FAQs: $ZPAY migration to the Elrond Network
If you’ve not yet heard, we are in the process of migrating to the Elrond Network (Read about this on Binance). While the tech team gets ready to roll out the bridge that will help in this migration, here’s a list of FAQs that can be of help if you’re a ZPAY token holder.
- Why has ZoidPay decided to migrate to the Elrond Network?
For a start, Elrond’s tech will help boost the utility of the ZoidPay ecosystem and $ZPAY token with internet-scale performance and low costs of settlement. Beyond that, the support received from the team at Elrond Network over the past weeks and months has been great and incredibly encouraging.
Check out Eduard’s Twitter thread for more on this.
2. What can one expect out of this partnership?
As a one-stop crypto liquidity platform, ZoidPay brings in a number of liquidity solutions for $EGLD token holders, DeFi innovators, wallets and exchanges on the Elrond Network. For a start, $EGLD is now the main currency adopted on the ZoidPay Chrome Extension, allowing one to shop from over 100M online retailers safely and instantly.
Something we believe in at ZoidPay: “If you want to go fast, go alone. If you want to go far, go together!”. This partnership has brought together the team and communities of two projects which share a common vision of enhancing blockchain adoption.
Read more here👇
ZoidPay brings Instant Interoperable Liquidity to Elrond: What does this mean?
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3. Can I still buy the ZPAY token?
Yes. Trading for the ZPAY token is very active on Hotbit, which currently is the only place the token is available. We do plan to have more listings coming up soon. Migrating to the Elrond Network also opens up newer avenues for a potential listing.
For the record: Of the maximum supply of 700 million tokens, 290 million or 41.4% of the total supply is already in circulation. Of this, 60 million ZPAY tokens or 21% of the circulating supply is staked. (Slightly dated, but this can give you more details around the tokenomics)
4. I am an existing ZPAY token holder. What happens to my tokens?
Firstly, this move has been done keeping in mind the best interests of the ZPAY token holder and the community at large. Over the last few months, we’ve faced challenges in listing on exchanges owing to limited integration of the TRC21 network. Hence, we’ve acted on pursuing a multi-chain strategy and taken the first step with this migration to Elrond Network.
You will have the chance to migrate your tokens to the Elrond Standard Digital Token (ESDT). Our tech team’s already built a bridge to make this happen and is currently in the process of thoroughly testing the same. As communicated earlier, we will be releasing details & guides in the coming days on how you can take part in this migration and convert your TRC 21 ZPAY tokens to Elrond Standard Digital Token (ESDT).
5. Will there be a new token sale?
No. There will be no new token sale. As stated above, there are currently 290 million ZPAY tokens in circulation (21% of which are staked).
6. Can I continue to hold my ZPAY tokens in TRC 21 form?
One aim of migrating to the Elrond Network is to enhance liquidity for the ZPAY token, beyond the TRC 21 network. Our bridge will stay live until all ZPAY holders move from TRC 21 to ESDT.
7. I am staking ZPAY. What happens to my staked tokens?
Like we said before a significant part of our circulating supply is staked. All stakers of ZPAY continue to earn staking rewards during the staking period. If you do choose to unstake, after completion of the staking period, you will have the choice to convert the tokens to ESDT or any other chains (supported at that time).
Incredible to see nearly 4M new ZPAY staked over the past week 🤩!
About ZoidPay: ZoidPay is a crypto liquidity platform enabling instant card
issuance for purchases at any merchant at the lowest fees. ZoidPay was established in Cyprus in May 2018 as a blockchain company focused on making crypto payments easy for everyone, driving adoption to web 3.0 financial services.
Users: Shop anything from anywhere with crypto
Developers: Build web 3.0 financial services on top of instant, interoperable cross-chain liquidity with our API’s and SDK’s.
Platforms: Integrate crypto liquidity with one-line of code
Merchants: Accept crypto payments in less than 3 minutes
Liquidity Providers: To stake, lend and earn
If you want to learn more about ZoidPay, make sure to follow us on our social channels below. If you’re really curious and want a quick reply from our core team members, head down to our Telegram channel and just ask!