VITAL v2: A vital scarcity
As part of the various discussions we had with the Elrond team for listing and metabonding, we highlighted an important point concerning the supply of VITAL.
Indeed, this is not the first time that this enormous supply has failed us.
It was initially created to allow everyone to own a large amount of tokens in order to be psychologically reassured about the potential for evolution, but also to take into account several types of low-quantity transactions that still had to contain a large amount of token.
A strategy that didn’t work
In the end, it turned out that this strategy fails us on several points:
#Communication
Having an astronomical amount of 0 did not help us in the various calculations and transcriptions of information, and even if it is not a serious problem, it remains something disturbing for the whole project.
#Marketing/Trust
Most huge supply tokens like this are MEME tokens with no specific purpose, with low tokenomics. The fact of having such an important supply failed us to collect the confidence of the users, because despite the fact that we have a strong tokenomic, the “Red flag” apprioris were still there.
#Technical
And finally, from a technical point of view, it is simply impossible for us to couple VITAL with USDC because the latter has 6 decimal places, and the impact of VITAL on the listing is much lower.
To understand, actually, 1 VITAL = 0.000000005 USDC, and the minimum required to list token is to have 1 VITAL = 0.000001 USDC.
It is impossible for us to offer VITAL at this price, because liquidity would be immediately impacted and VITAL would fall below the minimum required, which would cause even more problems.
For all these reasons, we decided to divide the maximum supply by 10,000
Old VITAL
Ticker: VITAL-bc0917
Max supply: 100,000,000,000,000
Decimals: 8New VITAL
Ticker: VITAL-ab7917
Max supply: 10,000,000,000
Decimals: 18
How do I migrate?
All you have to do is connect to vitalnetwork.io (URL is coming soon…), click on the migrate button and accept the transaction to migrate all your VITAL v1 to VITAL v2.
The migration is available here : https://vitalnetwork.io/V2-migration
Technically:
We are going to create a smart contract containing the equivalent of all the supply in circulation. By clicking on the migration button, you will send 100% of your VITAL to this Smart Contract, which in turn will send you the equivalent in VITAL v2.
For 10,000 VITAL v1 you will get 1 VITAL v2
How does it work for VITAL staked on the locked pool?
You will continue the usual path, the token migration will be available indefinitely and when your VITAL will be unlocked, you will be able, immediately, to migrate it to V2.
And the other Smart Contracts?
We have Smart Contracts that work using VITAL:
- NFT staking
- Staking VITAL
- VITAL dApp cashback
- ICO
We will need to perform the update on each Smart Contract, this may take some time and does not require any action on your part at this time.
And the Hunter’s Caps?
VITAL content of Hunter’s Caps will remain intact and will be automatically migrated to VITAL v2.
What about VITAL listing?
It is possible that the VITAL listing will be delayed, everything will depend on our ability to carry out the developments necessary for the migration as quickly as possible while ensuring that all the Smart Contracts managing the new VITAL are secure. All our Smart Contracts are audited before being put online, this can take some time.
However, the date of August 1, 2022 remains intact for the time being.
As I like to say often, we are in an ecosystem in full construction, we learn, we adapt and we continue to move forward despite the obstacles.
We have a lot of work for this update, but we don’t take it as an unnecessary burden, it’s a real turning point for VITAL today.
If you have any questions, do not hesitate to ask them on our Telegram or Discord, we will be happy to answer you.
VITAL, fundraising dApp: https://vital-dapp.com
Earn by staking VITAL & NFT: https://vitalnetwork.io/staking
Buy VITAL : https://vitalnetwork.io/vital-presale
Buy Hunter’s caps: https://vitalnetwork.io/caps
Twitter: https://twitter.com/VitalNetworkDAO
