The time of $ADD is upon us. We’re delighted to announce that the Great 2021 Migration of ADD has been completed. In a complicated multi-week process involving the creation, testing, audit and deployment of several new smart contracts.
PLT holders have been successfully migrated to ADD as of Monday, March 8th, 8:00 AM UTC, 2021. Approximately 2,700+ addresses received the new distribution of ADD at a ratio of 10:1.
We’d like to thank the community for their patience in this process. Creation, testing, audit, testing and deployment requires cooperation from ourselves and our audit partners. We wanted to be absolutely certain of the outcome regarding the token swap, in light of other projects such as $PAID, being exploited in recent days.
During this process, we discovered some interesting facts which we’d like to share:
- Out of the original 120m PLT max supply in the original PLT token contract, approximately 16,339,290 PLT/ 7.34% of tokens were permanently removed from circulation via the bridge burn model with 103,660,71.23 PLT remaining.
- There are no more seed round tokens to be distributed.
- The new supply of ADD, after the reverse token split, now stands at a max total supply of 10,366,071.23 $ADD.
- Further removals from circulation can occur from here via deflationary mechanisms within our products.
- The Gas Costs for the ADD distribution cost approximately 10.5 ETH ($17,500)
ADD in Metamask
In order to find your ADD balance in Metamask, Add Custom token and enter the smart contract address: 0x635d081fd8f6670135d8a3640e2cf78220787d56
Exchange Support for the Token Swap.
Poloniex, MXC, Bibox, Hoo and Hotbit are in the process of migrating balances for users’ internal exchange wallets. Each has their own unique process and times will vary. All exchange wallets received ADD during the token swap distribution. As always, tokens are at risk when being held on third party exchanges.
Kucoin Confiscation
As noted previously in announcements. We stated that all users should withdraw from Kucon Exchange immediately following their security breach and delisting. This follows the delisting notification from Kucoin that PLT balances would be confiscated at the end of January from inactive users. We notified the community that if they did not withdraw that they would surrender any rights to these tokens.
In order to protect the ADD ecosystem, Kucoin’s PLT address was not issued ADD in the token swap. The team has decided to remove the amount from circulation permanently.
Coingecko/CMC and tracking websites
We’re working with a number of coin tracking websites and have already provided information regarding the new smart contract, supplies, social media information and other details. Each third party will carry out changes over the next few days.
Uniswap Liquidity Reintroduced
$400,000 in Liquidity for the new ADD/WETH pool has been redeployed. See the Uniswap Pair here. We will be announcing additional liquidity pools for ADD shortly, with ADD/USDT to be introduced next.
Pre-ADD Staking Rewards
Users who staked PLT in the initial months are still due to receive a proportional amount of staking rewards, however they will be distributed in ADD at a ratio of 10:1. These rewards are expected to be paid at the launch of our staking dashboard.
Hiring US community moderator
We’re hiring a US community moderator to operate across the US time zones. If you are interested in this position please reach out by emailing Hello@add.xyz
Technical Update
A comprehensive technical update is due shortly regarding Staking, Privacy, Mobile Applications and Lending v3.
