Dear TrustPad community,
Constantly searching for ways to improve the $TPAD ecosystem, the TrustPad community has been presented with a proposal to migrate the current $TPAD token to a new and better smart contract.
Below we explore the core reasons behind this proposal and the major benefits it holds for the overall TrustPad ecosystem.
The First Step Towards TrustPad 2.0 — The need for a token migration
The current native token for TrustPad, $TPAD, was initially launched on May 6th, 2021. It has two token mechanisms called “reflections” and “tax”, hard coded in the smart contract. While these mechanisms worked well at the time, we believe that TrustPad would benefit significantly by migrating to a new and much more simplified smart contract.
Explore the major benefits of a $TPAD token migration:
1. Zero taxes (0%)
Users will finally be able to buy, sell and transfer $TPAD tokens between wallets without any tax. We believe this will increase the overall trading volume and liquidity.
2. CEX listings
The new token without a tax mechanism makes it easier for CEX (Centralized Exchange) listings. CEX listings can significantly expand the user base, increase the token demand, liquidity and trading volume.
3. The Big Burn 🔥
As the $TPAD in inactive wallets and contracts will not make it to the migration, they will be permanently removed from circulation. This means that your tokens will automatically be more valuable. According to our own chain analysis, over 20% of the $TPAD supply will be burnt.
4. Cheaper gas/tx fees
The new smart contract will be way more simplified due to the removal of the “reflections” and tax mechanism. That means much cheaper gas fees.
5. Better positioned for the upcoming bull market
With the new $TPAD token, TrustPad is better prepared for the upcoming bull market by opening up for increased demand, and also making it easier to push out upgrades to the overall TrustPad ecosystem.
1,000,000,000 (1 billion) total token supply 🆕
The total token supply of the new $TPAD token will be 1 billion (instead of 100M), so it will be 10x times more than now. This means that every staker and holder will get 10 times more $TPAD in TrustPad 2.0. The tiers will remain the same for now, the required amounts will just be 10x higher.
The Big Burn 🔥
According to our own chain analysis, a very large chunk of the $TPAD supply will be burnt (permanently taken out of circulation) during the migration process. This means that all the supply that doesn’t get staked in the migration pool, will be burnt, hence increasing the relative size of each wallet. Our own chain analysis currently shows that over 20% of the total supply will be taken out of circulation. The final number will be revealed once migration is successful.
Proposed token migration details:
Token Ticker: $TPAD
Token Name: TrustPad
Token Supply: 1,000,000,000 (1 billion)
Chains: BNB Chain and Ethereum
Tax: None, zero tax (0%). No buy, sell or transfer taxes.
Contract Address: TBA
Initial DEX Listings: PancakeSwap (BNB Chain)
Simple migration method
All the $TPAD stakers and holders will have plenty of time to take part in the migration. Once the proposal passes, the process will be made very simple: You are just required to click a transaction button (“Migrate to TPAD 2.0”) on the pools where you have your $TPAD staked. The $TPAD in your wallet is required to be staked in a specific migration pool. Your share in TPAD 2.0 stays the same or actually goes higher due to the overall supply reduction.
As stated above, as a non-staker you also have to stake your tokens in a specific migration pool. Once the migration is successful, you have to claim your tokens. Further details will be revealed once the proposal passes.
When will the migration occur?
The migration itself is planned to happen within 45–60 days after the proposal passes. At this moment, there is no immediate action required, only the need to vote. If the proposal passes, TrustPad will provide more details about the process and next steps. There will be plenty of time to act.
Please note: If the proposal passes, TrustPad will provide more details about the process and next steps. At this moment, there is no immediate action required, only the need to cast your vote.
✅ DAO vote 👇
📜 Proposal submitted: Oct 28th, 2023
📅 Voting Begins: Oct 28th, 26th 2:09 PM (UTC)
📅 Voting Ends: Oct 31st, 2:00 PM (UTC)
1️⃣ Yes, migration will benefit TrustPad
This is the first step towards TrustPad 2.0 ⚡️
TrustPad has been founded to aid the growth of the blockchain ecosystem in a safe and sustainable way. TrustPad is proudly partnered with Momentum 6, AU21 Capital, GD10 Ventures, BlockSync Ventures, X21 Digital, Wealth Union, Twin Apex Capital, 4SV, Tokenova Capital, eXnetwork Capital and many more.
TrustPad is different from other launchpads. A ‘quality over quantity’ approach ensures that projects launched through TrustPad have real long-term value. This will provide the TrustPad community with sustainable development, attracting a larger community for both $TPAD and the projects launched on the platform.