A new star is born! We are proud to finally introduce TXL — which has been long-awaited.
We have decided to change to TXL earlier than planned, for several reasons:
- Our token price has developed well
- We are making great progress in the overall development
- Our Uniswap-Listing lies ahead of us
We had originally planned to make the change from MTXLT to TXL at the time of the Mainnet release (which is still some months away), but the combination of events listed above means that now is a good time. As a result, MTXLT will be no more and TXL will take its place.
Do not worry, all the details are outlined below. This is positive news ;-) Please note: There is no effect on Hodlers as the “Token bridge” allows the change from MTXLT to TXL with no loss in value.
TXL instead of MTXLT - Why Make the Change Now?
We have been very satisfied with our MTXLT-Token. The low circulating supply and the resulting relatively high price per full-token were able to set Tixl apart from the market.
It was, however, planned from the very beginning that this token would only be used temporarily and would always be replaced by TXL at a later date. We have now reached this moment — even though it is earlier than initially planned!
Why now? Our listing on Uniswap at the beginning of September gives us a huge opportunity to increase liquidity and exposure. To maximize the chances of awareness and acceptance, we do not want to have a token listed on Uniswap that is too high in value. If an investor can own a whole token for $0.1, psychologically this is more appealing than buying just part of a token that costs $100. As the value of our MTXLT token has developed unexpectedly quickly, we decided not to list MTXLT, but instead list a token with a smaller value on Uniswap: TXL.
To avoid any confusion that would come from having two different symbols on different exchanges (TXL on Uniswap, and MTXLT on Binance DEX and Probit), we have decided that support for MTXLT will cease on every exchange.
In terms of value, the change from MTXLT to TXL makes no difference as 1 * $100 = $100 is the same as 1000 * $0.1 = $100. To enable us to make the change we will offer a Token Bridge between MTXLT and TXL for as long as needed (for details about this token bridge, please see below). After the transition, TXL will be traded on all available exchanges (depending on the time and options for re-listings).
Another reason to split the token now is that we already enjoy a strong and very supportive community, and the Tixl project has been under the radar for many people in the crypto space. We predict this will change with the Uniswap listing and our upcoming marketing activities. It makes sense that we make the change now, before the uplift in exposure, rather than waiting to do this in step with the Mainnet launch. Making the “adjustment” now works better than doing it after the increase in exposure and has the added advantage that, with the upcoming launch of Mainnet, the token split has already occurred.
What will change?
Tokenomics: New Maximum Supply
First of all, good news: The maximum supply will be changed! Rather than the initially planned ratio between MTXLT and TXL being 1:1,000,000, it will instead be just 1:1,000. This will result in a total supply of only 900,000,000 TXL, instead of 900,000,000,000 TXL.
As this is a major step, we invested a lot of time and effort in deciding to update the tokenomics. To understand this decision, here are the main aspects we considered:
- A number below a billion is much more comprehensible to the human brain. A total supply larger than a billion is close to an infinite supply for some people
- A number too close to 0 is often thought to be 0 or “worthless”. With the current MTXLT price at ~$90-150, using the original tokenomics and a split ratio of 1:1,000,000 would result in a price per TXL of $0.00009-$0.00015. A price with too many zeros, or beginning with $0.0000xx, is seen as almost $0 for most of us. With the change in supply, and a split ratio of 1:1,000, one MTXLT at $90–150 would be worth $0.09–0.15 TXL — which looks cheap (to invest in), but not worthless. And even with a 10x or 100x increase, the price per token is still reasonable. All in all, much more appealing!
TXL as BEP2 & ERC20 tokens
To get listed on Uniswap, we will introduce an ERC20 token. However, the TXL token will not only be released on Ethereum, but we also plan to introduce TXL as a new asset on the Binance Chain (to continue to utilize the possibilities of the Binance Chain in the future). In this way, we — as Tixl — will benefit from both the changes in the Ethereum ecosystem and from innovations from Binance.
The total supply will never be greater than 900,000,000 TXL across both chains, but the exact ratio of how many tokens will be issued on Ethereum and how many will be issued on Binance Chain has not been finalized at this point.
After TXL is listed on Uniswap, we will start the process of migration to the other exchanges. The ultimate goal is that all exchanges will offer TXL instead of MTXLT. Again, this will not effect the value of current holdings as a token bridge can always be used.
