Migrate ETH to Hedera

Temperature Check
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This proposal is a temperature check of a strategic initiative to migrate all tokens currently on the Ethereum network (ETH) to the Hedera Hashgraph chain (HBAR). The plan comprises two phases aimed at leveraging the unique features of the Hedera network.

Migration Plan Overview:

Phase 1: Liquidity and Token Transfer

-Liquidity Transfer: Withdraw liquidity from Uniswap and relocate it to SaucerSwap, facilitating trading on the Hedera network.

-Token Minting on Hedera: Bank Social, as per the prior vote, has the authority to mint an additional 10 billion tokens for the ETH side. Minting an identical amount of 10,000,000,000 (10 Billion) ETH tokens on the Hedera chain, named $BSL, with an open mint capacity. Tokens sent to 0x…DEAD wallets will be mirrored on the Hedera side.

-Conversion Ratio: 1 BSL/ETH = 1 BSL/HBAR on migration day.

Phase 2: Token Availability and Claiming Process

-Availability on SaucerSwap: Tokens from the ETH liquidity pool will be available for purchase on SaucerSwap DEX on Hedera allowing people on the Hedera network to trade $BSL tokens on SaucerSwap.

-Token Claiming Process: Connect your ETH wallet to the swap website, sign a transaction confirming ownership, and make an identical claim on the Hedera side. A small gas fee on the Hedera side finalizes the token migration, with no gas fees on the ETH side.

-Migration Period: Up to a 48-hour migration period for claiming tokens on the HBAR chain post-liquity transfer. The duration may be expedited based on testing in the production environment.

-Swap Mechanism: BankSocial offers a swap mechanism, allowing the BSL DAO the option to pay the gas fee upon claim. Long-term support of the swap is not guaranteed, but tokens remain claimable indefinitely.

-Tax Implications: No tax on the migration, ensuring a direct 1:1 migration with no loss.

Additional Considerations:

-Simultaneous migration of SLP to be held in HBAR for native staking benefits.

-Stake rewards, per the prior community vote, will be distributed to $BSL stakers.

  • Maintain the 7.5 billion total supply on ETH and ensure the 2.5B remains unminted.
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Pres could it be posible to change this -Conversion Ratio: 1 BSL/ETH = 1 BSL/HBAR on migration day, subject to changes based on the movement of HBAR prices post-migration. To this -Conversion Ratio: 1 BSL/ETH = 1 BSL/HBAR on migration day, It was beeing discused this way or if you have any thoughts on this change.

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This is the only way @PresidentHODL

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@PresidentHODL I also agree that the ratio should be a straight forward 1:1 ratio of eth bsl to hbar bsl, leaving out the part that says subject to changes based on the movement of HBAR prices post migration.

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As it is im staying on ethereum. Just my opinion. And not casting the vote for the temp check if it doesnt change as it was discussed on the proposal.

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@PresidentHODL - I am the original author of this proposal. I wanted to clarify that after hearing from the community we would like to remove the following portion “subject to changes based on the movement of HBAR prices post-migration.”. We would like a straight conversation ratio of 1 ETH BSL to 1 Hbar BSL. We believe this is fair as we would like to maintain voting power in the BSL DAO ecosystem system. Thank you!

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Changed based on feedback.

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he changed it! lets goooooo

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Yes, now I am fully backing this!

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@PresidentHODL - Thank you!

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256 million eth wallets vs about 5 million Hedera wallets out there. I’m not a fan of Eth in general but keep the bigger picture in mind for the project, not just short term price action.

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I’m in favor of the 1:1 migration: regardless of the chain a BSL token is sitting on prior to migration, it has the same utility value within the BankSocial ecosystem.
Could someone clarify the 48 hour migration period though? What does that actually mean in layman’s terms?

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just means up-to a 48 hour migration period, just gives them a little window incase something goes wrong, but the last one took a couple hours and this one should go smoothly because they’ve already done one.

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Thanks Pres!! Thats something I could consider.

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I vote yes. Let’s get this out of the way so we can spread the gospel of $bsl and $ hbar. I have both on eth and hedera. The pain of eth fees wound my soul. Ja Ne!

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I like the technology of Hedera but I really believe that we will be missing out on a lot more investors if we migrate out of the Eth chain at this point.
Hedera is the better chain for the backend , and people who knows the technology knows that, but the average crypto trader doesn’t.
My opinion is to leave it as it is for the moment, when BSL is a lot more popular then we can migrate it all to the Hedera chain. This would also expose Eth chain users about Hbar in the meantime when they buy BSL on the Eth chain, like I was exposed to Binance chain when we launched on that pair. I never cared for it until BSL exposed me to it :joy:

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Where are these investors?

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The only issue I have with Eth is the longevity of the network, as projects and developers have been moving to more advanced L-1’s that are more economically stable. If Ethereum falls behind, what impact could that have on Banksocial?

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I would be more inclined to vote for this if the Banksocial exchange and app allowed a large part of the world to purchase directly. Moving the ETH side now limits access to Sauceswap and few select states and part of Canada only. Banksocial is suppose to be global and not sure why the rollout stopped a year ago of the exchange. The original intent of Banksocial is to create an ecosystem that anyone can use without borders. To me it should take someone with limited knowledge of crypto and relative ease - click of one or two buttons in a mobile app or a web app exchange to purchase directly. They might not even need to understand that behind the scenes it is on Hedera network. We need to greatly expand our ability for folks to purchase worldwide and also get at least the top 20-50 coins available for purchase on the exchange. This should have been built out already. Maybe they are waiting for the De-FY CU to go live before they can do this - not sure… I am totally for moving to one chain but we need to have the above in place first IMO. In summary what needs to happen: Worldwide ability (meaning at least 70-80% coverage), possible OTC desk or way to purchase on behalf for those in heavily regulated areas (like NY), ease of purchase in mobile or web app (end user doesn’t even need to worry or care about what chain because they are just can purchase in mobile/web BSL app, ability to on and off ramp easily, can purchase multiple ways -debit, credit card, ATH, apple pay, etc. Thanks

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It’s a no from me, having both chains is the best course of action, Eth is still #2 to bitcoin and we haven’t even attracted the smallest Eth whales yet. If anything, it is too early to migrate in my honest opinion.

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