Token swap support, CanWork improvements and preparation for all BEP2 assets.
What’s happened since the last update?
There’s been lots of behind-the-scenes development and marketing preparation, getting ready for the forthcoming launch of BEP2 & BNB token support for CanWork. Briefly,
- $CAN token swap accelerates with Kucoin deadline reached
- BNB / BEP2 support development ramps up
- CanWork optimisation & bug fixes
- Referral system development
- Marketing plan & strategy further developed for deployment in line with BEP2 & BNB support release
$CAN token swap details
The move to Binance Chain was announced in May 2019. The CanYa team strongly encourages token holders to swap their ERC-20 (Ethereum) $CAN to BEP2 (Binance Chain) $CAN as soon as possible.
Find more information on the token swap in our prior publication:
https://medium.com/canyacoin/can-token-swap-to-be-completed-by-the-31st-january-2020-91e50e19fb30
KuCoin
Kucoin decided not to support the swap and announced it would remove ERC-20 $CAN support as of the 31 Jan 2020. With this date in mind, we used email lists and social channels to ensure as many token holders completed this swap prior to the 31 Jan.
If you still have tokens on KuCoin, please contact KuCoin support.
CoinSpot
CoinSpot decided to support the swap and will enable withdrawals as soon as they have upgraded wallets.
So, what now?
Of the 95.82m $CAN tokens originally minted (~4.18m were burnt after the ICO) approximately 70m tokens have been swapped from ERC-20 to BEP2.
The remaining ~25m ERC-20 $CAN is currently sitting on Binance Chain waiting to be issued to outstanding ERC-20 $CAN holders.
You can view the addresses that hold this $CAN here:
CanYa Wallet: https://explorer.binance.org/address/bnb16w59lfh4y2cqvu8f7yr000ll37ldh4w6hnz7l0
Binance Wallet: https://explorer.binance.org/address/bnb1jxfh2g85q3v0tdq56fnevx6xcxtcnhtsmcu64m
How can there be two versions of $CAN!?
Technically two versions of the same $CAN token can’t exist. For every ERC-20 $CAN token, there is a BEP2 token sitting on the wallets listed above. The $CAN in these wallets does not add to the overall circulating supply. When someone completes a token swap on Binance their, ERC-20 tokens are replaced by an equivalent BEP2 token and will be burnt forever thus ensuring the circulating supply remains constant.
Binance has not yet burnt the swapped tokens.
What will happen with the un-swapped tokens?
At this point in time, we do not foresee anything happening with unswapped ERC-20 tokens for many years.
BEP2 & BNB support for CanWork
CanWork moved to Binance Chain in December 2019 and, although it was a great achievement for the team, it is only the initial step for our plans to make CanWork the most successful dApp on Binance Chain.
As the community knows, the next step for the project is to accept all BEP2 tokens & BNB on the CanWork platform. This is a crucial springboard for user growth as we take advantage of our relationships with Binance and the Binance Chain community.
The current $CAN-only escrow service has undergone testing and review. We are now finalising the logic behind the upgrade to support all BNB & BEP2 assets.
You can read more about the escrow service here.
CanWork improvements
In addition to the BEP2 upgrade, we also groomed the CanWork issues backlog, resolved bugs and made improvements, including:
- Implementation of an embedded referral system. This is an anticipation of referral promotions to be run in 2020
- Update to the FAQ & page links
- Change to the provider approval pipeline. The previous inefficient system relied on admin logins via Metamask
- Bug fixes including the login bug for certain users that caused the page to hang
- House-cleaning the codebase by removing legacy Ethereum-based code
- Automatic save of BNB address after Wallet Unlock. This streamlines profile creation for users
Marketing & Community
The majority of January’s community activity has revolved around facilitating and assisting the token swap. The swap has brought a number of old community members back into our channels which has been a pleasure to see.
Marketing efforts have focussed on having everything in place for CanWork, in the very near future, adding BNB & BEP2 support. This included:
- Building a referral system and subsequent strategy to help CanWork achieve viral networking growth in 2020
- Creating tailored business development videos for prospective clients & projects on Binance Chain showcasing CanWork and its freelancers
- Working on a strategy to best leverage the team’s relationship with Binance and the business development opportunities that entails
- Preparing our digital advertising campaigns to coincide with BEP2/BNB support.
We look forward to enacting these plans and many more as we grow CanWork’s usage throughout 2020.
CanYaDAO
The CanYaDAO membership grew again this month. Membership numbers grew by 18% to 97 and the staked amount grew to over 17% of the $CAN circulating supply. We continue to pay out 1% / month on staked balances for ‘active members’.
(Currently ‘active members’ must re-stake CAN once a month)
What planned for the next month?
The month will heavily focus on the expanded BEP2 integration for CanWork. We will also continue to improve CanWork and begin our business development efforts.
Do you need more information? Come join the CanYa Community Telegram Channel
You can also reach us anywhere below:
- Telegram Announcements: https://t.me/canyacoin
- CanWork: https://www.canwork.io/
- Twitter: https://twitter.com/canyacoin
- Facebook: https://www.facebook.com/CanYaCoin/
- Medium: http://www.medium.com/CanYaCoin/
