Dear Swirgians,
Following the exploitation that occurred during the late hours of 20th May 2021, we have come up with a solution to cut down the excess supply of SWGb tokens now in circulation and to also prevent such from reoccurring. Therefore, we have designed two steps for the solution we wish to introduce.
The first step is a new token migration.
We have created a new Swirge Token on the Binance Smart Chain. Henceforth, we will completely stop using the SWG token available on Ethereum Blockchain and the SWGB token on Binance Smart Chian. Instead, the new Swirge Token which we have deployed on the Binance Smart Chain will be adopted and be in continuous use.
Here are the new Swirge token details:
Name: SWGToken
Ticker: SWG
Blockchain: Binance Smart Chain
Contract Address: 0xe792f64C582698b8572AAF765bDC426AC3aEfb6B
Decimals: 18
Total Supply: 8,000,000
With the new Swirge token, we have 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. Also, we have 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. A certain amount of BNB will be allocated, 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. More information will be shared with the community on the buy-back plan.
As soon as we initiate the first step, we will be listing some exciting pools and farms on Swirge Finance. Also, there are upcoming partnerships, new exchange listings, new product redesigns and rollouts on the way. So, stay tuned through all our media outlets.
We appreciate your support 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
Thank you.
With love,
From Swirge.
