The Trips Token Upgrade

5 years after its launch, we are upgrading it!

Published in

trips-community

4 min readNov 24, 2023

The Trips token was created in January 2018, one of the first travel related ERC20, and 5 years later, it needs an upgrade.

This article is your guide to the upgrade and will be constantly updated to reflect the situation.

First, why the Upgrade?

I’ll try to keep it simple.

The code is old and does not have all the functionalities it needs. Here you can learn more.
The Non-mintable property is not transparent. Meaning: we can’t mint more than the already existing 63 Millions, but we can’t prove it. This is because we created it with discontinued technology (Mist wallet)

In other, simpler words:

We can’t do all we want with the token.
You need to trust us that we can’t mint more.

Upgrading a token is a pain, but it has to be done.

(Read here for more on the new token).

How does the Upgrade work?

We’ll simply send the new token to all old token holders.

🎉 Yeah! I’m rich! An airdrop!
No! This is not a “here’s some magic internet money” airdrop.
There is no free money given away.
We are giving you new token because the old tokens are going to be worthless.

“No upgrade contracts?”: no, here’s why.

How do I get the new token?

Simple: hold the old token in a wallet and wait.
We will send you the new Trips.

(🚩‼BUT If you have Trips in a pool, you need to remove them.)

When is the Upgrade?

We will give time until the 31st of December to anyone who has liquidity in the pools. After that date, we will send them (the exact date is yet to be defined).

What to do then?

If you have tokens in wallets, wait.
➡️ If you have tokens in pool, remove them now! ⬅️.

Questions and Answers

“Why no Upgrade contract?”

Usually the best way to perform an upgrade is to create some Upgrade contract, in which people come and swap the old token for the new.
The problem with this is:

Smart Contracts, even the simple ones, always have some risk. They always require work and should be audited, and even if audited may have vulnerabilities
People have rightly become wary of interacting with new smart contracts. One wrong contract and all your money is gone.
We need to do this on 3 chains (Mainnet, Gnosis and Polygon)
Few people would bother to do that for two reasons:
1) They wouldn’t know it (and how do we reach them?)
2) They don’t care about Trips or crypto any more now that Sam killed it and the other Sam made AI the new shiny thing.

As a result, the new token would have very few holders, damaging the token.

This is an over simplification.
If you want to follow the whole discussion, have no real social life and enjoy crypto nerds (the future masters of the universe, BTW) talk, Discord is your rabbit hole.

“If I hold TRIPS in my TIP.cc wallet, will I get the new tokens there?”

Yes, there’s nothing you need to do.

“I have Trips in a pool”

You need to remove any Trips you may have in a pool.

At the moment, the old token still has value, because you can swap it for xDAI.
So we first need to remove all the liquidity from there.
If we don’t, and someone receives the airdrop with the new token, they can keep the new one and sell the old one, effectively doubling their money at the expense of the Liquidity Providers.

So, if you have Liquidity in any of the pools, remove it now.

We can’t do that for you, this is a permissionless world.

How to Remove the Liquidity

Check any of the 3 Pools and see if you have an LP position there.

Uniswap on Ethereum, Honeyswap on Gnosis and Uniswap V3 on Polygon.
Remove the liquidity (don’t sell the tokens, or you won’t get the airdrop).
Wait for the airdrop
Create a new LP with the new token (when the pools are ready)

We are thinking ways to mitigate the damage to the Liquidity Providers who missed this, and you can see them in Discord (same link as above).
Don’t count on them to get lazy: remove your liquidity now.

Note that the amount of money in the pools is very low, we are making extra efforts to reduce potential damage anyway.