QANX Token relaunch process
QANplatform is pleased to announce the commencement of its relaunch process.
Forewords
QANplatform is pleased to announce the commencement of its relaunch process, despite the temporary freeze on QANX token trading that resulted from the QANX Bridge deployer wallet attack on October 11, 2022.
QANplatform tweeted an announcement warning people not to perform any transactions with $QANX at 09:01 AM +UTC on October 11, 2022. All trading, withdrawals, and deposits on centralized exchanges had been paused.
The QANX token relaunch process is an important and eagerly awaited step for QANplatform and its community. However, setbacks are never ideal, and the QAN team was particularly challenged by an unexpected setback that occurred during a critical period. At the time, the team was in the midst of negotiations with a well-known global entity that held significant potential for QAN’s technology. With most of the team working to meet the partnership deadline, resources were stretched thin. Therefore, the pressing deadline impacted the restoration process for the QANX Token. All things aside, the team has been strongly committed all along to starting the early relaunch process, which has now successfully begun.
For the newcomers:
- QANplatform is a Layer 1 hybrid blockchain that offers quantum-resistant features and aims to empower developers and enterprises to create smart contracts, DApps, DeFi, tokens, CBDC, NFT, Metaverse, and Web3 solutions in any programming language, all built on top of the QAN blockchain platform.
Learn more about QANplatform on our website. - QANX is the utility token of QANplatform, just like ETH for Ethereum.
Learn more about the QANX token on our website.
Warning: Make sure that you read this blog post carefully before starting the claiming process!
Table of content
1.New QANX Token smart contract
1.1. QANX Token smart contract security audit
1.2. New functions of the smart contract
1.3. New QANX smart contract address
2. Claiming QANX for previous QANX holders
2.1. Snapshot
2.2. QANX token claiming FAQ
3. QANX on Decentralized Exchanges (DEXes)
4. QANX on Centralized Exchanges (CEXes)
5. QANplatform future
1. New QANX Token smart contract
Due to the profanity vulnerability exploitation, a new QANX Token smart contract was created. Although there have been some minor technological updates to the smart contract of the QANX Token, its primary function, supply, and distribution have remained unchanged. As such, the QANX Token will continue to serve as the utility token for QANplatform (QAN blockchain platform).
1.1. QANX Token smart contract security audit
QANplatform decided to conduct dual audits with top-tier companies in the field to enhance the level of security and reduce potential risks.
The new QANX Token smart contract was audited by Hacken and Omniscia, the leading smart contract security auditor companies. The smart contract also excellently passed the smart contract security audits.
1.2. New functions of the smart contract
Through the process, the team added several new functions to the updated QANX smart contract. These are the following:
1) Gas fee reduction for token unlocks
We implemented gas fee savings for token unlocks.
2) Unlock self-transfer event removal
Some CEX-es do not check the transaction’s sender, which could lead to internal errors. We mitigated this at the contract level.
3) Unlock custom event
The previous self-transfer event has been replaced with a custom unlock event.
4) Locked transferFrom method
Now smart contracts and DeFi protocols can make locked transfers too! This enables great flexibility for custom DeFi logic.
5) Locked multi-transfer
Previously only one locked transfer per address was allowed. The update enables multiple if the same lock is applied.
6) Claim logic integration based on signature
Token claim possibility based on snapshot data and relevant withdrawal signatures has been implemented.
7) Automatic ETH & BNB rejection
Otherwise, irrecoverable accidental Ether and BNB transfers to the contract will be automatically rejected in the new version protecting users’ funds.
1.3. New QANX smart contract address
The new contract address for both ETH and BSC networks:
0xAAA9214F675316182Eaa21C85f0Ca99160CC3AAA
https://etherscan.io/address/0xAAA9214F675316182Eaa21C85f0Ca99160CC3AAA
https://bscscan.com/address/0xAAA9214F675316182Eaa21C85f0Ca99160CC3AAA
2. Claiming QANX for previous QANX holders
2.1. Snapshot
In order to restore the pre-hack status and resume token usability afterward, a snapshot was necessary.
What is a snapshot?
Traditionally, the term snapshot refers to the ability to record a computer system or storage device’s state at a specific time. In cryptocurrencies, a snapshot often describes the act of recording the state of the blockchain. In this case, snapshots are taken to record the balance of each token holder at a specific point in time or time-frames (i.e., block height).
2.2. QANX Token claiming
NOTE: As mentioned on the claiming website as well, always read all claiming steps carefully before you start the process. In addition, always follow the safety best practices highlighted on the website.
A, What is the difference between the old and new QANX Token?
The token’s primary function, supply, or distribution did not change. The QANX Token will be the utility token of QANplatform (QAN Blockchain Platform).
The new QANX Token smart contract has some minor technological updates. However, only the new QANX Token is supported by QANplatform and Centralized Exchanges.
B, Who can claim the new QANX Token?
- Users who held QANX Token in their wallet on October 11, 2022, 8:16:39 AM UTC+ (in the block before the bridge wallet hack).
- Users who bought QANX Token on decentralized exchanges between October 11, 2022, 8:16:39 AM UTC+ on BSC or October 11, 2022, 8:17:59 AM UTC+ on ETH (bridge wallet hack) and October 11, 2022, 9:06:00 AM UTC+ (second official announcement).
- Users who bought QANX Token on centralized exchanges between October 11, 2022, 8:16:39 AM UTC+ (bridge wallet hack) and when trading was halted.
