$TOSHI Migration Has Begun

Tonight marks an important next step in our journey on Base Chain. We have officially triggered the contract migration function, and will be live Oct 9 on a v2 dex with a 3/3 tax token. You will not have to do anything with your tokens, the migration will happen seamlessly.

There’s alot to unpack here, and how we ended up in this situation to begin with that can be found here: https://medium.com/@ToshiBase/toshi-migration-the-worklock-and-more-d784734c5f9b

Even more reading material about the Worklock can be found on Enigma Fund’s medium article here: https://medium.com/@enigmafund/the-ef-market-maker-worklock-a-new-generation-of-fundraising-for-crypto-c40c2789351b

From here, we’ll get into the specifics of next steps for the community.

• Today on 9/29/23 we triggered the migration function, and in 7 days the LP will be fully retrievable
• We are in the process of choosing a V2 DEX to deploy our migrated token on, once we have settled on one we will post an announcement
• The $TOSHI tokens will be airdropped to all current holders and CEXes, you can trade TOSHI the entire 7 day period up until the liquidity is actually pulled. (You will not have to do anything with your tokens!)
• The new $TOSHI contract will have a 3/3 tax on it allowing us to bring revenue back into the protocol
• We are working on getting a legal opinion finished and Toshi incorporated
• As for right now, the WorkLock raise has been paused

To further expand on this last portion, we feel the markets right now are not advantageous to raising funds for marketing and various other expenses. We as a team believe Toshi has a longterm outlook to it, and trying to force movement right now could prove wasteful. As such, we’re withholding any funds raising until not only the markets improve, but volume on Base begins to pick up once again.

Once we are on the migrated Toshi, we can begin finishing up the various utilities we have planned out. In addition, once we have a better outlook on the market we will be looking into larger CEXes, marketmakers, additional marketing pushes and more. We could have simply accepted all raised funds the day we put up the form for the WorkLock, but as you can see we are taking this very seriously and only making moves in the longterm interest of Toshi.

We have had an offer from a larger CEX for ~60k in stables, this is a goal we would like to hit at some point on the migrated token as we believe it would be a strong brand builder for the Toshi community. As for now, our position and goal is to setup Toshi in a winning position for the future of the chain as a whole.

While we are taking our time on the WorkLock and have not collected funds, this does not mean that we are going to sit back and idly do nothing. We will continue to do further community outreach, continue to do spaces, continue to work with the Base team, continue to build in this space, work on our utilities, and continue to onboard new and exciting voices.

From the entire Toshi team, thank you for sticking by us and we look forward to a bright future ahead.