Background
To date, over 90% of VRAB (BEP2) has been swapped to VRA (ERC20) in the VeraWallet.
As our community knows, the migration from an ERC20 token to BEP2 had to be stopped due to lack of liquidity for VRAB on KuCoin and Binance Dex. This was an Event Outside Our Control and VRAB is no longer supported by Verasity.
We reached out to the majority of the VRA and VRAB holders’ community to get a consensus on a way forward that would not adversely affect either group of token holders. Over 75%* of the community have expressed satisfaction with our actions in this swap process.
The VRAB delisting process on KuCoin has been completed. We applied to delist from Binance Dex, who require a fee of 2,000 BNB for a delisting. The DEX does not freeze tokens unless Verasity has control over 100% of the VRAB wallets. We have gone ahead with the swap process while waiting for Binance Dex to delist.
The VRAB community requested that Verasity swap the VRAB to VRA tokens and we acted upon this after considering the ramifications, including the legal ones.
Our goal here has been to satisfy, within reason, as many of our VRAB holders as possible. On the other hand, VRA holders have said they are worried that VRAB holders, who purchased VRAB at a “discounted” price and swapped to VRA on a 1:1 basis, could liquidate and harm the project. We have made it clear by the mechanics of this swap that Verasity is not and will never be a pump and dump scheme — nor can it appear to be one.
The Swap Staking Scheme
For VRAB holders who made purchases before 00:00 (UTC) 29 June 2020 the swap is on a 1:1 basis. All qualified VRAB holders are entitled to swap their VRAB balances and Verasity will automatically place them in a new Swap Staking Scheme and VeraWallet Staking Contract.
For VRAB holders who purchased their tokens after 00:00 (UTC) 29 June 2020, when there was a growing price difference between VRAB and VRA, a sliding scale ratio will be applied (see below Appendix) that approximates the differential in price. All qualifying VRAB holders are entitled to swap their VRAB balances, after applying the price ratio, and Verasity will place them in a new Swap Staking Scheme.
The Swap Staking Scheme is for a fixed period of 12 months and is mandatory for all VRAB to VRA swaps with the exception of balances under 100,000 VRAB. All Swap Staking Scheme rewards will be paid daily in VRA and will be available immediately.
VRAB balances under 100,000 VRAB do not qualify for the Swap Staking Scheme and will automatically be swapped to VRA within the VeraWallet.
The Swap Staking Scheme is for a fixed period of 12 months to avoid liquidation which would adversely affect VRA holders who have had an equal say in this process. The rate of interest is 36.5% per annum (0.1% daily) until 31 March 2021. From 1 April 2021 to the end of the Swap Staking Scheme the rate of interest will be 25.55% (0.07% daily).
The Swap Staking Scheme supersedes any and all other VRAB staking schemes.
The Swap Staking Scheme Mechanism
1 VRAB balances held before 00:00 (UTC) 29 June 2020 — VeraWallet Holders
All VeraWallet users with VRAB balances in their Main Wallet and/or their Staking Wallet need take no action. Your total VRAB balance has automatically been swapped to VRA on a 1:1 basis and, if over 100,000 VRAB, placed into the Swap Staking Scheme for 12 months. Your daily staking rewards will be paid in VRA and can be immediately withdrawn.
If your VRAB is in your VeraWallet there is no action for you to take.
2 VRAB balances held before 00:00 (UTC) 29 June 2020 — Non VeraWallet Holders
For VRAB holders whose tokens are not in the VeraWallet you have until 00:00 (UTC) 03 August 2020 to submit proof to support@verasity.io that the amount of VRAB you wish to transfer to your VeraWallet was purchased and held by you prior to 00:00 (UTC) 29 June 2020. If your claim is successful your tokens can be sent to your VeraWallet to be swapped on a 1:1 basis and, if over 100,000 VRAB, automatically placed into the Swap Staking Scheme for 12 months. Please see the appendix below for further details on the required proof.
3 VRAB balances after 00:00 (UTC) 29 June 2020 — Non VeraWallet Holders
For VRAB holders whose tokens are outside of the VeraWallet and purchased after 00:00 (UTC) 29 June 2020 your tokens will not be swapped on a 1:1 basis instead a sliding scale ratio will be applied based on the date you purchased (see Appendix below). If you bought VRAB after the announcements, on 7 July 2020 for example, when the price of VRAB was approximately half that of VRA you will receive half the amount of VRA for your VRAB. Please see the appendix below for the dates and ratios to be applied.
Proof of your balances must be submitted to support@verasity.io before 00:00 (UTC) 03 August 2020. If your claim is successful your tokens can be sent to your VeraWallet to be swapped based on the ratios and, if over 100,000 VRAB, placed into the Swap Staking Scheme for 12 months. Please see the appendix below for further details on the required proof.
