Why did Ecoin Finance decide to migrate to v2?
- Supply reduction: The total supply will be reduced, this will improve the protocol's prospects for the future. With the 1,000,000:1 supply reduction (from 1 quadrillion to 1 billion). We will also be easily qualified to enter major Exchange TOP 10 as per step 6 of the roadmap.
- Futuristic vision: As a futuristic company that always values innovation, technological development and humanity, aiming at stage 6 of the roadmap, the ECOIN v2 contract will be adapted for the new Metaverse insertion projects and own DEX (Decentralized Exchange).
- Even more confidence: The new v2 contract will be audited by Certik, recognized as the world's largest crypto asset auditing firm.
- Improved security: Contract security has been improved and written in the latest Solidity version 0.8.9.
- Precaution: Withdrawal function has been added to recover BNB and other tokens sent to the contract accidentally. Although we cannot retrieve the tokens sent to the current ECOIN V1 contract address, but fortunately this will no longer be an issue in ECOIN V2.
- More flexibility: We will have more flexibility in adjusting fees for special events and for specific contracts giving the ability to integrate more products into the ECOIN ecosystem and a hard limit on how high we can set the rates has been incorporated for added security.
- Native burning function: The new v2 contract will have a dedicated token burning function, which can be adjusted to speed up the burning process, that is, in ECOIN v2, in addition to the reduced supply, the burning of tokens will be greater than in the old ECOIN contract v1 which was from transaction reflections only.
With the necessary adjustments in our v2 contract, such as reduced supply, flexibility in adjusting rates, audited by the largest and most respected company in the field (Certik), we will increase competitiveness with the largest current cryptocurrencies on the market.
For Holders who:
1 – Have ECOIN on Centralized Exchange (CEX) IndoEx, the migration process to ECOIN v2 will happen automatically once the migration starts.
3 – Have ECOIN in a hardware wallet (offline), we recommend that you connect your wallet to a decentralized wallet like MetaMask or Trust Wallet to do the manual migration process in the migration dApp.
How will the migration work?
When the migration starts, a snapshot of the address of wallets and balances will be taken, the price of ECOIN v1 at this time will be used as the opening price v2 (price lock).The v2 tokens will be redenominated as follows: 1,000,000:1
Amount tokens example from v1 to v2:
If you have 150,000,000,000 (150 billion) of ECOIN v1 worth $1,000
You will have: 150,000 (150 thousand) of ECOIN v2 worth US$1,000
Pricing example from v1 to v2:
If the price of ECOIN v1 today is $0.0000000045, the new price of ECOIN v2 will be $0.0045.
NOTE: You will not incur any charges or fee on behalf of Ecoin Finance with the migration process. Your total amount of ECOIN v2 will be equal in value to the initial ECOIN v1 after conversion as exemplified in the illustrative image above.The new ECOIN v2 contract will have a total supply of 1,000,000,000 (1 billion) tokens, but we will reserve the percentage of tokens that had already been burnt in ECOIN v1 at 64.8%, leaving a circulating supply of 352,000,000 (352 million) in ECOIN v2.
When the snapshot is complete, it will be inserted into the migration dApp and start the migration process on day 20/03/2022 to day 26/03/2022.
⚠️ During the migration period mentioned above, any transaction on ECOIN v2 whether buying or selling will be suspended until the insertion of liquidity is determined on the following date 27/03/2022.
ECOIN v1 tokens migrated in the migration dApp will be sold on the 27/03/2022 day for the purpose of obtaining the necessary liquidity pool for ECOIN v2, therefore, on the determined day of the LP migration process start, the ECOIN price it will decrease a lot. This is expected and it is important to remember that the snapshot accounted for the invested amount of each holder and will guarantee the investment of all holders once the v2 trade is opened.⚠️ Eligible wallets for migration must have to be more than 309,478,000 (million) of ECOIN v1, referring to $1 USD. Based on the snapshot, the
migration dApp will automatically work out exactly how many ECOIN holders are eligible to migrate.
It is important to note that wallets will only be able to migrate ECOIN once. This will prevent malicious attempts to circumvent the system by migrating to v2, purchasing additional ECOIN v1 at a lower price, and trying to migrate again.
Below is the step-by-step guide on how to manually migrate your ECOIN v1 tokens to v2:
⚠️ The migration dApp will be released on day 20/03/2022 until the final day of migration which will be on the day 26/03/2022.
- Step 1: First, make sure you have the required amount of BNB Bep20 (Binance Smart Chain token) in your wallet for the swap to be successful. This is a mandatory blockchain fee, ECOIN does not have the authority to control this function unfortunately.
- Step 2: Access the migration dApp and connect your wallet, such as Trust Wallet and MetaMask.
- Step 3: After connecting, a “Green Note” will appear on the top bar, confirming that you are eligible for migration and below it will appear the total amount of ECOIN v1 tokens you have in your wallet at the time the snapshot was taken and the amount of ECOIN v2 tokens you will receive.
- Step 4: Click on the “approve” button to proceed with the migration.
- Step 5: Click the “migration” button for the migration dApp to start the exchange.
- Step 6: A notification of approval of switching your Wallet will appear. Click to approve the exchange.
- Step 7: After performing the previous steps, the migration was successfully completed, Congratulations!
- Step 8: After migrate ECOIN v1 to v2, MetaMask users can add the ECOIN v2 token to their wallets by clicking here. Trust Wallet users can also add it manually coping the following contract address: 0x7d38315b92d0e7a85b35b2b7fe969b25935619d7 and pasting it in “Search tokens”.
If you need additional support on the migration from ECOIN v1 to ECOIN v2 or any other information, please join our official telegram community, and a member of the moderator / admin team will help assist you.
Link below:
Telegram (English)
Telegram (Portuguese)