Token Swap, Burns and Splits — it’s finally coming! Technical Update and more
The update you’ve been waiting for!
We are glad to announce that there are multiple exciting updates within our token contract due to come.
Ticker Change: $PLT to $ADD
We have been asked countless times from our community regarding any decisions in changing our Token Ticker from $PLT and $ADD. It has always been the intention of the team to change our token contract to reflect the new ticker, however we wanted to carry this out when it made sense and when the KuCoin issue finally reached some kind of end point which is upon us.
Existing Liquidity on Uniswap
Firstly, token holders will be asked to remove their liquidity from our Uniswap Pool AT A LATER DATE. We are confident that almost all of the liquidity will be removed from the pool which makes the operational issues regarding this token contract swap much easier.
Secondly, token holders with liquid $PLT will not need to worry about any practical actions regarding $PLT. A snapshot date to be decided at a later date will be decided and users will be notified. At this point we absolutely recommend no further action in token movement or trading. There will be consequences within the token swap for any token holders trying to take advantage and double spend via an automated watch module attached to a new blacklisting feature (read below).
Existing $PLT Seed Holders
Thirdly, investors within the seed round are being asked to cross the seed bridge early. This will mean that they will occur a small bridge fee burn. We have decided that this is the only plausible option for migrating seed token balances into the new contract as it is not possible to mass query balances from our bonded (seed) contract. This will create a wider benefit to the community with an instant mass burn of a partial amount of the seed tokens. We are confident that this will be carried out successfully.
Any tokens from the bonded contract that are not moved across the bridge will mean that those seed token holders will no longer be able to claim or have entitlement to any $ADD tokens, thus resulting in a deflationary burn in the new $ADD contract.
The community will start to see migration on the burn monitor occurring over the next few weeks, this is perfectly normal.
Reverse Token Split: 10:1
Additionally, we are going to perform a token split for the benefit of the community, by issuing tokens at a ratio of 10:1, thus dividing our total remaining supply by 10. For example, for every 10 $PLT tokens, 1 $ADD token will be issued.
For example, if 10 $PLT are currently valued at approximately 4.5c each, you will receive 1 $ADD token valued at approximately 45c (subject to free market prices)
The entire total supply including vesting allocations will also be subject to the reverse split. Token holders are not at any loss.
Seed Round Holders can cross the bridge on a dedicated platform: https://tge.add.xyz
Vesting Changes
Over the past year, the team’s ambitions have expanded beyond our initial conceptions of just an aggregation lending platform, we’ve pushed the limits and bridged into our own mobile app, aggregated governance, an entire privacy mixing suite and mobile money solutions for non-european continental users.
Our initial vesting allocations across BD & Marketing, Ecosystem, Community & Strategic, Foundation, Advisors and Backers; initially were vested across 5 years. With a token swap, we will be taking the opportunity to reduce our total vesting to 3 years to help speed up development across multiple products.
On future hacks and safeguarding the community
With the DeFi and DEX space growing year on year, there will inevitably be hacks and exploits in the future, most definitely as ADD grows and continues to be adopted by major DEX’s and exchanges. We have thus taken the decision to implement a blacklist/freeze module within the new $ADD contract, which will be governed by our foundation in the event of a major exploit such as an illicit hacker gaining a large amount of PLT, as witnessed by the KuCoin Hack.
Any such potential centralised component will be subject to criticism and concern and we do note this. However, as we are still in an early stage of the project’s development phase. The overall benefits far outweigh the potential consequences.
For example, further huge losses of $ADD tokens by wallet providers or centralised exchanges (even DEX contracts) cannot be covered in the future with continuous token swaps, this is mainly because the negotiations with exchanges that have already listed the token will ask for fees within the hundreds of thousands of dollars for changing the smart contract address traded on their exchange or compensation in the form of tokens often which amount to large proportions of the total max supply as we are a micro-cap and exchanges often have fixed costs which are comparable to projects with market capitalization over 100m.
