VPAD Token Migration: Elevating Efficiency on Binance Smart Chain
VLaunch is gearing up for a major shift in its ecosystem with the migration of VPAD 1.0 from Ethereum (ERC20) to VPAD 2.0 on Binance Smart Chain (BSC). This Migration is scheduled to begin at 16:30 UTC on January 16, 2024. As an effort to ready the VLaunch community, we will be publishing another full comprehensive guide on how to bridge and swap your tokens on the 17th of January 2024.
Important Notice: Throughout the token migration period, staking will be temporarily deactivated. Staking members are not compelled to unstake their VPAD. Staking rewards remain unaffected for members who keep their VPAD staked. However, if they opt to unstake their VPAD, it should be completed prior to the migration initiation, as staking activities will be temporarily halted during this period. Members forfeit staking benefits when unstaking VPAD. To access details about the unstaking penalty, members should connect their MetaMask wallet, select the ‘Participate’ tab on the VLaunch dashboard, then select ‘Staking’. Those who wish to proceed with unstaking must adhere to the steps outlined in this guide.
Members should be aware that the VLaunch user dashboard may not accurately display stakings or related information until the migration process concludes. We anticipate the full restoration of all services, including the new staking system, acknowledgment of the existing rewards airdrop, and the ability for members to swap their VPAD 1.0 to VPAD 2.0 through the swapping mechanism, upon the completion of the token migration expected by January 22, 2024.
IMPORTANT: Only use the official VLaunch website to obtain any information regarding the token migration.
Token Migration Benefits
Members can expect lower transaction costs and improved VLaunch ecosystem performance. This move promises reduced fees, enhanced scalability, and improved functionality. This initiative is expected to alleviate network congestion and enhance the overall performance of the VLaunch ecosystem.
VPAD tokenomics will undergo changes, now limiting the total token supply to 500 million tokens. This is a reduction of 50% from the initial 1 billion tokens. Read more about VPAD supply reduction here.
Overview of Migration Steps
Step 1 — Bridge VPAD 1.0 (ERC20) — VPAD 1.0 (BSC)
Staked VPAD (NO ACTION REQUIRED)
Staking members DO NOT need to unstake their VPAD. No action is required for Step 1 and Step 2. Staking rewards remain unaffected for members who keep their VPAD 1.0 (ERC20) and (BSC) staked. All VPAD 1.0 (ERC20) and (BSC) that remain staked during the migration process will be automatically migrated to the new VPAD 2.0 (BSC) token.
Centralized Exchanges (NO ACTION REQUIRED)
If you hold VPAD on a centralized exchange (Huobi or Bybit) step 1 and step 2 does NOT apply to you, and no further action is required. Members who would like to withdraw/deposit VPAD 1.0 (ERC20) tokens to or from centralized exchanges must ONLY use the Ethereum (ERC20) network on Bybit or Huobi Exchange. Members should look to their respective exchanges for future updates regarding the VPAD 2.0 migration.
VPAD 1.0 (BSC) Holders (NO ACTION REQUIRED FOR STEP 1)
Members who already hold VPAD 1.0 tokens on the Binance Smart Chain (BSC) are not required to use the VLaunch vBridge. Members who have VPAD 1.0 staked on either (ERC20) or (BSC) are NOT required to take any action as these tokens will be automatically migrated.
Members will be required to swap their VPAD 1.0 (BSC) to VPAD 2.0 (BSC) only once migration is complete, which is expected to be completed by 22 January 2024 detailed in Step 2.
VPAD 1.0 (ERC20) Holders on Decentralized Wallets (MetaMask) (ACTION REQUIRED)
In preparation, members can start to bridge their current VPAD 1.0 (ERC20) tokens before the migration process begins. To bridge VPAD 1.0 (ERC20) tokens to VPAD 1.0 (BSC) visit the VLaunch website, click on the VPAD Token tab, and select the vBridge. Enter the mount of VPAD 1.0 (ERC20) tokens to transfer and select approve. Subsequently, approve the transaction via your MetaMask wallet, which will require Ethereum (ETH) for gas fees. You can access the vBridge here.
Once members have successfully bridged their VPAD 1.0 (ERC20) to VPAD 1.0 (BSC), there is no future need to use the vBridge. It becomes non-functional once migration is complete, as VPAD 2.0 exclusively operates on the Binance Smart Chain.
PLEASE NOTE: Step 2 can ONLY be completed once the migration process is complete expected by 22 January 2024.
Step 2 — Swap VPAD 1.0 (BSC) — VPAD 2.0 (BSC)
Members will be able to swap their VPAD 1.0 (BSC) — VPAD 2.0 (BSC) tokens only once the migration process is complete on the anticipated date of 22 January 2024. Members will be able to see the VLaunch’s swapping mechanism on the VLaunch website, however, it will disabled. More information regarding the process will be released in the second article on 17 January 2024.
PLEASE NOTE: Step 2 can ONLY be completed once the migration process is complete expected by 22 January 2024.
Conclusion
A thorough guide outlining the migration process will be released on January 17, 2024. We ensure that members will have enough time to bridge and swap their VPAD tokens. Exercise caution during this crucial VPAD migration, as there is a risk of scammers attempting to exploit the situation. Please refer to the official VLaunch website for the latest updates, and be vigilant against scams. A full comprehensive guide will be published in the coming days.
Disclaimer: VLaunch disclaims responsibility or liability for any loss of funds caused by third parties attempting to exploit the token migration, such as providing fraudulent contract addresses for the new VPAD 2.0 token. Explore further details on our legal disclaimer and risk statement here.
VLaunch disclaims responsibility for actions outside the specified guidelines, like involving third parties in bridge or swap transactions, scams and sending old tokens to the exchange post migration.
Only obtain updates exclusively from the official VLaunch website.
