Announcing OnigiriSwap V2 — The Next Move Forward
After much deliberation from both the community and the team, we’ve decided the best way forward for $ONIGIRI would be to restructure the entire underpinning of the protocol to one similar to $CORE.
$ONIGIRI will now be upgraded to $ONIGIRIv2. This is due to the market response in the past couple of days and improvement is necessary. Hence we’ve decided to cook up an entirely new $ONIGIRIv2 with improved tokenomics.
Before we get to how the migration is conducted, detailed below will be a high-level explanation of what is installed for our users:
The decision behind OnigiriSwap V2
- The market is price-driven and current block emission might prove unsustainable prior to burning and buyback is implemented
- Farmers will almost always take profit prior to any changes set by the initial protocol
- Deflationary should occur at the start and without testing investors patience
- Users expectation of a stable return
OnigiriSwap V2 will feature
- Farmers will be rewarded in $ONIGIRIv2 from the fee imposed on any $ONIGIRIv2 trade
- Fixed Supply of $ONIGIRIv2 tokens
- Locked Liquidity
- Governance will allow our community to decide on developer fees, fees of the approver contract, implementation of new pools, rebalancing and removal of pools
📢 Liquidity Migration Event (LME) & How will ONIGIRI holders be rewarded?
There will be a Liquidity Migration Event (LME) where a migration contract will start accepting ONIGIRI-ETH UNI-V2 LP tokens for a stipulated time. Holders of ONIGIRI may add liquidity to Uniswap ONIGIRI-ETH liquidity pool to obtain ONIGIRI-ETH UNI-V2 LP tokens. Once the event is over, all the ONIGIRI-ETH UNI-V2 LP tokens will be converted into ONIGIRIv2-ETH UNI-V2 LP and distributed to the participants of the event proportional to how much they provided. After the event users will not be able to swap them back to ONIGIRIv2 and ETH. The processes detailed above will determine the initial price of ONIGIRIv2 token.
Once the liquidity tokens are obtained, the user may stake them on the new OnigiriSwap V2 protocol to begin the farming process. When farming, users will receive ONIGIRIv2 staking rewards, depending on the amount of LP tokens staked and the current APY.
✈ Roadmap and Development
We are taking a methodical approach in our development process, ensuring that all the necessary steps are taken to make OnigiriSwap V2 robust and secure. We will be releasing our development roadmap and tokenomics details in our next post.
The research and development of any project will take time and effort, OnigiriSwap V2 is no exception. In order to expedite the process, we are open to accepting contributors to the development of the project. We are looking for Smart Contract Developers and React Web3 Front-End Developers. If you are interested or you know someone that fits the description, you can DM me at @chefonigiri on Telegram or Discord.
🍥 Itadakimasu!
OnigiriSwap: https://onigiriswap.finance
Twitter: https://twitter.com/OnigiriSwap
Discord: https://discord.gg/3kNrKnx
GitHub: https://github.com/onigiriswapfi/onigiriswap
Telegram: https://t.me/OnigiriSwap_Official
