REMOVE THE ON-CHAIN TAX BY MIGRATING TO A V3
The reason we are releasing this announcement and poll is to allow our DAO to execute a new on-chain decision regarding the future of VOLT!
As you know, VOLT has always aimed to be the people’s crypto and this is why we are submitting the following proposal to the community vote today:
“Remove all the on-chain taxes (i.e. buy, transfer and sell taxes) on all 3 chains. If approved, this change will require to migrate our smart contracts to a V3”
In the post below, we detail the benefits of this proposal and the migration process which would be completed in less than a week.
NEW FEATURES AND MAJOR BENEFITS OF THE PROPOSAL
The main purpose and benefits of the proposal submitted to the DAO and the eventual migration that will ensue are as follows:
Holders: given the current market conditions, it is obvious that the number of crypto users looking at the market again is increasing daily and so is the number of new people joining the crypto markets for the first time. With this in mind and seeing the utilities and foundations we have been able to build over the last 16+ months thanks to our tokenomics, the main focus now is to increase the adoption of our project and our token and make it one of the most widespread in the crypto space. To achieve this goal, lowering the barrier to entry by removing our on-chain tax seems an obvious solution to exponentially increase our holder’s count. This key metric demonstrating a product/token adoption will also significantly help us in our upcoming developments.
Volume: during the initial stages of the project, the volume generated on DeFi was not of much importance or at least not a concern for the developments and exchanges on which we have been listed to date. That being said, given the evolution of the current market, a removal of the tax would exponentially increase the volume traded on DEXs which in turn will open many doors for future developments in the very near future.
CEX listings & integrations: the 2 above benefits will of course strongly incentivize new and larger CEXs to list the VOLT token. Furthermore, the fact of no longer having an on-chain tax will also allow CEXs to list the VOLT token or partners to integrate the VOLT token without having to contact us to have their addresses whitelisted.
Tax conversion: our current ETH, BSC and Polygon smart contracts convert liquidity, treasury, marketing and development taxes once the VOLT balance held by the contract reaches a certain threshold. The conversion of these taxes generates a sell on the chart. As the V3 contracts will no longer have any taxes, there will be no more tax conversions/sells by the smart contracts.
Security: no longer having any on-chain taxes would significantly increase the security of our holders’ assets which in turn also ensures a safer project growth. As all the on-chain transfers would become tax free, no user would be left with any excuse for not storing their cryptos in a cold wallet.
VOLTIECO LAUNCH
Although the VoltiEco launch was set to take place this week, we deemed it appropriate to push it back to a later date. The decision was taken by considering the fact that everyone’s attention will be focused on this vote/migration and by considering the fact that VoltiEco stakers would have had to stake V2 tokens (which could have created uncertainties for the stakers). Therefore, the launch of the first VoltiEco pool will take place in the week of May 15, 2023. We can however confirm that VoltiEco already started engaging with the first protocol which should therefore shorten the duration of the first pool.
TECHNICAL ASPECTS OF THE MIGRATION
To carry out this DAO vote, we will go through the EverOwn platform where our liquidity is currently locked. Since an approval of the tax removal by the DAO means that we will migrate VOLT V2 to VOLT V3 which in turn means that we will have to unlock the V2 liquidity locked on EverOwn, the most efficient way was to directly perform this vote on EverOwn. The poll will last until May 9, 2023 and will take the form of 2 different polls; one for ETH holders approving the uniswap liquidity unlock and one for BSC holders approving the pancakeswap liquidity unlock. Should the proposal be approved, the V2 liquidity will be withdrawn and allocated to the V3 liquidity pools at the end of the main migration.
Thereafter, to ensure the highest level of security, we will be migrating with EverRise, a partner who has already successfully completed several migrations including our V1 to V2 migration in April 2022.
Regarding the migration date, it is intended to start the migration between May 9 and May 11, 2023, if the DAO approves the tax removal. The current plan is to run the main migration for 2 days during which you will simply have to approve a transaction that will send your VOLT V2 tokens to the migration address and automatically send back VOLT V3 tokens to your wallet.
Unlike the V1 to V2 migration in April 2022, the current V2 to V3 migration will be open and automatic forever, even for those who miss this main migration, as we will be able to manually withdraw the liquidity from all the DeFi pools.
This means that even if you were to miss the main migration, it will still be possible to migrate your VOLT V2 tokens at any time in the future and instantly.
At the end of the main migration, an announcement will be made mentioning that any VOLT V2 buy made after that time will not be honored and will not be converted into VOLT V3. This verification process aims at preventing any malicious attempt at manipulating prices.
Unlike several other migrations, ours will not result in any trading interruption of several days or even weeks! In fact, trading will only be interrupted at the end of the main two-day migration period. At that point, for 1 to 3 hours, trading will be paused while liquidity is added to the new liquidity pools.
For those holding VOLT on CEXs, the migration will be done automatically as we will contact all the CEXs on which VOLT is currently listed to migrate your tokens.
Another technical point you may have questions about is whether the transfer tax will be applied during this migration. The answer to this question is no! The migration process will be built in such a way that the transfer tax will not be applied when you send your VOLT V2 tokens nor when you receive your VOLT V3 tokens.
It goes without saying that we will provide you with all the detailed instructions related to this migration in the coming days (if approved by the DAO)! In this article we first wanted to explain in a detailed way how this process will work and outline the benefits it will bring to the project!
To vote, use the following links according to the blockchain on which you hold your VOLT:
For ETH holders: https://app.everrise.com/everown/list/128ce540-0f74-11ed-b120-09a9a8f7a58c
For BSC holders: https://app.everrise.com/everown/list/785351b0-0f75-11ed-83f5-21c126e2dd7e
If you want the on-chain taxes to be removed and VOLT to migrate to a V3, vote: “YES, AGREE FOR LIQUIDITY UNLOCK”
