Announcement from CroKing Team
It has been almost a year since CroKing ($CRK) launched on Cronos. At the time, a company called HashEx made the smart contract for our token — and the contract works great. We were the first and only token with Wrapped CRO ($WCRO) Rewards on Cronos.
Nevertheless, CroKing is growing!
Our current contract has limitations and can’t integrate $CRK with other protocols, nor our own ecosystem faultlessly (eg: gas estimation bug).
The CroKing team honed their skills in Solidity Smart Contract Development over the last year, and have coded a revised contract that reduces the gas fee by between 20 and 40% when trading or using CRK.
(This could be further reduced by switching all holders over to a manual claim system for rewards in place of the current automatic rewards system).
Our Liquidity will be unlocked on January 9, 2023. An opportunity to migrate to a new smart contract will be available to solve the limitations of the current contract and grow our ecosystem. The team has decided to move forward with these plans and contract migration will occur.
Q&A style information regarding the new contract:
Q. Does the new Contract have any changes regarding max wallet size, rewards, fees or similar?
A. Yes, the current 2% max wallet size and the minimum held for rewards is being removed.
The new contract will be structured as follows.
Total Supply: 1,000,000 CRK
Decimals: 18
Tokenomics:
Buy : 7%
⁃ $WCRO rewards: 2%
⁃ Marketing 1%
⁃ LP 4%
Sell : 10%
⁃ $WCRO Rewards: 5%
⁃ Marketing 4%
⁃ LP 1%
Q. Why is the LP Fee higher and WCRO rewards reduced?
A. Currently our fee system is un-sustainable, $CRK is being sold/swapped by the Contract adding unnecessary sell pressure. In the revised system newly generated LP tokens will be sold, and the price will stabilise.
In the process, we reduce overall fees and increase trading volume.
Q. How does the migration work?
A.
⁃ Create new token contract (CRK V2)
⁃ Create migration contract
⁃ Holders deposit current $CRK V1 token to the migration contract, and receive the new $CRK V2 token (trading paused)
⁃ Snapshot of CRK V1
⁃ Sell old tokens
⁃ Add LP to new token
Note: You will deposit your current $CRK through the dApp and exchange it for the new $CRK token.
This will be available from December 28 2022, 7pm UTC through till January 11 2023, 7pm UTC. If holders miss this window due to circumstances outside their control, they will be able to request a manual airdrop of the new token retrospectively.
Q. Will the $CRK migration affect CroQueen ($CRQ) token?
A. Yes, we would have to migrate $CRQ also, and continue to develop for implementation within the ecosystem.
The team would like to propose an alternate option to $CRQ migration and we are looking to make this decision as a community.
The alternate would be, merging liquidity from $CRQ into $CRK to become a single token focused team and community.
Our reasoning is, reduced team burden and eliminating consumption of development and financial resources associated with $CRQ. This would free up resources to concentrate on areas of greater impact for investors at a reduced timeline.
The project would compensate $CRQ holders with $CRK, at a token distribution ratio of 5:1 via deposit on another migration contract on our dApp (for every 5 CRQ tokens there is 1 CRK token exchanged).
We are excited for the future of CroKing! By improving the contract of $CRK, we can better integrate into additional protocols such as our marketplace (the team has been beta testing using $CRK to pay for NFT’s which has been successful).
I will reach out in the future with further details on how, we as a community can decide to move forward with $CRQ.
Happy holidays.
~ Josua
