After the Exploit that occurred during the late hours of 20th May 2021, we’ve come up with a solution to cut down the excess supply of SWGb tokens that are now in circulation and to also prevent any such from ever happening again.
We have two steps to this solution which we will be implementing.
The first step is a new token migration;
We’ve created a new Swirge Token on the Binance Smart Chain, we will completely stop using the SWG token on Ethereum Blockchain and the SWGB token on Binance Smart Chian.
We will now adopt and continue to use the new Swirge Token which we’ve deployed on the Binance Smart Chain.
The New Swirge Token details;
Blockchain; Binance Smart Chain
Contract Address; 0xe792f64C582698b8572AAF765bDC426AC3aEfb6B
Total Supply; 8,000,000
With the new Swirge token we’ve reduced the total supply of Swirge tokens from 80,000,000 down to 8,000,000.
This means that the old Swirge token will be swapped for the new Swirge token on a 10:1 ratio.
We’ve created a migration portal for you to swap your old Swirge tokens into the new Swirge token.
Here are the steps to Migrate;
1) Unstake your SWGB tokens from any pool staked on SwirgeFinance, if you have any.
2) Unstake your SWGB-BNB LP tokens from SwirgeFinance Farm, if you have any.
3) Remove liquidity from PancakeSwap or Julswap, if you provided any.
4) Transfer all your SWGB tokens to a decentralized crypto wallet like Trustwallet or MetaMask.
5) Visit https://migration.swirge.com on your DApp Browser and connect your wallet.
6) Input the amount of SWGB tokens you want to migrate over, and click on Swap.
7) Approve the transaction.
Note: You can only swap a maximum of 100,000 SWGB tokens at a go, if you have more than 100,000 SWGB tokens to migrate to, please click this link; https://docs.google.com/forms/d/e/1FAIpQLSeaXxzTXU5rL0U65IlIolUtbpFyqQo8qzRROlS7-yrU9C2xoQ/viewform?usp=pp_url
and fill up the migration request form.
Note: All Migrations are done on a 10:1 ratio, for example; when you send 100,000 SWGB you will receive 10,000 SWG (the new Swirge token on Binance Smart Chain).
After Successfully swapping for the new Swirge token (SWG) you can now provide liquidity on Pnackaswap or Julswap and stake your LP tokens on SwirgeFinance. Also, you can now stake your new SWG tokens on SwirgeFinance pools.
The second step is to implement a Buyback program;
We will generate funds from fees charged on the upcoming new pools on Swirge Finance to initiate a weekly buyback of the new SWG token.
We will also allocate a certain amount of BNB which will be used to buy back SWG from the market every week. We plan to complete this buy-back program within one month of commencing it, we will be sharing with the community more information on the buy-back plan, date of commencing, and more.
As soon as we initiate the first step, we will be listing some exciting pools and farms on Swirge Finance, and we have upcoming partnerships, new exchange listing, and new product redesigns and rollouts on the way.
so do stay tuned via news.
We appreciate the support of the community during these trying times.
If you have any questions or require any assistance please do ask in our Telegram community group: https://t.me/swirgepay