Comprehensive review of two major changes to coming into effect for SquidGrow on October 1st. For a very long time now, both of these issues have been pressing, and it is after careful consideration that we announce the imminent upgrade of our main BSC contract, as well come to a conclusion of our Staking program on both ETH and BSC.
BSC Upgrade:
Speaking directly to the need for the upgrade on BSC, we have known for some time that the contract needed an upgrade as the project evolved. We have decided that we must get this done to ensure our evolution is not hindered by the following issues:
#1 — Liquidity Pairing — One of the main drawbacks that we have known about for some time with the BSC contract itself is the missing function that allows a key parameter to be altered regarding liquidity pairing protocol. Because of the lack of this function, as the price has increased, it has become increasingly difficult for the contract to add liquidity efficiently. Shibtoshi found a manual workaround to trigger the pairing, but it is not ideal as we grow and increase in volume.
#2 — S.A.M. Integration — Our current BSC contract does not have the unique feature built into it like the new ETH does. This feature on the ETH is designed for integration of projects via S.A.M. to be seamless and smooth, and it will be a boon for the project to have both contracts able to integrate new liquidity using this method.
#3 — 0% Tax — The current BSC contract only allows for the tax to be set to 1% as a minimum due to an integer issue. The new upgrade will allow the tax to be set to 0% in the future as we scale the tax down.
#4 — Transfer Tax — Currently on the BSC contract, the sell tax and transfer tax are pegged together as one function. This means they cannot be adjusted independently. The new contract will allow us to adjust these individually and also to 0% should we choose to do so.
#5 — Contract Address — Right now, BSC and ETH both have different contracts. After the migration to the newly upgraded BSC contract, both the ETH and BSC contract address will be the same (verified and audited of course). This will make it much less confusing for new investors to find us on either chain.
#6 — Decimals — The decimals of the new contract will be reducing from 19 (oddball) to 9, which is required on exchanges. Specifically — Futures Markets — One of the hidden requirements of many of these trading platforms that SquidGrow may list on, is the amount of decimals being lower. Nine decimals on the new BSC contract (as on the new ETH contract) will now make us eligible for Futures.
#7 — Bridge — Once this concludes, we will be able to reimplement a new and elite bridge. Additionally, we will be seeking a real Tier 1 listing, where both BSC and ETH supplies are listed, which will also serve as a bridge.
BSC Upgrade FAQ:
Frequently asked questions regarding the migration process.
When will the migration to the new contract take place?
October 1st, 2023 — Specific time TBA.
How is it being done?
Via a massive airdrop. The tokens will appear in your wallet as soon as the airdrop is finished. Trading willl be paused on the old contract right before this is done.
What do I have to do to receive my new tokens?
Nothing. Hodl. The new tokens will appear in your wallet immediately following the airdrop.
Do I need to unstake my BSC tokens to receive them?
No — you will receive the new BSC tokens either way.
What do I do with my BSC-SquidGrow LP tokens?
You must unstake your LP tokens and break them before October 1, 2023 to be eligible for the airdrop. You can re-pair the LPon the new contract once you receive the new airdrop.
Do I need to pull my funds off a centralized exchange?
No. But we always recommend holding your funds on a private wallet rather than on an exchange if you are using them. If you choose to hold on the exchanges, the exchanges will be airdropped your tokens just the same.
Is there any risk for me?
There is no risk to the user. The selected method is chosen so that you as the investor have to do nothing on your end.
Will my tokens retain the same value?
The tokens will be migrated at 1:1 — Same Price/Same Market Cap
Should I sell? I’m scared
You can rest assured our devs are taking every precaution to protect SquidGrow investors. When the simple process is complete, the upgrades will be completed and your tokens will be on a healthier contract in your same wallet. This in fact, is very bullish for the BSC side and may lead to some positive price action rather than negative as you may be concerned of. With that said, selling is always your choice, and you are free to do so should you choose to.
What happens to the old chart on Poocoin and CMC?
The old Poocoin BSC chart will be removed after we pause trading on it and transfer liquidity to the new BSC contract/chart. CMC will be contacted well before, and our chart will remain the same there, with details updated as quickly as possible to reflect the new contract.
What happens to exchanges?
All exchanges are being notified ahead of time as well, and will receive the new BSC tokens for supplies where it was listed before. They will put out individual announcements ahead of the migration process to notify their users on their socials.
Staking: The End of an Era
All good things must come to an end. This is a prime example, and in this case, too much of a good thing can lead to a bad thing. Here are the main reasons the project has decided to end the native token and LP staking program:
#1 — Available Supply — Simply put, the project is giving out FAR more tokens than it is obtaining via the deposit, harvest, and withdrawal fees. Even with the reduction in APR, the numbers of tokens being allocated is still a farcry away from being sustainable. The project cannot afford to give away tokens it does not have, and the tokens that are left are vital to the project’s success, as they will be used for exchanges and other utilites.
#2 — Sell Pressure — The benefit for a young project is that it can help encourage people to hold and therefore establish good price floors and attract long term investors. However, one of the unfortunate side effects of giving away free tokens with a high-APR for an extended period of time, is that eventually people harvest and take profit. This of course leads to added sell pressure on the chart, which we are looking to avoid as the project moves into its next stages of evolution.
#3 — NFT imbalance — As previously discussed, Mike S. Miller’s NFT collection, SquidBros, that were slated to have the NFT staking protocol would only be available to holders on ETH. This of course creates a disadvantage to those on BSC who would then not be eligible for boosted staking, which goes against our tenet of keeping both chains equally balanced. We also recognizes that not every investor can afford NFTs, so NFT staking would essentially become a service that only larger investors and whales could take advantage of, which is not fair to those who are priced out of the NFTs.
Staking Removal FAQ:
Frequently asked questions regarding the removal of staking
Is there a time limit to withdraw my tokens out of the pools?
On the ETH side, no time limit. On the BSC side, you will receive the airdrop on the BNB airdrop regardless, and will not need to.
Do I need to unstake my SquidGrow tokens on BSC?
You will be airdropped the tokens 1:1 whether staked or unstaked. You do not need to unstake prior to this time.
Do I need to unstake my BSC-SquidGrow LP tokens?
You must unstake your LP tokens and break them before October 1, 2023 to be eligible for the airdrop. You can re-pair the LP on the new contract once you receive the new airdrop.
Do I need to unstake my SquidGrow tokens on ETH?
You can unstake them any time after staking ends.
Do I need to unstake my ETH-SquidGrow LP tokens?
You can unstake them any time after staking ends. You do not need to break the LP pair and can still hold it as normal.
Why did you do this?
Sustainability. Less sell pressure. NFT balance. The team does not have infinite tokens to allocate as the contracts do not mint new tokens.
What about the NFT Staking utility? Will there be anything else?
The NFTs will definitely no longer be adding staking in at any point for the above reasons. However, in addition to the blue-chip minting from the Ultra-Rares, the team is currently exploring other options for added utility.
Do I need to pay tax to unstake on ETH?
This is currently being calculated by team. TBA — Will update soon.
