Lyfe is Moving Its LYFE Token to Binance Chain Network
In the second quarter of 2020, Lyfe decided to move its LYFE token from the Ethereum network to the Binance Chain network. This migration is intended to better facilitate the use of LYFE token in the Lyfe ecosystem.
Binance Chain itself is a blockchain project initiated by Binance and involves the Binancians community. Binance Chain is expected to act as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized way.
Lyfe chose the Binance Chain network not without reason. Lyfe sees that the infrastructure owned by Binance Chain is one of the best and safest. By switching networks to the Binance Chain, LYFE token holders will experience faster, safer, and more efficient transactions.
This reasoning is reinforced by the statement of Binance CEO, Changpeng Zhao, who stated that with the presence of Binance Chain which has a block time of one second, transactions on Binance DEX can occur in volumes of “two thousand” transactions per second. For comparison, on the Bitcoin blockchain, it is estimated that the block time is 10 minutes and 20 seconds on the Ethereum blockchain.
On the other hand, Binance has a fairly strong community base. This is also a consideration for the Lyfe team in making the decision to migrate to the Binance Chain.
LYFE ERC-20 token transfer mechanism
LYFE token holders can exchange LYFE tokens built on the Ethereum network (LYFE ERC-20) to LYFE tokens built on the Binance Chain network (LYFE BNB) within the specified time period. The exchange mechanism is as follows:
- Create a new Binance Chain DEX wallet at https://binance.org
- Send the LYFE ERC-20 tokens to wallet address 0xd1d55f62c006c04d0f38cdb02d264beaaa94631e
- Exchange LYFE ERC-20 tokens by filling out this Token Transfer Form https://forms.gle/a6K8vsHjs3sHoWT48
- Don’t forget to write the new LYFE BNB token/ Binance Chain DEX wallet address
- LYFE BNB tokens will be sent within 120 hours
- Exchange can be done with a minimum amount of 100,000 (one hundred thousand) LYFE ERC-20 tokens (not including hash fees)
- The hash fees are paid by the sender
- Do the above steps within the stipulated time period
- To find out how to create and access wallet in Binance DEX, please read the full instructions here.
Below is the time period for LYFE ERC-20 token transfer:
- Batch 1 from 26th May 2020 to 12th June 2020, 23:59 (GMT+7) with exchange ratio of 100 LYFE ERC-20 : 1 LYFE BNB
- Batch 2 from 13th June 2020 to 30th June 2020, 23:59 (GMT+7) with exchange ratio of 150 LYFE ERC-20 : 1 LYFE BNB
- Batch 3 from 1st July 2020 to 31st December 2020, 23:59 (GMT+7) with exchange ratio of 200 LYFE ERC-20 : 1 LYFE BNB
LYFE token exchange and migration service will be completed and closed after the Batch 3 ends (31st December 2020, 23:59 GMT+7)
Terms and Conditions on LYFE ERC-20 token transfer
- LYFE ERC-20 token that has been sent for Token Transfer is deemed final and cannot be refunded.
- LYFE tokens built on the Ethereum network (LYFE ERC-20) that has been exchanged will not be usable and will be burned after the migration has been completed.
- If we receive less than the minimum amount of exchange (100,000 LYFE ERC-20 tokens), we will ignore the LYFE ERC-20 tokens received and will not do the exchange
- LYFE tokens built on the Binance Chain network (LYFE BNB) will be sent respectively to each LYFE BNB/Binance Chain DEX Wallet address that has been submitted through the Token Transfer form submission.
- Developer will not be responsible for any mistake of any kind with regards to your form submission, including the address of your LYFE token wallet.
- The LYFE Token Transfer Form that you submitted will be deemed final and will be used as our reference to transfer and send the LYFE BNB Token.
- LYFE ERC-20 Token Transfer can be only done during the Lyfe Token Transfer period (until 31 December 2020, 23:59 GMT+7).
- After the LYFE ERC-20 Token Transfer period has been closed, LYFE ERC-20 Token cannot be exchanged to LYFE BNB Token anymore, ever.
- After this, LYFE ERC-20 cannot be used in the Lyfe ecosystem anymore and the network will not be restarted. We genuinely ask all LYFE ERC-20 owners to exchange their LYFE tokens for those who still want to use LYFE tokens because after this, the use of Lyfe ERC-20 will not be allowed.
- Developers will not support any further development of LYFE ERC-20 going forward.
- Any and all disputes arising out of or in relation to LYFE token network migration and LYFE token transfer exchange will be resolved through decisions made by the LYFE token and ecosystem developers. All decisions taken by developers are final and absolute.
- The entire token exchange process is mandatory via the Transfer Token SOP that has been announced. Tokenomy and Lyfe App will not do the conversion automatically, all must be through SOP Transfer Token.
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