Double announcements: 20% transfer tax removed (BDL) and USDT replacement of BUSD
Dear PundiX & PURSE Family!
Since launched, we are aware of some inputs from the Purse community regarding the BDL. Consequently, BDL mechanism has reduced the frequency of PURSE transactions. Based on community’s feedback, the team has taken community feedback and removed the BDL Mechanism. The 20% tax on transferring or bridging $PURSE tokens is now no longer applied to each transaction you made.
We will also be changing BUSD stablecoin to USDT (and other stablecoin) to prepare for the retirement of BUSD by BUSD provider/maintaner Binance and Paxos. We expect to take 1–3 weeks to completely swap BUSD, this will tentatively take place between 6th Nov to 15th November 2023. We encourage users to remove liquidity and also swap your BUSD to USDT before providing liquidity again.
PURSE tokens remain to be the loyalty reward tokens for Pundi X Chain ecosystem. To grow the PURSE utilities, we continue implementing the suggestions based on community’s feedback. Do you have a suggestion for PURSE? Leave your comments below.
FAQ
Q: Why remove the BDL Mechanism?
A: Since $PURSE first launched, the community has been asking us to remove the 20% transfer tax (also known as BDL mechanism), and we’ve been keeping an eye on it. Now it is the time to remove it in the best interest of PURSE holders as transfer will not be taxed anymore, the removal was executed in late September 2023 and here is the tx hash: 0x76c8dfd88c2edcdfbc2189a65856a2be8ff6c8713f1ef3996336bdd2171ec9ed
Q: What happens to Purse tokens that previously went to Liquidity Pool?
A: Pundi X team will continue to provide sufficient liquidity including those on the liquidity pool, there will be a short migration period from BUSD to USDT, scheduled between 6th Nov to 15th November 2023.
Q: What happens if I provide liquidity for BUSD-PURSE?
A: Users are encouraged to change BUSD to USDT. It is important to know that users will not lose any tokens if they do not switch from BUSD to USDT, just that we will not be incentivising liquidity reward to BUSD-PURSE pairs after 15th November and will start incentivising the new pair USDT-PURSE.
Q: Will another stablecoin pair be provided?
A: We will continue to explore new stablecoin pairs for PURSE, potentially USDC-PURSE and other pairs.
Q: Will PURSE implement a burn mechanism after removing BDL while there’s no maximum supply for PURSE?
A: Yes, PURSE will continue to have burn mechanism and it goes to reward users who provide liquidity including but not limited to PURSE-stablecoin (Pancake, farmable on pursetoken.com), PURSE (pursetoken.com) and PURSE (fxswap, farmable on baklava.space).
Q: What mining/liquidity incentives are there for PURSE?
A: PURSE-stablecoin (Pancake, farmable on pursetoken.com) at ~180% APR (correct as of 25 October 2023), PURSE (pursetoken.com) at ~40% APR (correct as of 26 October 2023) and PURSE (fxswap, farmable on baklava.space). at ~30% APR (correct as of 25th October 2023)
Q: How else can I get PURSE token?
A: The $PURSE will continue to be mined per block for $PUNDIX delegators. We are also actively exploring more ways to create incentive to use $PURSE as a loyalty and reward token, PURSE rewards are announced on PURSE twitter and other social media.
Q: Will PURSE be listed on centralized exchanges?
A: We expect this to happen but no timeline guaranteed.
