The Reason Why POP! Migration Was Closed
Not too long ago we launched our most important milestone — the start of Phase 3! Prior to the release, we made it essential for users to migrate from the old token (v2) to the final token (v3), via our migration portal. Despite the fact that the migration to Phase 3 was part of POP!’s initial plan, a minority of participants thought that the migration period was just too short. We’ll elaborate as to why this migration period could not be longer.
The 10-day window was intentionally chosen and later expanded for an extra 3 days in order to protect the POP! holders. The POP! (v2) token had an active liquidity pool on Uniswap, and as people moved from (v2) to (v3) they were consequently withdrawing funds from the (v2) pool. As the pool LP-size shrinks, the pool is significantly more susceptible to attacks from bad actors (as it’s easier to move the pool/price). Therefore, after careful consideration, we calculated a migration duration that would provide ample time, as well as shorten the risk period to a minimum and prevent people from getting exploited by slippage bots. In the end, extending the gates any further was far too risky given the potential dangers.
However, with that said, it is worth noting that we achieved a 93 percent migration rate over the aforementioned period. We made sure to spread the information as wide as possible and inform all members. Unfortunately, some users decided to invest in a young crypto project, and ignore their investment for nearly 2 weeks — which can be considered a long period in crypto. While it is unfortunate for these people, we could not jeopardize the remaining community that had migrated across, by opening the doors to potential dangers.
We hope the community understands the rationale and realizes that in this ever-changing market, commonly referred to as the “Wild West”, teams frequently need to make drastic decisions for the sake of the larger community.
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 in the digital asset ecosystem.