Future Venture
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Future Venture

$EBSC <> $IONs Swap

5 simple steps

Anyone else getting jittery? Perhaps the most historic moment in our 1-year history is just around the corner. Our new token, launching on Polygon, will be here in just a few weeks.

What do you as an investor need to do?
How will you get your tokens?
How many tokens will you get?

In this article, we’ll cover exactly how the swap from $EBSC to $IONs will work and what you need to do.

Summary

In short, you don’t have to do anything for the swap. Everything will be done automagically.

The only step you’ll need to take is setting up the Polygon network on your wallet and immediately staking your $IONs tokens so you don’t miss out on those sweet rewards.

Step 1 — Snapshot Number 1

The first step of the token swap process will be a snapshot of the entire $EBSC ecosystem including all wallets and contracts containing $EBSC. This gives us the initial number of circulating $EBSC and who they belong to. It will also act as a reserve snapshot.

Step 2 — Trading Paused (LP Removed)

Shortly after the initial snapshot, we’ll stop trading of the $EBSC token for a short period. The LP will be removed from Pancakeswap and will be subsequently migrated to a DEX on Polygon to provide liquidity to the new $IONs token. We’ll announce nearer the time when and how long exactly trading will be paused.

Step 3— Snapshot Number 2

Once trading is paused, we’ll take another snapshot of each wallet's total $EBSC balance. This snapshot will allow us to determine any changes in total staking balances that have occurred up until the LP removal. This will be compared against the initial snapshot to ensure that the totals tally.

Step 3 — Liquidity Added and Trading Opens

Liquidity will be added at some point after all of the calculations have been run and approved. There will be numerous checks and QAs of the balances in to be certain that the swap can be done in one swift accurate process, minimising disruption to existing holders. The LP will be added to Uniswap v3 on the Polygon network and consequently locked on Unicrypt.

The Liquidity Locker will be further secured through our Gnosis multi-sig meaning that at least 3 people from the Lithium Team need to confirm tx’s to interact with the LP contract and lock.

$IONs runs on Polygon, so you’ll need to set up the Polygon network on your wallet in order to be able to interact with your $IONs.

Step 4 — Airdrop Completed

Almost immediately after the Liquidity has been added the team will run the airdrop for the entire list of $EBSC holders. Each holder will receive to their wallet (on Polygon network) the new token at a ratio of 1:100, meaning for every 100 $EBSC you held, you will receive 1 $IONs.

This does not impact the total dollar value of your new tokens just the nominal amount of tokens that you will hold.

Step 5 — Staking and Rewards Online

As soon as the airdrop is complete the Lithium platform will become active on Polygon. The staking interface and Lithium rewards will all be Polygon-based, with $IONs replacing $EBSC rewards and $MATIC replacing $BNB.

We’ll be releasing further details including exact dates and times as we approach the transition from $EBSC to $IONs in early June. For now, if you have any other questions, head to our Telegram.

WAGMI

Team Lithium x

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Future Venture is a publication from Lithium Ventures, covering IDO’s, announcements, and opinion pieces.

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Lithium

Lithium

Lithium are a seed and pre-seed crypto venture capital and incubator platform. We exist to power real utility in early-crypto.

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