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.
-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.