Wow, it’s been a crazy week for BSC, full of upgrades and migrations.
First, Venus upgraded to V2: https://twitter.com/VenusProtocol/status/1382684995207172100
Then, just yesterday, PancakeSwap announced a migration for their LP Tokens.
With the BSC ecosystem moving in this direction of upgrading and optimising, we at Wault thought it over and decided to move forward with something we’ve been considering for a while — a token migration from WAULT to a new token — WAULTx!
We assure you this is in the best interests of all you WAULT holders and we’ll explain why below.
Why a token migration?
Our team at Wault has been speaking with a number of centralized exchanges about listing for weeks now, and some very big ones have shown interest. However, one major roadblock has halted those discussions in every case — the transactions tax.
CEXes weren’t willing to list us when they’d have to worry about token holders paying transaction taxes on our token, even if it was only into and out of their exchange. As you can imagine, this isn’t ideal for our team or WAULT holders, because centralized listings are a great way to raise token price, stimulating the ecosystem and rewarding holders. Furthermore, the transactions tax could become a hindrance when using bridges across blockchains. This could cause trouble in our future efforts to go cross-chain.
Yet, turning off the transactions tax and inactivity fee isn’t as simple as flipping a switch. They’re embedded in the token’s code, and the only way to remove these features, is what we’re doing now: a token migration
Luckily, there are various migrations and changes happening this week. This weekend, everyone will have to manually migrate all their PancakeSwap LP tokens, so we figured one more migration shouldn’t be too difficult for our users.
This migration will not affect any of the utilities of Wault’s ecosystem. Everything will keep running, making our users profits as before; Staking pools, vaults, presales, and the upcoming WEX listing will all continue. The biggest difference will be that with this change, Wault’s long-term prospects will become much brighter, as we resume the stalled listing conversations we’d been in with various exchanges.
How to convert WAULT to WAULTx?
Below is the information for WAULTx and how to redeem it:
- WAULTx will be redeemable at 1000:1 for every WAULT token.
- WAULTx will no longer have any transactions tax or burn rate. It will be a simple governance token with a capped total supply; the same as WAULT multiplied by 1000(WAULTx will have 1Bn total supply).
- The initial liquidity from WAULT-BNB will be removed and used to seed WAULTx-BNB at the same market price as WAULT divided by 1000.
- All the WAULT tokens locked in the staking pools will continue to receive WAULT rewards. The tokens in the 30-day pool will also continue to have exclusive presale access for the next 31 days. So nothing will change there. Whenever your lockup period is up, you’ll be able to withdraw and then do the conversion from WAULT->WAULTx.
- You’ll be able to convert WAULT to WAULTx on https://app.wault.finance/ at 3 PM UTC, on Friday, April 23rd, 2021. Conversions will remain open until 3 PM UTC, on Wednesday, June 23rd, 2021 (2 months)!
- The upcoming WSwap staking pools will work with WAULTx instead of WAULT, so we encourage converting as soon as possible to not miss out on the high early rewards.
A final note on PancakeSwap’s LP migration to V2
Because PancakeSwap will be upgrading all their LP tokens to V2, their current LP pools will no longer be active starting this weekend. This will be a problem for various protocols on BSC that have locked LP tokens, us included, because those Pancake LP pools will no longer receive CAKE rewards. Fortunately for the LP stakers in the WAULT-BNB pool, this isn’t a loss. At the moment, that pool is only earning 13% APR from trading fees. The main reason users joined the pool was for higher multipliers on presale access which will still be there as the main incentive until the cutoff date.
We can’t do anything about the reduction in CAKE rewards while those LP tokens are locked up, but since our LP pools will be switching to new ones with the WSwap launch, this will not be a major problem. If you have tokens in that pool, all you have to do is withdraw them when your lock period ends, and convert the WAULT into WAULTx just like everyone else. Then, if you wish to continue receiving rewards for LP’ing, the new pools on WSwap will offer substantial APYs.
What’s next — -good news!
Ok, we have good news as well. We’ll be announcing our next presale very soon. We meant to release the info today, but then PancakeSwap announced their migration, leading us to make this article instead. However, we’re very excited about this presale and believe it’ll do very well, just as the last two with Swirl and Euler did.
So, the main value-add for WAULTx tokens hasn’t changed. We still have a multitude of early stage projects in the pipeline and will continue launching them in steady intervals, moving ahead as planned.
In addition, our new AMM WSwap and its token WEX will also continue without a hitch. We’ll be launching them next week, along with the incoming airdrop, so look forward to that.
In summary, there are good things ahead. The token migration to WAULTx is also going to create much more long-term value for holders. We know it’s a lot to take in, but this week has been crazy for all of BSC. The main thing is that we’re moving in the right direction, and our ecosystem will only develop further from here.
News about the next presale, WEX and WSwap will be coming soon, so pay attention to our socials!
What is Wault Finance?
Wault Finance is a decentralized finance hub that plans to connect all the primary DeFi use-cases within one simple ecosystem on Binance Smart Chain. We believe the benefits of DeFi should be accessible to the masses but in an intuitive way; avoiding the expensive fees, confusing interfaces, and centralized decision-making of many current platforms. So with these goals in mind, we’ve built a protocol with some unique features we believe will amplify the power of wealth-accumulation for our users.
In addition, we believe in open and decentralized governance. That’s why WAULT token holders will be able to vote on and decide all aspects of the protocol’s future development path. Every developer is also welcome to work on and contribute to our open-source code. Come join the movement and help us advance DeFi on the Binance Smart Chain!
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