NetVRk Token Swap Update
What's Done & What's Next
What's Done
Smart Contract Progress
Our blockchain team, together with the Ferrum team, finalized the new token smart contract today. It's important to note that this isn't a conventional contract; rather, it's an upgradeable contract designed with several benefits to enhance flexibility, security, and future developments.
Marketing Initiatives
We are actively engaging with KuCoin and a prominent PR firm to align our marketing strategies. These collaborations are poised to elevate the visibility of our token launch.
What's Next
Blockchain Integration
After seeing the huge support for AVAX in the recent DAO vote, we've chosen Avalanche as the blockchain for our new token. We will still remain on Ethereum due to its numerous advantages, as well as on Polygon to conform with some Mine Runner features. AVAX will be adopted soon after we’re done with the initial token launch.
Smart Contract Audit
The smart contract will now be undergoing a thorough external audit. This process is a priority to meet the highest standards in the crypto industry. While we initially anticipated a completion date within 10 business days (latest Jan 9th), we want to ensure the utmost security and reliability of the new smart contract. Consequently, we are adjusting our estimated launch date for the new token to January 16th.
Transaction Fee Consideration - Our DAO Will Decide!
One of the benefits with the new contract being upgradeable is that we can implement features like a transaction fee specifically for decentralized exchanges (DEXs) like Uniswap. A question in front of the DAO will be whether or not to implement it. A fee like this would aim to generate revenue that will fuel not just our development and marketing efforts, but also to ignite community initiatives and boost staking pools etc.
And that’s exactly where you come in! We want your thoughts, ideas, and vision. How much should the fee be, and where should this newfound revenue be invested, or are you opposed to this idea? Get busy discussing this in our community channels! The power is in your hands! We’re gearing up to launch a new DAO proposal to let YOU decide!
CEX & DEX
For DEX, we’ll be starting off with providing liquidity for Ethereum only. The reason is that consolidating liquidity into one spot provides a better trading experience as there is less slippage and more liquidity. Traders can buy or sell larger amounts of tokens with less market impact, and they save money on each trade due to lower slippage.
We’re working with CEX to make the swap happen. The process requires coordination between the project and the CEX and will include a time where trading will need to be halted. More on this process as we finalize with those exchanges.
Summarized Timeline
Completion of the new smart contract - Jan 5th
Completion of smart contract audit - Jan 11th
Bridge between Polygon and Ethereum - Jan 16th
Liquidity pool on DEX - Jan 16th
Token launch - Jan 16th
New token trading on CEX - Immediately after token launch/CEX dependent