NOTE: You will receive compensation based on your net loss. The compensation is 50% of the USD value of your net loss, plus 100% of the QANX Token you held on the exchange before the hack.
Further details can be found in the 3) and 4) points.
C, How to claim the new QANX Token?
There is a dedicated claiming website available at claim.qanplatform.com.
D, How many new QANX Tokens can be claimed per user?
See below in points 3) and 4).
E, What if you stored QANX on multiple wallets?
If you stored your old QANX Token in multiple wallets, you need to claim your new QANX Token one by one with each of your wallets.
F, How long can the new QANX Token be claimed?
Previous holders can claim the new QANX Token until the QAN public blockchain (MainNet) launches at the latest. However, claiming it in the upcoming weeks is recommended to ensure users have the new QANX in their wallets.
3. QANX on Decentralized Exchanges (DEXes)
NOTE: Be aware that for some platforms like Etherscan, BscScan, CoinGecko, and CoinMarketCap, it can take up to a few days to update new information and show the corresponding data.
- If you didn’t perform any trades, you will get 100% of the QANX Token you held in your wallet on October 11, 2022, 8:16:39 AM UTC+.
- If you traded QANX Token on decentralized exchanges (Uniswap, PancakeSwap) between the beginning of the hack (BSC hack start: October 11, 2022, 8:16:39 AM UTC+, ETH hack start: October 11, 2022, 8:17:59 AM UTC+) and the second official warning (October 11, 2022, 9:06:00 AM UTC+), you will receive compensation based on your net loss. The compensation, in this case, is 50% plus the 100% of the QANX Token you held in your wallet before the hack.
A, Only bought on DEX (between October 11, 2022, 8:16:39 AM UTC+ on BSC or October 11, 2022, 8:17:59 AM UTC+ on ETH and 9:06:00 AM UTC+)
For example, if you bought 150 USD worth of QANX Token (between October 11, 2022, 8:16:39 AM UTC+ on BSC or October 11, 2022, 8:17:59 AM UTC+ on ETH and 9:06:00 AM UTC+), your net loss is 150 USD. You will be compensated by 50% of your net loss, so you will receive (150/2)= 75 USD worth of QANX tokens on the pre-hack price, which is 0.012 USD. In this case, you would receive 75/0.012= 6250 QANX.
B, Bought and sold on DEX (between October 11, 2022, 8:16:39 AM UTC+ on BSC or October 11, 2022, 8:17:59 AM UTC+ on ETH and before liquidity was removed on DEX)
For example, if you bought 150 USD worth of QANX Token during the previously mentioned period and sold for 50 USD before the liquidity was removed (Uniswap: 09:41:23 AM +UTC, PancakeSwap: 09:51:51 AM +UTC), your net loss is 100 USD. You will be compensated by 50% of your net loss, so you will receive 100/2= 50 USD worth of QANX tokens on the pre-hack price, which is 0.012 USD. In this case, you would receive 50/0.012= 4166.6666666667 QANX.
4. QANX on Centralized Exchanges (CEXes)
NOTE: Be aware that for some platforms like Etherscan, BscScan, CoinGecko, and CoinMarketCap, it can take up to a few days to update new information and show the corresponding data.
- If you didn’t perform any trades, you will get 100% of the QANX Token you held in your wallet on October 11, 2022, 8:16:39 AM UTC+.
- If you traded QANX Token on centralized exchanges (like Gate, MEXC, BitMart) between the beginning of the hack (October 11, 2022, 8:16:39 AM UTC+) and the time the exchanges closed trading, you will receive compensation based on your net loss. The compensation, in this case, is 50% plus the 100% of the QANX Token you held on the exchange before the hack.
A, Only bought on CEX (between October 11, 2022, 8:16:39 AM UTC+ and trading closed)
For example, if you bought 150 USD worth of QANX Token (between October 11, 2022, 8:16:39 AM UTC+ and trading closed), your net loss is 150 USD. You will be compensated by 50% of your net loss, so you will receive (150/2)= 75 USD worth of QANX tokens on the pre-hack price, which is 0.012 USD. In this case, you would receive 75/0.012= 6250 QANX.
B, Bought and sold on CEX (between October 11, 2022, 8:16:39 AM UTC+ and trading closed)
For example, if you bought 150 USD worth of QANX Token during the previously mentioned period and sold for 50 USD before the trading closed on CEX, your net loss is 100 USD. You will be compensated by 50% of your net loss, so you will receive 100/2= 50 USD worth of QANX tokens on the pre-hack price, which is 0.012 USD. In this case, you would receive 50/0.012= 4166.6666666667 QANX.
5. QANplatform future
Looking ahead, QANplatform has several exciting plans for the future.
QANplatform will have an exciting year in 2023 with the QAN private blockchain launch and QAN public blockchain (MainNet) launch. The team is excited to announce its partnership with a well-known global organization where QANplatform has been selected as an official blockchain partner. The collaboration will enable QAN to offer an even more robust and comprehensive suite of solutions for blockchain development and deployment. QANplatform is excited to work alongside them to build innovative solutions that drive real value for its customers. New opportunities will be explored, and the boundaries of what’s possible with blockchain will be pushed to shape the future of this exciting industry.
The team looks forward to sharing more details about the partnership on February 28. Stay tuned!
Disclaimer
The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the content as such. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. The management DO NOT accept responsibility for any loss or damage to tokens for those who have not taken into account the information and have not acted correctly based on the information that has been provided.
