*** Update: In a token split done in 2020, MTXLT became TXL with a split ratio of 1:1,000. The MTXLT mentioned in this article migrated to TXL.***
We are constantly looking for ways to extend and improve the Tixl ecosystem and provide other platforms for people who share in the vision we have for Tixl. For this reason, we are pleased to announce that we are introducing a new $MTXLT ERC-20 token based on the Ethereum blockchain, and a bridge to swap the $MTXLT token back and forth.
We first discussed the idea in an earlier article (link below). Today we would like to give you a more detailed insight into our planning and the time-frame for the changes.
$MTXLT on Ethereum: Extending the Tixl Ecosystem
As we described in our latest status update, we are on the road to our Alphanet release. We are not calling it Mainnet…
Token Burn & Minting as ERC-20 tokens
We have spent time and effort weighing up the advantages of the respective platforms for our token. We have also been in communication with other projects that have previously carried out a token split, and now have tokens that are available on both Binance Chain and Ethereum.
After a great deal of deliberation, and considering the Ethereum ecosystem has developed extremely well over the past year, we have decided to incrementally burn specific amounts of our BEP2 tokens at the same time as minting the corresponding amount of ERC20 tokens on Ethereum.
You can follow progress as we do this by checking our BEP2 token supply here - (https://explorer.binance.org/asset/MTXLT-286) and the link to our new ERC-20 token address which will be released soon.
Given this is a new phase of the project, we want to remain as flexible as possible and not have to commit to a specific BEP2 <-> ERC20 token ratio at the start. We will begin by minting 100,000 ERC-20 tokens while having a circulating supply of ~47k BEP2. The circulating supply will not increase unless some of these ERC20 tokens are distributed according to this article about our Tokenomics.
Time estimation: Mid-August, 2020
BEP-2 / ERC-20 Bridge
We have received a good recommendation from our network for the Bridge and will work with another project that has already had one built. Given the Bridge we have decided on already exists and has proven itself, it makes more sense to use this one than to build one ourselves. However, we will retain full control of the Bridge and run it on our own servers. This means that we will not be reliant on the other project, but will form an alliance with them. We will provide more details about the new long-term partnership, what it means for our project, and other aspects of the agreement in an upcoming article.
Time estimation: September 2-10, 2020 (the exact timing depends on our partner)
Benefits from the ERC-20 Ecosystem
The Ethereum ecosystem has developed very well over recent months, and most of the current DeFi developments are taking place on Ethereum. In addition to the current DeFi developments, the general support for Ethereum based tokens is very good.
As an ERC-20 token, MTXLT can also take advantage of the benefits of Uniswap. We plan to dedicate a pool of Tixl to this and are looking forward to the participation of our community. For many projects, Uniswap has proven valuable in terms of increased visibility and token price.
ERC-20 tokens provide more opportunities to be included in staking programs and thus achieve added visibility for the project. We are currently considering the launch of a small staking program. This will be far less lucrative than the rewards of the Hodlers Club. However, we think that a staking program would be of interest to new investors and potentially reduce the number of Hodlers Club rewards that end up on the open market.
ERC-20 tokens are widely used, meaning a number of Exchanges and Wallets provide ERC-20 support. For many, an ERC-20 listing means considerably less effort than integrating a BEP-2 token. This also means that the fees for listing an ERC-20 token are less.
Smart contracts for MTXLT are also made possible with an ERC-20 token. Although Binance is also working on the Binance Smart Chain, the interaction with an Ethereum Smart Contract is much more common. We already have some ideas for the use of a Smart Contract for MTXLT. A small hint: rule-based token burn.
We are continuing to work on releasing a stable running Alphanet, but following this, Smart Contracts will open up new possibilities for our token (including potentially integrating ideas from the community).
Fiat — Crypto Onramp
We are in touch with a provider for an easy Fiat to Crypto option for MTXLT. It is hard - but not impossible to get a BEP-2 token listed - but an ERC-20 integration is both cheaper and easier.
ERC-20 on the Autobahn Network
To date, we have focused on creating the ideal user-experience for Bitcoin transactions on the Autobahn Network. It is important for us to first provide a good solution and not simply connect various chains while the usability is not ideal. While we have not yet reached our end-goal, we are getting closer with every passing week.
Once we are satisfied with the Bitcoin integration, we can start integrating the second platform. We are pleased that, with Ethereum ERC-20 tokens, we will have a second platform that supports the Autobahn Network.
The Autobahn Network will benefit from this. In addition to our own MTXLT token and ETH, other ERC-20 tokens can be sent on the Autobahn Network. We will not support all ERC-20 tokens but will concentrate on select ones such as stablecoins which will add real value to the platform.
We are confident that the token split and the additional possibilities offered by the ERC-20 token will have a very positive medium-term effect on the ongoing development of the Tixl project.
We look forward to the coming months and the new opportunities that are opening up. Thank you for your continued support and trust in the Tixl Vision.