Token Bridge (BEP2 <> ERC20)
To change a token from one token (or chain) to another, you can simply use what is termed a “token bridge”. This occurs with just a little fee to cover gas fees; you simply swap from MTXLT/BEP2 to TXL/ERC20. The swap is optional and only recommended for people who want to trade TXL/ERC20 tokens on Uniswap. In case you want to hold until the Tixl Mainnet release, you can keep your MTXLT in your Binance Chain wallet. The future swap from MTXLT/BEP2 to TXL on the Tixl Mainnet will be free of charge and Binance Chain network fees compensated through BNB airdrops for people who purchased MTXLT during the token sale.*
The token bridge will automatically give you 1,000 TXL for every 1 MTXLT swapped. Here is an example: If you own 25 MTXLT today worth $100, then your total value is $2,500. After you use the token bridge, you receive 25,000 TXL worth of $0.1, giving the same value of $2,500 (minus a small gas fee).
Ferrum Network will offer its token bridge as a type of white-label solution for Tixl so that we can continue to focus our development power on the Autobahn Network. Ferrum Network has built one of the most sophisticated token bridges available. If you want to try it out before it is utilized by Tixl, you can test it with $FRM tokens here.
*Paragraph was updated due to increasing gas fees on the Ethereum network.
Replacing MTXLT with TXL “Everywhere”
We are in contact with Coinmarketcap, Coingecko, etc. to make this transition as quickly as possible and to remove MTXLT from the pages of those who are currently listing it.
Tixl Hodlers Club continues
You may ask yourself — what happens with the Tixl Hodlers Club when the MTXLT token ceases to exist? The Hodlers Club continues, and you get rewarded for your MTXLT in MTXLT or TXL (we will cover this in an upcoming announcement). In any case, you will be able to use the token bridge for any MTXLT rewarded and can eventually use the bridge to swap your MTXLT to tradable TXL.
Tixl Astronauts Club continues
The change does not have any effect on the Astronauts in our Social Reward Program called the “Tixl Astronauts Club”. When MTXLT is no longer available, we will simply send 1,000 times the amount in TXL.
Social Reward Program Update — The New Tixl Astronauts Club
Earlier this year, in April, we introduced a program that rewards our community members with MTXLT tokens in return for…
TXL Contract Address
Moving Founder and Advisor Tokens
We will transfer the wallets of the team and the advisors to the ERC20 token. We are still contractually bound not to use any tokens before June 2021 (and after that access is limited to just 1% of the holdings per month). With the Ethereum smart contract, we can also make this agreement traceable and non-changeable.
We hope that this step will further increase confidence in the project, especially as we welcome new members to our community.
Moving Tokens for Token Sale
As with the founder wallets, we will also transfer the tokens scheduled for sale to Ethereum. With the Smart contract, we can guarantee the long-term release schedule of the tokens, and the development of the circulating supply can be better predicted.
Growing the Tixl Ecosystem and Network
The move to Ethereum will open up tremendous new opportunities for Tixl, which do not currently exist (in this form) on the Binance Chain. Our token will be compatible with many of the other DeFi projects and use-cases. This makes it easier to form partnerships, get integrated into exchanges and onboard Fiat-to-Crypto suppliers.
Uniswap Coming Soon
A major milestone for Tixl will be the listing on Uniswap. Uniswap has gained a lot of traction in recent weeks and is the first decentralized exchange to attempt to keep up with the trading volume of the larger centralized exchanges. One of the biggest pain points for the Tixl project has been the relatively low volume on the listed exchanges, in general. The Uniswap listing will be a door-opener for Tixl to gain much greater volume without having to pay the high listing fees demanded by the top exchanges.
Ethereum Network Partnerships
There is already a list of potential partnerships within the Ethereum ecosystem that would make sense not just for TXL but for the other projects as well. These partnerships would not be formed simply for marketing purposes, as is sometimes the case with other projects. This will certainly be one of the focus topics leading up to the Mainnet release and we will update you as soon as there is anything to announce.
The first partnership that we have established is with Ferrum Network. Ferrum Network will help Tixl gain entry into the Ethereum ecosystem.
We are looking forward to the coming weeks and months. The work of the past year has provided and an excellent base for Tixl to take the next step towards a recognized and well-established project in the crypto space.
It’s time to shine.