POP! Token Migration to v3
Dear POP! community,
Today we are thrilled to announce the start of our transition from Phase 2 to Phase 3 for POP!
We would like to thank you for your patience thus far, as we worked through all of the necessary details to ensure the smooth and safe evolution to v3 POP! We look forward to you joining us on this journey as we unlock the full potential of the POP! platform.
During this transition period, you will be able to convert your current POP! tokens (v2) to the final version (v3), through a simple token migration. In this article we will outline what exactly this means, how the token migration will work, and finally what’s to come for POP!
What does this mean for POP!?
The POP! Token migration will facilitate the transition to our final phase and introduce numerous features and functionality across the board, as well as provide for a more dynamic and successful future for POP!
The current token (v2) will become obsolete, and a new token (v3) will be deployed. This means that farming with your LP tokens on v2 will halt, and farming with v3 LP tokens will go live. The procedure for farming will remain exactly the same, and users who were farming on v2 are encouraged to continue to do so on v3.
We would like to make it abundantly clear that there is absolutely NO incentive to sell your v2 tokens. Doing so will leave you without any tokens to exchange for the new v3 tokens. In addition, during this transition phase, liquidity providers will be removing their liquidity in order to exchange their v2 tokens for v3. Therefore, selling during this period could cause you to take a significant loss due to increased slippage, while leaving the v3 token price unaffected. Due to these facts, we strongly recommend that you participate in the token swap to v3, and avoid selling.
What is the token migration and how does it work?
The token migration is essentially a smart contract (SC) that allows a user to deposit their POP! v2 tokens in exchange for the v3 tokens. This swap will occur at a 1:1 ratio, and the deposited v2 token will be locked in the SC forever. The token migration will last for a period of 10 days starting today — 05th of May 2021 @ approximately 14:00 UTC, and running until the 15th of May 2021 @ approximately 14:00 UTC.
The procedure for migrating is straightforward. To start, please visit the Token Swap App here. Once you’ve arrived, connect the wallet that holds your POP! v2 tokens, and once connected simply click on the “Swap” button and confirm the necessary transactions with your web3 wallet. If you haven’t already approved the token, please make sure to approve beforehand. That’s it! Once confirmed, you should now have received your new and luscious v3 POP! tokens, while your old v2 tokens will be locked for eternity. From here, if you would like to farm with your new v3 tokens, please visit our new app website here. As previously mentioned, the farming procedure will be exactly the same as it was during v2.
The new v3 token contract address is — 0x7fC3eC3574d408F3b59CD88709baCb42575EBF2b, so please make to double check this when adding the liquidity to the liquidity pool.
Reminder: If you are a liquidity provider and farming with your LP tokens on v2, please remember to claim your farming rewards and remove your liquidity, in order to ensure you’ve migrated all your POP! tokens.
Once the 10-day period has completed, any v2 tokens that have not yet migrated will be burnt. This in turn means an equivalent number of v3 tokens will not be minted, thereby lowering the circulating/total supply.
What’s to come for POP!?
Once the token migration has concluded, the highly anticipated POP! Phase 3 will commence. During Phase 3, we will be launching our exciting and unique Mutual Liquidity Pool (MLP) feature, that will include the MLP Marketplace, the Rebalancing Mechanism (that targets IL), and more valuable features!
Prior to launching 3rd party projects onto our platform, we will initially open these features for the initial POP!/ETH pool, in order to provide our POPular community with the opportunity to become accustomed with the process. Once familiarized, we will then announce and deploy the other market participants, which includes a variety of strong and upcoming projects!
Furthermore, for the longevity of the project and the community’s support, we are working on implementing a variety of useful and exciting utility applications for the POP! token. This will drive demand and usage towards our platform, as well as intrinsic value to our sweet POP! token!
Stay tuned, as these coming weeks things are surely going to be POPpin’ off!
FAQ about the Token Migration
1. Is this an airdrop?
No, there will not be any tokens airdropped. You can simply exchange your current v2 POP! tokens for the new updated v3 tokens.
2. Why are you migrating to a new version?
V3 has been our vision since the idea first came to life, and in order to unlock the numerous features we have in store for POP!, a migration will be conducted.
3. Will there be any use case for the current v2 POP! tokens?
No, these tokens will become obsolete. Therefore, you can migrate them to the functional v3 tokens.
4. So, should I sell my POP! tokens since they will become obsolete?
This is not advisable, since doing so will leave you without any v2 tokens to exchange for v3 tokens. Instead, simply migrate these tokens for the new tokens.
5. Do I need to migrate my tokens right away?
No, the migration period will last until the 15th of May (10 days), and therefore you will be able to exchange your tokens any time during that period. That said, we highly recommend you migrate your tokens ASAP, so that you can get farming on v3.
6. What happens if I migrated some tokens over, but then realized I still have tokens in the liquidity pool — Can I migrated those over as well?
Yes, you can swap over from v2 to v3 as many times as you like, so long as it happens during the 10 day window.
7. What if I forget to swap the tokens to V3 after 10 days?
Unfortunately, this will mean that you can no longer migrate those tokens over, and your share will become obsolete on v2 and burnt on v3.
8. What happens after the 10 days?
Once our migration phase has completed, we will begin phase 3 of POP! That means MLPs will finally be launched!
POP! is a platform that allows 2 projects to objectively display mutual trust and commitment to each other, by locking their respective tokens together and creating a trustless Mutual Liquidity Pool (MLP). In addition, it grants POP! users the opportunity to provide single-sided liquidity, in the form of their favourite token, by matching them with another POP! user and adding their joint liquidity into the MLP.
Powered by Faculty Group, POP! aims to set a new golden standard with regards to partnerships, and how they are perceived within the digital asset ecosystem.