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As our token use cases have increased so too have the demands on our token contract. When Vulkania first launched in 2021 we envisioned a purely data-aggregation business model. That is how we modeled our token contract. However, the move to a dual-core competency of data aggregation and gamification, while successful, has revealed the need to expand the functionality of our token contract to the benefit of our holders and the long term success of the project.
- What is Happening?
The VlK token is moving to a new contract: 0x797Bb0BeeA437D2762A755ea911C0046C1284568.
- When is this Happening?
April 29th – April 30th
- Are we moving to a new blockchain?
No, VLK tokens will remain on the BSC blockchain (BEP20 token)
- What do I need to do?
Nothing if you have 10 or more tokens in a self-custodial wallet. New tokens will be airdropped to the same wallet currently holding VLK tokens. If you have 9 or fewer VLK tokens in the address or if you are holding your tokens on a CEX please follow the details in this article.
- Is the supply changing?
No, the new token is swapping 1 for 1 with the old token.
Benefits of Token Migration
Removal of Tax on Transfers
By popular demand we will be removing the taxation on transfers. The tax on buys and sells will remain active (additional details on that below). This will allow users to spend their VLK tokens within the Vulkania Game Suite (Including the Vulkania Crypto League) without the need to calculate the additional cost of transfer tax.
This also allows individuals to freely move their tokens to CEXs as they deem fit without the concern of transfer tax. Strong interoperability and non-penalized access to CEXs is certainly high on the team’s list for both the community’s benefit as well as the smooth onboarding process of new CEXs.
Lastly, the elimination of the transfer tax will allow free token movement to and from our new staking and farm pools.
Staking & Farming Pools
Vulkania will be offering several staking pools of varying durations (likely 1, 3 and 6 months though this has not yet been finalized. Details to follow in a later article). These staking pools will offer attractive APRs to appropriately compensate stakers. Just like keeping your cash in a bank account and earning interest, you can now send your VLK tokens to a staking pool and earn interest on your holdings.
Furthermore, a farming pool will be established. This farming pool will feed directly into the PancakeSwap liquidity pool to ensure that strong, community-driven liquidity supplements the team’s locked liquidity. A strong LP inspires not only new holders to continue holding with the confidence that liquidity is present for them to draw from when they are satisfied with their returns but also institutional buyers can rest assured that the project maintains appropriate market depth both in function and in liquidity to succeed over the long term.
Staking rewards will be funded from the burn reserve wallet and are calculated to run for 3 years with no additional funding. Funding mechanisms to extend staking beyond 3 years are discussed later in this article.
Adjustment to Reflections
The staking and farming pools are critical because reflections will be removed from the new contract. After much deliberation and discussion with our community, it is clear that reflections, though proportional, primarily benefit the largest holders. This is best counter-balanced with the risk of illiquidity via the stake contract locking duration.
Perhaps the most powerful tool of the migration is the introduction of LAVA. This contract feature executes a direct market buy from PancakeSwap from BNB collected in buy/sell transactions. In short: Every buy, sell or executed use case of the VLK token produces additional market buy pressure.
Contributions to LAVA’s treasury include buys and sells on PancakeSwap, which means every buy and sell of Vulkania tokens equates to more VLK being purchased by LAVA.
Use case executions also contribute to the treasury such as using VLK tokens to purchase additional boosts in the Vulkania Crypto League and advertising packages purchased by partners and sponsors.
VLK tokens purchased via LAVA will be automatically sent to the staking pool rewards wallet to perpetually fund staking pools past the originally team-funded 3-year period.
Buy / Sell Tax Adjustment
As stated above, there will be no tax on balance transfers or purchases using VLK tokens (such as purchases within the Vulkania Game Suite).
The new tax schedule for every buy and sell will be as follows:
LAVA Buy Back Treasury contributions will be used to buy back VLK tokens directly from the market. VLK tokens purchased via LAVA contract will be sent to the staking pool rewards contract.
Marketing Fund contributions will be used solely for marketing expenses. This includes but is not limited to advertisements, KOLs, partnerships, CEX listings and cross promotions.
Liquidity Fund contributions will be used to further fortify the PancakeSwap LP.
