Future Venture
Published in

Future Venture

The Birth Of $IONs 🔥

Everything you need to know about the upcoming swap

🚨 PLEASE DO NOT LISTEN TO OR ACT UPON ANY INFORMATION COMMUNICATED OUTSIDE OF OFFICIAL LITHIUM CHANNELS. LITHIUM WILL NEVER ASK FOR SEED PHRASE OR PRIVATE KEYS. STAY DILIGENT. 🚨

As you all know, after the delivery of Staking v2 our next focus was the v2 token. All of these changes and iterations are contributing to the team achieving the wider objective of Lithium v2, a totally new and bespoke ecosystem to innovate in the IDO space.

The most important thing YOU NEED TO KNOW, is that you have to DO ABSOLUTELY NOTHING. 😌

So, without further ado, let us tell you everything you need to know regarding the new token swap from $EBSC to $IONs!

Dates

All dates are due to change, but please see the preliminary schedule below:

  • June 6— LP Pulled and Snapshots Taken.
  • June 7–8 — All necessary calculations and scripts run and triple checked. Platform smart contracts migrated to Polygon. CG, CMC, Polygon scan co-ordinated.
  • June 9— LP added to finalised DEX and locked, Airdrop of $IONs complete. Staking LIVE on Polygon.
  • June 10—Trading to resume after 24 hour pause post $IONs airdrop

This means that there will be roughly 72 hours where there will be no trading of $EBSC and the value will reflect 0. This is intentional to ensure as little room for mistakes as possible whilst calculating everything on the backend.

Chain Swap

The first big change to the Lithium token, $IONs, is which chain it will operate on. After over a year on Binance Smart Chain, we have taken the decision to migrate the Lithium ecosystem (and token) to Polygon. An ETH L2, with an incredible community of developers Polygon marks a more serious turn for the Lithium Team and a step away from the shit coin reputation of the hybrid chain BSC.

The new LP will be paired with $MATIC on an undetermined DEX as of yet. This will be announced in due course.

LP and Snapshots

As LP is removed from PCS, and bridged to the Polygon network, there will be multiple snapshots taken of the Lithium ecosystem.

  1. Wallet Balances
  2. Staking v1
  3. Staking v2
  4. Rewards Contract (done via a script)

The purpose of these snapshots is to ensure that we are able to tally every wallets balance correctly. Therefore each wallet will receive all of their due tokens.

(Wallet Balance + Staking v1 + Staking v2 + Rewards) / 100 = $IONs Balance

LP Management

As said previously, as soon as the LP is pulled from PCS it will be bridged to the Polygon network and paired with $MATIC. On June 8 at a time communicated prior to listing LP will be added to a DEX on the latest Polygon Routers and subsequently locked via a 3rd party lock service. These new locks will managed in 3 month intervals to allow for more flexibility to the project in case of emergencies.

Airdrop

Minutes after the LP is added on the chosen DEX, every holder will receive their new $IONs tokens to their existing wallets. This will be in a 1:100 ratio to their current $EBSC total but equal to the same price (or more) than your $EBSC balance.

Example:
Wallet Balance ➡️ 1,000,000 $EBSC
Staking v1 ➡️ 200,000 $EBSC
Staking v2 ➡️ 2,000,000 $EBSC
Rewards ➡️ 120,000 $EBSC
Airdrop ➡️ 33,200 $IONs

Project Wallet Management

A few notable things on the project front. We have reallocated tokens allowing for a few additional incentives.

  1. Tokens set aside for advisors and investors.
  2. Team tokens relocked for 1 year, then quarterly vesting.
  3. A lot of tokens will be locked up from the projects stand point, to add additional assurances to existing and new investors.

Summary

  • On June 5 $EBSC will cease trading and snapshots will be taken.
  • June 6–7 will see calculations done and smart contracts deployed on Polygon
  • On June 8 LP will be added and holders airdropped the new tokens to their wallets, meaning holders have to do NOTHING in the process making it as easy as possible.

All dates are subject to change and any changes will be communicated across our channels.

🚨 PLEASE DO NOT LISTEN TO OR ACT UPON ANY INFORMATION COMMUNICATED OUTSIDE OF OFFICIAL LITHIUM CHANNELS. LITHIUM WILL NEVER ASK FOR SEED PHRASE OR PRIVATE KEYS. STAY DILIGENT. 🚨

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Lithium

Lithium

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