Migration of Grabity (GBT) to Binance Smart Chain
Dear Grabity holders,
We at Grabity foundation are excited to announce the migration of Grabity (GBT) to the Binance Smart Chain (BSC)! The current architecture of Ethereum remains unscalable, which results in high transaction fees and network congestion, thus discouraging user engagement and scalability. BSC is designed to be fast, cost-effective, and secure while offering a diverse ecosystem full of various DeFi platforms with rich liquidity. With the upcoming launch of the Grabity DeFi, our team has decided that the optimal way to provide our holders with the best DeFi experience is to migrate the existing ERC-20 GBT tokens to BEP-20 GBT tokens. Please continue reading to learn more about the migration.
Grabity DeFi
The explosive growth of on-chain TVL across blockchains clearly shows that the demand for DeFi products is continuously increasing. However, the current BSC ecosystem lacks credible pools to supply LP tokens to generate stable yield and smart contract-based decentralized bridges to migrate ERC-20 tokens on the Ethereum blockchain to BEP-20 tokens on the Binance Smart Chain. The Grabity Foundation has decided to address these issues by launching our unique DeFi product. The Grabity DeFi will have Four main components: Warp, Gateway, Harvesting, and Docking.
1) Warp:
Warp refers to interchain token transfers between two different mainnets, enabling users to migrate tokens from one blockchain to another at ease, serving as a “bridge” between blockchains. Grabity Warp will initially support the ETH-BSC migration, with plans to support other mainnets with high demands in the future.
2) Gateway:
Gateway is the Decentralized Exchange (DEX) of Grabity. Users will be able to trade BEP-20 tokens on Grabity Gateway in a decentralized manner where they have full control of their assets. GBT will serve as the governance token of Gateway, allowing holders to submit or vote for proposals to make continuous improvements on Gateway.
3) Harvesting:
Harvesting is a pool of yield farming contracts on Grabity’s Gateway. Users will receive Liquidity Pool Tokens (LP Tokens) for supplying liquidity on Gateway. Users can then stake their LP Tokens on Gateway to earn GBT tokens. The design of Harvesting incentivizes users to provide more liquidity on Gateway to create a decentralized trading environment with optimal prices and minimum slippage.
4) Docking:
Docking is the wallet connection feature of Grabity DeFi. The Docking feature will support connections with popular chrome extension-based decentralized blockchain wallets that support the BSC Network including Planet Wallet (the native wallet application of Grabity), MetaMask, and Torus. The Grabity Team is focused on building a unique ecosystem to provide an ideal DeFi experience for both traders and yield farmers.
Users will be able to interact with Grabity DeFi through a web-based application. In the future, Grabity DeFi will also be supported on the Planet Wallet mobile app, the native wallet application of Grabity.
Migration Details
The Grabity migration will begin as of today. The migration ratio will be 1:1, resulting the token metrics remaining the same. If you wish to migrate your existing ERC-20 GBT tokens to newly minted BEP-20 GBT tokens, please follow the steps below.
1) Send your ERC-20 GBT to our designated address.
- Address: 0x0298a4027a8d93Cfe462F8B73aB532920f8C674F
2) Fill out the Migration Request Form.
- Migration Request Form: https://forms.gle/ET9zqPZ8JTS9JbS4A
3) Wait for migration approval. Once our team reviews your transaction, you will receive a confirmation email.
4) Add the BSC Network on MetaMask (please see below for a detailed guide).
5) Grabity Foundation will distribute migrated BEP-20 GBT tokens on the first day of each month to the address from which you have sent your ERC-20 GBT tokens. (ex: If you request a migration on July 5th, you will receive your tokens on August 1st. Similarly, if you request a migration on June 28th, you will receive your tokens on July 1st.)
The migration request form will only be available until December 31th of 2021, and the last batch of distributions will be held on January 1st of 2022. Migration requests submitted after December 31st of 2021 will not be accepted. Please make sure to migrate all of your existing tokens to the BSC Network, as Grabity will no longer support tokens on the Ethereum Network. Also, be careful not to send tokens directly from an exchange. You can only receive migrated BEP-20 GBT tokens with a decentralized wallet.
- ERC-20 GBT Contract Address: 0x30634241d3A7FbCea55f0Ba7dF42dFD8CDd8B2Cd
- BEP-20 GBT Contract Address: 0xa4b0574D8634B9514e89174c67400F5F947d1dd1
*If you were excluded from our previous token swap and wish to migrate your old GBT tokens (0xcbd49182346421d3b410b04aeb1789346da6ce43) to the BSC Network, please contact our team at info@grabity.org to complete your KYC and have your tokens migrated.
BSC Network
BSC is an EVM-compatible blockchain that leverages the Proof of Staked Authority (PoSA) consensus. The PoSA consensus algorithm is a variant of the PoS in which the participants of the network stake Binance Coin (BNB) to become validators to earn transaction fees of valid blocks they produce. BSC achieves ~3 block time with an average of $0.15 transaction fee. The unique structure of BSC enables developers to seamlessly migrate their projects from the Ethereum Network over to BSC. As one of the fastest and the most cost-effective blockchains to use, BSC is becoming one of the most popular blockchain infrastructures for DeFi applications.
How to Add the BSC Network to your MetaMask Wallet:
Step 1) Download and install the MetaMask Chrome Extension.
Step 2) Launch MetaMask
Step 3) Import an existing wallet using the secret backup phrase, or create a new wallet. When creating a new wallet, be sure to store your secret backup phrase somewhere safe. Please do not share or disclose the phrase as exposure or loss of your phrase will result in the loss of tokens.
Step 4) Locate [Settings] on the top-right menu.
Step 5) Locate [Networks] on the right menu.
Step 6) Click the [Add Network] button on the top right and enter the following information:
- Network Name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- Chain ID: 56
- Currency Symbol: BNB
- Block Explorer URL: https://bscscan.com
Save before your proceed.
Step 7) Switch to Binance Smart Chain.
Step 8) Click the [Add Token] button.
Step 9) Add the BEP-20 GBT contract address.
- BEP-20 GBT Contract Address: 0xa4b0574D8634B9514e89174c67400F5F947d1dd1
- Token Symbol: GBT
- Token Decimal: 18
Step 10) Confirm your migration by checking your BEP-20 GBT balance.
Closing Remarks
The migration of GBT to the BSC Network is just the beginning of more exciting things to come. The launch of Grabity DeFi will onboard more users onto the Grabity ecosystem and the interoperable nature of BSC will allow us to integrate with other DeFi solutions built on BSC. Please stay tuned and follow us on social channels to receive the latest news on Grabity. As always, we genuinely appreciate your support and patience.
Regards,
Grabity Team
