in the pre-claim to claim their Petsverse™ $ETH tokens and new investors to participate in the presale.
This approach follows the same process as described above, broken down into stages. Unfortunately, due to the liquidity pool depletion from the recent market crash, we are unable to use this approach due to the high risk of failure. With the current market sentiment, every marketing effort is futile, and we believe that our presale would fail.
PROS:
We migrate more quickly and keep up with the roadmap's overall projection.
CONS:
Due to the recent market crash and the panic, it’s very likely that the presale would fail, which would result in a low-hype launch and having no funds for marketing and development efforts to keep pushing the project forward.
Approach 2 [Very Risky]
Completion Time 1-X Months
The only distinction between this strategy and Approach 1, is that we hold off on extracting liquidity until we've determined that it's appropriate to start the migration process. This increases risk because it might take years for the market to stabilize before we can migrate to Ethereum, and if it takes a long time for the market to achieve the ideal level of fear and greed for our migration and launch, we will have to gradually use up the liquidity to pay for the project's ongoing costs.
PROS:
We don't scare away our holders by removing liquidity because not all holders check our social media and are aware of what's happening when they notice their token value has disappeared.
CONS:
It is extremely risky to leave liquidity unlocked due to the possibility of an owner wallet breach, which would allow scammers to extract all of our liquidity. In such a case, we must relock every month in order to remain secure, even if this is not a pleasant solution because liquidity may be locked at an inconvenient time (possible window with a better market sentiment for a migration).
We don't know how long the bear market will last, so we have to continually spend money to keep up with operating expenses and keep the project afloat. If the bear market lasts longer than six months and the crash gets worse, the project may cease to exist.
One of the reasons we have chosen to migrate and completely rebrand is that things might get worse if we continue using the previous name for an extended period of time.
Approach 3 [High Risk]
We have developed an alternative strategy to safeguard our liquidity funds that enables us to maintain our safety, safeguard the liquidity funds, and carry out all necessary operations to airdrop our holders all at once when the time is right for us to launch. Our advisors and project manager anticipate another leg down for the market as a whole, which, if it occurs, reduces our liquidity by almost half and results in even lower chances of having a successful presale, migration, and launch. In light of the expenses we have on a weekly and monthly basis, if the crash occurs, the project will cease to exist if the market takes 6 months or more to recover.
PROS:
We safeguard the liquidity funds from the crash swapping at a better BNB rate, avoid spending or depleting it to keep us alive in the bear market
If the market begins to fall rapidly, we begin to use those reserves to purchase Ethereum at lower prices, allowing our ecosystem to dollar-cost-average ETH and increase our liquidity reserves so that, when we believe the time has come to begin the entire process, we will have more funds than when we first pulled liquidity, resulting in a higher Soft Cap/Hard Cap presale. Furthermore, we avoid depleting liquidity while keeping our project afloat in the event of a market crash.
We will set limit orders to buy eth in each drop using the multi-signature wallet until we have depleted all of our liquidity reserves. This ensures that we are dollar-cost-averaging Ethereum while the market is declining. However, as we have repeatedly stated, we never know whether the market will rise or fall, but the possibility of falling is far greater than recovering from where we are, which means that even if we do not go lower, we are safe from a market crash and have a reasonable amount of liquidity to launch whenever we want if the market recovers without further decline. Our Ethereum targets for this crypto winter are $650-900, which means we will use our liquidity reserves to dollar-cost-average Ethereum purchases until we have used them all, then wait for the market to recover, migrate, and launch. When the market recovers, our liquidity will be instantly doubled due to the risk we have taken.
A simulation of this is that if we decide to extract liquidity now, which is 500,000 dollars, and we dollar-cost-average Ethereum at around 850 dollars, we will have 588ETH allocated for the migration and presale, which means that if the market recovers to the levels that we see fit to relaunch, which is around $2,000 per $ETH, we will have $ 1.17 million, which is double the liquidity we had on Binance Smart Chain.
We favor this approach for the reasons stated above, but these are only suggestions based on analysis. We understand that this is a significant risk, but taking a risk in order to extract liquidity at higher prices is also a bad idea, as is leaving the liquidity inside the pool vulnerable to hacks and market crashes. That is why we decided to put it to a vote so that our community can read it and decide which approach is best as part of the first governance vote.
CONS:
We never know whether the market will rise or fall. However, the market may begin to rise after we have swapped our liquidity to stables and are waiting for the optimal time to launch, resulting in lower liquidity because we have extracted all of our liquidity to stables to stay safe, and we could have had much more if we had swapped at a higher BNB price
Holders who don't follow us on social media and are unaware of what is happening may freak out and even refer to our project as a rug pull.