In addition to this, the amount of resources and team’s development time involved in drafting up new contracts and re-auditing takes away weeks of development time from the platform. As we are one of the few DeFi projects with ambitions for multiple products which are not just forks of forks, this is a key concern.
Potential exchange hacks could have the ability to have an almost annually occurring impact on the project if exchanges (apart from Binance) are not able to cover the cost of lost tokens.
At some point into the future when $ADD holders amount to more than 10,000–20,000 holders, the team will discard the keys for the blacklist module.
Coming soon — New Uniswap Pools on $ADD
We have long delayed the addition of more Uniswap Liquidity Pools due to the fact that we were bound to change token contracts. We apologise for the opaqueness around this but we did not want users to start depositing into new liquidity pairs knowing that a token contract swap was going to take place, making any kind of migration have infinitely more difficulty in operation.
With this said, we are happy to announce the first new Uniswap Pool will be paired with USDT. Uniswap mostly operates between 6 main pairs. As liquidity pools within these pairs are established, slippage in trading on Uniswap will be reduced over time.
Additional ADD staking rewards will be available for this pool as well as direct access to this staking pool via our dedicated staking dashboard on add.xyz which is to be released shortly, more details to follow.
Technical Updates
Our development team is currently working across 4 different products on our V2 platforms
- Mobile App Development
- Staking Dashboard
- Privacy Mixer Suite
- Lending Dashboard
The development team is on track for completing our first version of our mobile app before the end of Q1 2021, staking dashboard, and full privacy mixer suite imminently.
Mobile App Development Completed
- Add Mobile User API Development
- Create A PIN API Integration
- Add Mobile Address Mutation
- Get Mobile Addresses Query API
- GraphQL integration
- Mnemonics Seed Hex Persistence
- Import Wallet Integration
- Security Reminder UI Screen Development
- Update Pin API integration
- Recovery Phase API integration
Mobile App Development In Progress
- Receive Coin API Integration
- Lending Confirm Transaction UI Development
- Socket Implementation For Token Transfer API Development
- User Balance Cron Implementation
- Get userTokens Query API Development
- Finger Print ID Integration
- Face ID Integration
- Lending Success UI Development
- Lending Withdraw Confirm Transaction UI Development
- Change Password API Development
- Lending Withdraw UI Development
- Add Token API Development
- Receive Coin API Development
- Send Coin API Development
- Lending UI Development
- Lending Withdraw Insufficient Balance UI Development
- Recovery Phrase Integration
- Lending Deposit UI Development
- Change Password API Integration
- RSS News Feed Integration
- Cryptocurrency Market API Integration
- Get systemTokens Query
- Get Token Activity API Development
- Token Balance Subscription API Development
Staking Dashboard Development In Progress
- Staking Graph UI Development
- Staking Deposit Liquidity API Development
- Staking Withdraw Liquidity API Development
- Swap Coin API Development
- Calculate Staking Rewards Script
- Staking Deposit Liquidity API Integration
- Staking Graph Integration
- Swap Coin API Integration
Privacy Mixer Suite Development Completed
- Integrate Bl3nder Smart Contract in Beta
- Withdraw Integration in Bl3nder
- Bl3nder Enabled and Deployment to Beta
Privacy Mixer Suite Development in Progress
- Integrate Ledger Wallet for Blender
Add.xyz V2 Bugs and Suggestions Completed
- Deposit and Withdraw button Gradient Issue
- Home Page Button Issue
- Remove Kucion From Partners in Home
- Gradient Issue in Coin Selection in Lending
- Position Summary Space Issue in Lending
- Text Change in Recent Activity
- Button Size Not Same in Choose A Protocol Modal
Add.xyz V2 Bugs and Suggestions In Progress
- Responsiveness Issues in Withdraw Modal
- Responsiveness issues in Deposit Modal
- Lending Graph From Right to Left changes
- User lending without Connecting Wallet display changes
- Tooltip Change in Portfolio Graph in Lending
- Add.xyz(PLT) Coin Price API integration in Home Page
