Evolution Listing Update + EVNY Guide
Hello Evolution Finance Community,
After many months of hard work, we are now at the precipice of the launch. Before we dive into this guide, we want to thank everyone who has worked so hard to make this project a reality, starting from the Blockchain Strategy Team, DAO Maker, Ferrum Network, and of course our incredible community members! We could not have done this without you.
In this article, we provide a guide to help our Evolution Finance community members through the liquidity addition process and the minting of EVNY. Although the process is relatively straightforward, we still want to do our best to help users prevent some issues that they may encounter, particularly around Ethereum gas fees.
LISTING TIME UPDATE: 2:15pm UTC
A token will be launching a funding campaign at 2 pm UTC. This was a sudden announcement that came to our attention.
We want to ensure our community has to spend minimal ETH on gas and instead focus on their acquisition of EVN and EVNY. Hence, we have delayed the listing by just 15 minutes to ensure the network congestion caused by the token sale of another token do not affect our community’s acquisition of Evolution Finance tokens.
Liquidity Add Process
The following is the process for adding liquidity and getting your EVNY tokens.
Remember, the launch is scheduled for 2 PM UTC on Tuesday, but as with any tech launch, it might open around that time. We simply ask everyone to be respectful and patient throughout the launch.
- Go to the Evolution Finance website PLEASE TYPE THE WEBSITE
- Connect your Metamask
- Click “mint EVNY”
- Select the amount of ETH your wish to convert to EVNY (maximum 10 eth per wallet for first 20 blocks / 4–5 minutes
- Check “autostake” to stake your EVNY
- Click “Zap” to add liquidity and convert your ETH to EVNY
- Confirm your transactions on Metamask
- Be patient while the transactions are processed
- Check the staking page to see your EVNY tokens and EVN rewards
Note that the team has tested this process during trial sessions and we found it to be relatively straightforward. However, there are still important issues to flag to ensure a smooth experience.
Gas Concerns: This Process is Expensive
Please be advised that the process of adding liquidity and receiving your EVNY tokens is expensive. During our tests, the process cost about $1800 in gas fees. Anyone
who is concerned with gas costs or does not have sufficient ETH in their wallet must take notice and proceed with this full knowledge and understanding.
For example, if you are buying 10 ETH of EVNY, you’ll possibly need an extra 1 to 1.2 ETH for the gas costs.
Why are costs this high?
For one, gas costs on the Ethereum network are at near all time highs. Secondly, the liquidity adding/minting process is actually 8 transactions all in one. Here it is broken down.
1. -> Interact with Zap contract (1 transfer)
2. -> Buy EVN from Uniswap (1 transfer)
3. -> Add liquidity to EVN<>ETH pool (3 transfers)
4. -> Deposit LP and mint EVNY (2 transfers)
5. -> Stake EVNY or pass it to the user (1 transfer)
Therefore, 1 transaction through the website is actually 8 transfer actions on the Ethereum blockchain.
There is a purchase cap for 20 blocks (between 4–5 minutes).
- Buying EVNY on http://evolution.finance/ will have a 10 eth cap
- Buying EVN on Uniswap will have a 5 eth purchase cap
If you add all of these transactions up (including two Uniswap swaps), the gas costs really do add up. We wanted to flag this issue for anyone sensitive to gas fees and advise that it may be worthwhile to wait until gas costs are lower before proceeding.
Be Careful with Failed Transactions
Transactions on Ethereum can fail for a host of reasons. While we cannot guarantee anything about the Ethereum blockchain, we can provide some helpful guidance on mitigating the risks of failed transactions.
Here is a list of various issues that can cause failed transactions and that are easily avoidable if planned correctly:
1. Not enough gas: Make sure you are adding enough gas to have the transactions executed quickly and that you have enough of it.
2. Time elapsed before confirmation exceeds user settings: Ensure that you don’t have a strict time limitation in your Metamask as this may cancel and fail the transaction you are attempting to make.
3. Slippage is set too low (ONLY for EVN buyers on Uniswap; not applicable to EVNY buyers on the website): It’s important to understand what slippage is used for in order to set it properly. Slippage is the difference in price you are willing to accept compared to the price of the token at the exact moment of transaction. We suggest a minimum of 2% for EVN trading due to the 1.7% network fee.
So if you set a low percentage, and the price changes beyond that set percentage, your transaction will fail.
We hope you found this guide helpful. Please refer to the admins in the chat for any more questions. However, please be advised that the chat will be muted during the launch, so please ask your questions beforehand.
Good luck and let’s all enjoy the launch together!