Participation in our first governance proposal has exceeded our expectations. At this time, it appears that our community will approve the Merging and Rebranding proposal (read our article “Governance: First Major Proposal” in case you missed it). As such, we will take some time to explain how the token migration will work. This will be the first of several articles walking investors through this process and providing additional information regarding developments as we move into this new chapter.
Firstly, our development team has worked hard on the migration contracts, which are now nearing their final testing phases. Safety and security have always been our top priority. As such, this ideology will remain at the core of our ethos as we advance.
The migration process will consist of two separate phases to make this process as smooth as possible.
1- Opening migration contracts for deposit
On November 1st, we will open the migration contracts for deposit. This deposit will take place through an easy-to-use section on the Wault Finance UI for BSC and Polygon. Through this section, you will be able to deposit Wault tokens, which will then be burned.
Upon depositing and burning your Wault tokens, you will instantly receive a placeholder token aptly named the Wault Migration Token or WMT. WMT will not have value, nor will there be any liquidity pools provided for trade said tokens. The allotment of WMT you receive will be based on the previously calculated ratios provided in the original merger proposal.
In case you missed the previous announcement, the following proportions of received WMT per Wault tokens are as follows:
- 1 WMT = 1,368 WEX
- 1 WMT= 445 WAULTx
- 1 WMT= 5,048 WEXpoly
Upon our relaunch, which is currently estimated at 1-2 months from our initial proposal, you will swap your WMT for an equal quantity of the new project token.
2- Reducing WEX and WEXpoly emissions
Secondly, on November 1st, we will begin the process of reducing WEX and WEXpoly emissions. At this time, the emissions will be reduced by 50%.
The following week, on November 8th, a further 50% reduction will be made.
Finally, on November 15th, all emissions will be stopped.
We will also return any excess partner tokens from the wPools to each respective project at this time. We are taking this gradual reduction approach to minimize the effects on our partners and other protocols using Wault Tokens, thus allowing for a controlled introduction into the new ecosystem.
Phase two will begin closer to the launch date, at which point we will have additional articles detailing the process.
We have a robust timeline for this new community-focused project we are developing, and the community will play a massive role throughout this process. We will be announcing many community-based initiatives and contests shortly. We encourage community members to participate in these endeavors to help guide the future of this new beginning together.
More to be announced in the coming days and weeks.