Swap Progress
At the end of the process everyone holding genuine VRAB balances who wishes to swap to VRA will be swapped. Verasity has already swapped over 90% of the VRAB holders to VRA in VeraWallet accounts. This is a manual process and takes time so please be patient. Our support team needs to complete normal operating tasks as well as the swap.
Any VRAB holders that do not transfer their VRAB to a registered VeraWallet will not be swapped.
We are using software to automate the checking of transactions to calculate balances and therefore it is essential that all files sent to us are original downloads and not altered, otherwise they will be rejected. As you can imagine we have had hundreds of attempted scams and we check each submission thoroughly. Anyone suspected of making false token claims or opening multiple VeraWallet accounts will be banned from the platform and their VRAB swap claim rejected.
We expect to receive some negative feedback from a small section of the community but we have sought approval from the majority of token holders before implementing the swap and introducing the Swap Staking Scheme. We will only do what is best for the long term sustainability of the project.
At the end of the Swap Staking Scheme
Based on the swaps so far and CMC’s algorithm there has been no change to the circulating supply.
The staking rewards paid by Verasity to the swapped VRA holders are partly funded by Verasity market buys so that no new tokens are expected to enter circulating supply.
As stated before, a random amount of net revenue earned by Verasity in fiat is used to buy back VRA from exchanges and burn VRA to reduce circulating supply. Verasity revenues are derived from subscriptions, tournament rakes and ad revenues.
Verasity is creating long term value for token holders and we have seen a constant and overwhelming demand for staking which has replaced every unstaking holder within minutes. The Staking Program was extended to the end of 2021. This constant is unlikely to change in the medium term as demand for VeraWallet staking increases and Verasity revenues and adoption increases.
We very much appreciate the overwhelming backing of the community and count on you to continue your great support.
Verasity Legal Position
Verasity legal council has determined that this reverse migration is an Event Outside Our Control (Force Majeure). The terms of a VRAB to VRA swap are governed by this Event Outside Our Control (for more information read here and here)
Appendix
VeraWallet users with VRAB balances already in their Main Wallet and/or their Staking Wallet need take no action.
For those with VRAB balances outside of the VeraWallet you must send proof of your balances to support@verasity.io before 00:00 (UTC) 03 August 2020.
For amounts held on:
Binance DEX — please provide your DEX wallet address
KuCoin — please provide KuCoin screenshots and a CSV of your trading history which shows VRAB transactions. Make sure you attach the CSV file exactly as it is received from KuCoin otherwise our software will automatically reject it.
In addition, VRAB holders who purchased after 00:00 (UTC) 29 June 2020, please complete the proof as requested above and be aware that we will apply the following ratios to your VRAB balances:
For example: a total of 5,000,000 VRAB was purchased after 00:00 29 June 2020–3,000,000 VRAB at 23:57 3 July 2020 and 2,000,000 VRAB at 00:01 8 July 2020.
The total VRAB that can be swapped to VRA and placed into the Swap Staking Scheme is (3,000,000 * 75%) + (2,000,000 * 10%) = 2,450,000 VRA.
IMPORTANT: All VRAB holders will have 2 attempts to submit their VRAB balance proofs. If the first submission fails, support will inform you and you will have one final attempt to substantiate your claims. It is your responsibility to prove your VRAB balances are genuine.
* Corrected from 90%. The basis is 90% of the VRA token holders (by amount of tokens not holders) and over 50% of the VRAB token holders (by amount of tokens not holders.
REWARDS BASED PLATFORM FOR ESPORTS, GAMING AND VIDEO ENTERTAINMENT
Verasity provides proprietary technology uniquely rewarding gamers, viewers and publishers. Verasity is a crypto-based platform with the VRA token that aims to revolutionise the online advertising business. With its innovative Proof of View system, advertisers are able to guarantee their video ads are seen and not ignored thanks to smart contracts on the Ethereum chain, while viewers are able to earn VRA simply by watching the content they already consume. Verasity has a focus on gaming publishers and esports.
- The first platform to provide user-generated esports and prize pool tournaments supported by both Fiat & Digital Tokens.
- Video gaming content monetized by Verasity Ad Stack and Proof of View (PoV)
- Enables tokenized rewards (VRA) as well as loyalty schemes within the video player VeraWallet
- Supports over 2 million video publishers with our SDK products (overlay on video players) to increase engagement and revenues by 35%. See example publishers and videos here.
Verasity revenue streams include:
ame subscriptions, prize pool commissions and video ad revenues. Read about the tokenomics, forecast, buy back and burn here.
📖 Read our latest adoption metrics and one page overview
📈 Find where VRA (ticker) is trading on CoinMarketCap
VRA can be staked for 36.5% annual interest at https://verawallet.tv.
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