Development Fund contributions will be used to pay for the continued development of the Vulkania ecosystem.
New CEX listings
Listing a token on a centralized exchange is very expensive, especially with the recent Bull Market where all exchanges have increased their fees. The new marketing fee of 2% and also the fact we are removing taxes on transfer will help getting VLK listed on centralized exchange.
What is a Token Migration?
A token migration is also known as a “token swap”. In this particular instance all we are doing is moving from one contract to a new, robust contract.
We will remain on the same BSC blockchain as a BEP20 token.
To do so, the Vulkania team will be giving you new VLK tokens (deposited to the same address your VLK tokens are in) at the same moment that we make the “old” VLK tokens worthless. The tokens will swap 1 to 1, meaning that if you have 1000 VLK tokens currently you will receive 1000 VLK tokens on the new contract. The switch over is seamless and you need not take any action or do anything for it to happen. It will all happen safely and automatically.
Who’s Handling The Token Migration?
As many of our attentive community have already guessed, BrewLabs is leading the charge with not only our token migration but also the auditing of our contract as well as the creation of the new staking and farming pools to be hosted on BrewLabs’ easy to read and use pool and farm portal. These staking and farming pools are Certik-verified to ensure security of funds.
Furthermore, in addition to the inspiring, diligent and professional services that BrewLabs has provided Vulkania for this migration, we have also verifying the new Vulkania contract through an audit with Solidity Finance.
What You Need to Do
If You Hold 10 or More VLK Tokens
For the vast majority of holders you will need to do nothing. The new VLK token will be airdropped into the same wallet as your current “old” VLK tokens.
If You Hold 9 or Fewer Tokens
For holders of fewer than 10 VLK tokens (that is, 9 or fewer VLK tokens), you will need to contact the team directly by sending an email to [email protected] in order to receive your tokens. Holders with 10 or more tokens in each address will receive their new tokens automatically. No further action is necessary if you hold 10 or more VLK tokens in your wallet.
If You Hold Your Tokens on a CEX
The team has arranged for the token swap with each of our CEXs. Though the change over will be seamless the precise timeline of market availability on each CEX is determined by that CEX.
If you provided liquidity
The liquidity will be removed by Vulkania team on 29th April 2022, just before we take the snapshot.
If you provided liquidity on PancakeSwap or JulSwap, we recommend to remove it before the snapshot date.
- The VLK LP tokens will be unlocked. Unicrypt Lock Details.
- The VLK team-controlled LP tokens will be removed from the PancakeSwap LP. In doing so, trading will be effectively halted in that the market will now be illiquid
- A snapshot of VLK holders will be taken. This snapshot defines who will receive the new VLK token airdrop.
- The new LP will be created at the same market cap as the snapshot of the previous contract.
- The new LP tokens will be locked again for 100 years.
To avoid bots manipulation after we start the trading on new contract, we have implemented a standard anti-sniper measures including 24 launch phase made up of:
First 60 minutes of launch tax selling rate 30%:
- 15% Marketing in BNB
- 10% Development in BNB
- 5% Liquidity Pool Remaining
23 hours of launch tax selling rate 25%:
- 10% Marketing in BNB
- 10% Development in BNB
- 5% Liquidity Pool
After 24 hours, the tax will return to normal amount of 10%.
Tokenomics & Addresses
We want to ensure the utmost transparency in this process. To do so, we want to ensure that our community is not only aware of which wallets the team controls, but also how those wallets will be transferred onto the new contract.
The Burn Reserve wallet (0x31616dad03cb0a6fe985f753897946827736f613) will be re-assigned as the staking pool and farm reserve to fund those pools for the next 3 years.
The Team Reserve wallet (0x14599ff2b702547dac33f2d7fc3b597865c0efb5) will persist. No changes to these token’s intended purpose.
The Operational Funds wallet (0x2ce07d82031ef3b13bc46d527adf2fe753f18234) will persist. No changes to these token’s intended purpose.
The Giveaway Reserve wallet (0xaa5caa40609ad7f0fa6db61b85f6eb3e17a68c65) will persist. No changes to these token’s intended purpose.
Tokens already sent to the burn address (0x000000000000000000000000000000000000dead) will stay “burnt”.