This temperature check is to check the willingness of the DAO to migrate all tokens on the BNB chain to the Hedera chain. This would be done in 2 phases.
First we would pull the liquidity from PancakeSwap and move the liquidity to SaucerSwap. We would mint an identical amount of BNB tokens 10,000,000,000 (10 Billion) tokens on the Hedera chain with an open mint capacity and name the tokens $BSL. We would keep the ability to mint more so that if we ever wanted to move the ETH chain tokens over in the future, we could mint another 10,000,000,000 (10 billion) tokens for the ETH side to migrate. Right now this temperature check only contemplates migrating BNB tokens to Hedera and not ETH tokens, but it does so in a way that keeps an upgrade of ETH tokens possible as well. The tokens migrated will include the tokens sent to the 0x…DEAD wallets, which will be mirrored on the Hedera side of the ledger. All tokens that are in the 0xDeaD wallet on BNB will be sent to an equivalent wallet on the BNB side. 1BSL/BNB = 1BSL/HBAR on the day of the migration. Once the migration is complete the value will change based on the movement of the price of HBAR which is uncontrollable.
Once the token liquidity was moved the tokens amounts that are currently in the BNB liquidity would be available for purchase on the SaucerSwap DEX. This would allow people on the Hedera network to trade $BSL tokens on SaucerSwap.
After the liquidity is migrated, and even though the token is available for trade on SaucerSwap, there could be up to a 90 day migration for the claiming of your tokens on the HBAR chain as the swap feature was rolled out. This could possible be rolled out faster, but it would require time to vette once the liquidity was moved over on chain, as everything is immutable, we would need to test things in the production environment in a phased approach.
Once the migration was complete, you would connect your BNB wallet to the swap website, sign a transaction confirming you indeed own the BNB tokens, and make an identical claim on the Hedera side of the ledger. There would be only a small gas fee on the Hedera side to make the migration of your tokens final, and you would not have to pay gas on the BNB side. Also there would be NO TAX on the migration and it would be a direct 1:1 migration with no loss to tax.
In addition to liquidity being migrated, the SLP would also be simultaneously migrated to be held in HBAR. The benefits is that the HBAR could be natively staked for 6.5% (or whatever the Hedera chain was offering as a native stake reward). The stake rewards would be used per the prior vote and be distributed to $BSL stakers.
Yes, all onboard for moving BNB to Hedera! I think taking advantage of the native staking is a great opportunity!!
So I have a few questions when it comes to this. Will the total supply reflect the burned amount on BNB i.e. 7,5 billion? Will we be able to buy Hedera BSL through the BankSocial exchange since it’s also a multichain wallet?
Just to confirm, 1bsl/BNB = 1bsl/hbar
Yes - token counts and amounts will be identical, including burn. Have added this to the proposal.
After we migrate the liquidity we will need up to 90 days to ensure there is no issue with the token claims on production. It could take up to 90 days (most likely alot faster) for the claim site to be fully tested and operational. I will add further clarification in the temp check.
LP will be on saucerswap as they are the only DEX that supports all the needs we have with our tokens unique features.
We can turn off the liquidity pool and make the token un-tradable on BNB. Just like we did when we migrated to the new contract. Will add this to the proposal as well.
There is no claim time limit - can claim anytime after the claim site is up. There is no way for tokens not to exist if someone has not claimed them, other than the protocol being hacked, which is why we need to ensure we have time to bring up the swap site and test it before releasing.
Yes 1BSL/BNB = 1BSL/HBAR on the moment of migration. We cannot control the price of HBAR after migration and therefore have no way to tell what the value will be after migration. At the moment of migration they will be equal.
Will there be plans to offer BSL(Hbar) on the Bsl exchange as well?
Proposal looks great, I just see one typo that should be revised before the on-chain vote.
“All tokens that are in the 0xDeaD wallet on BNB will be sent to an equivalent wallet on the BNB side.”
Should say equivalent wallet on HBAR side.
I look forward to the benefits of this transition. I feel that the benefits of the Hedera chain, The Hedera community, the 6.5% APY paid to BSL stakers, and the upside price potential of HBAR Could be a large opportunity for our SLP when the next bull run comes around. Voted
I would say its a good idea to migrate to Hedera given the regulatory compliance, predictable fees, fast finality, and security along with the enormous global ecosystem including the GC members.
Moving to Hedera will be a win. Period
Totally agreed!! Welcome to Banksocial!
Yes. This makes total sense.
Yes, Banksocial belongs on Hedera!!
I suggest if possible, we migrate the SLP ASAP after the on chain vote is passed - if it passes. That way we can start earning the 6.5% sooner and get out of the way of BNB
I fully support this migration and think it will be HUGE for the community!
I think this would be a good idea, let’s hope for easier purchasing than on BNB!
Why wasn’t it there in the first place?