Beam token migration update — December 2023

As a result of two proposals, MIP-28 and MIP-29, the Merit Circle token ($MC) has migrated to the Beam ($BEAM) token. The migration has been initiated on the 26th of October, 2023 with a migration deadline of 12 months. Throughout these updates, we would like to share everything that is happening around the migration.

This is the update for December 2023

The numbers

This data comes from the Dune Dashboard by Sub.

Total beam migrated: 55,158,623,122
Percentage of $MC migrated: 87,6%
Unique wallets to migrate: 3,962
Max possible $BEAM supply: 62,615,056,184
$BEAM current supply: 54,990,629,289
$MC current supply: 76,244,269

Beam — The new governance token

After the migration, all utility of the Merit Circle ($MC) token has been transferred to the $BEAM token, including functioning as governance token for the Merit Circle DAO. What followed was the set-up of Snapshot to include the Beam chain’s native Beam token to allow for voting, along with the native Ethereum Beam tokens.

It wasn’t long after the migration, that a first proposal was put up where BEAM functioned as the official governance token.

MIP-30 — Extension of the migration deadline

Whereas the DAO accepted the terms and conditions of the migration, a 12 month deadline for the migration, some contributors weren’t completely satisfied after its acceptance. As a result, on the 21st of November a DAO contributor put forward a proposal that sought tokenholder approval to extend the migration period by 3 months, and to initiate a timelock transaction that would automatically close the migration upon expiry of the, in total, 15-month (12+3 months) migration period.

The proposal was put up to a vote on the 13th of December. The vote ended on the 15th of December with approximately 1 billion BEAM voting against the extension, whereas 294 million BEAM voted for the extension.

The outcome of the vote implies that the migration period is not changed and that the deadline remains 26th of October, 2024.

Ten more months to migrate

With the large majority of all Merit Circle tokens already migrated, we would like to emphasize that everyone that still holds MC tokens has approximately ten more months to migrate to the BEAM token.

Migration deadline: 26th of October, 2024.

Want to migrate over today? Head over to meritcircle.io/migrate and wait no longer!

Want to learn more about Beam?

Twitter: https://twitter.com/BuildOnBeam
Website: http://www.onbeam.com/
Documentation: https://docs.onbeam.com/

To stay up to date with our journey, follow Merit Circle on these channels:

Twitter: https://twitter.com/MeritCircle_IO
Telegram: https://t.me/meritcircle
Telegram announcements: https://t.me/meritcircle_ann
Medium: https://medium.com/@meritcircle
Discord: https://discord.gg/meritcircle
Website: https://www.meritcircle.io
Governance forum: https://gov.meritcircle.io/
Snapshot: https://vote.meritcircle.io/#/

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