Ryan Arriaga - Global Head of Product, MrAdult - Global Community Manager
and CatsRus - SafeMoon Senior Scholar
• V2 update:
- It has been deployed successfully
- The team is now working on UI in the app
- A seamless transition is essential
- The launch will be a surprise - but it's coming soon
• The migration to V2 will be on the SafeMoon Wallet and Web Swap on the official SafeMoon website. The migration will be dealt in waves to ensure everyone can migrate over, however V1 will be shut down after a great amount of time.
• The liquidity will be carried over safe and securely to V2 with the help of UniCrypt!
• How should you migrate your tokens to V2? Click here for a simple guide!
• Q: Will V2 give extra control over tokenomics or will it be independent of exchanges?
- We want to preserve tokenomics
- We’ll be ready for whatever comes
- V2 won't compromise our reach or scale
• Q: What legacy will the SafeMoon Army leave behind?
- The ability to move forward after every obstacle
- We will always continue to fight the FUD
- The SafeMoon Army is a "battle-ready community and team"
• Q: Would it make sense to consolidate a coin so we don’t have to go back to a token?
- V2 is our priority now and it will allow us to step stone into other partnerships
- A product is never done, it is always improving
• Q: Will V2 be the same as blockchain or will they be deployed separately?
- V1 to V2 is the same token whereas the blockchain is a "different animal"
- We will consolidate and improve current contract first
- The team will upgrade to the blockchain when we’re ready
Ryan: For this SafeMoon Sunday we are going to be discussing V2. We won't be talking about company-wide movements, we're really just going to be focusing on V2. The education and information around v2 as well will be discussed along with any community questions.
CatsRus and Mr. Adult are our special guests for today’s SafeMoon Sunday.
Mr.Adult: Hi, I’m Mr. Adult. I'm the Global Community Manager. I’ve had the pleasure of wrangling our crew through some interesting months and now we're here celebrating what is to be... quite honestly one of the most inspiring communities that exists on the internet. And that’s not oversell it, we actually won an award on that the other week as well. Actually, to rephrase that, YOU won the award. What's been amazing from my perspective is to hear all the stories about what SafeMoon has done for all of you, like your dreams for the future. I am glad to be here and a part of the build up process of V2 and it's outstanding to share this stage with Ryan and CatsRus.
CatsRus: Hey, I’m CatsRus or my real name is Mark, You can call me either or. I am a Senior Scholar and newly appointed Community and Education Manager. My task is to bring education to the forefront for everyone here and anyone in the SafeMoon Army. I've been working tirelessly to ensure there are education things in place for V2 along with the rest of the team. That's my entire focus is to ensure you guys have every piece of information you need with V2 to make sure that it's as simple as possible for you.
Ryan: We wanted to make sure to inform everyone listening that one of the links we have added to the SafeMoon website actually redirects to an educational piece that CatsRus has been working on for the community. As we start having more migration questions all of the support and help resources that you can think of will be added to that link that CatsRus manages. Really good stuff CatsRus, and thank you for your contribution to the community. The resources CatsRus has and will have on his website really adds to the community not just from a V2 standpoint but for SafeMoon education as a whole.
Let's go through some V2 questions we have from the community Mr. Adult can you please go ahead and start that off?
What might happen if I don't migrate to V2?
At some point we will have to decommission this smart contract, so we will give a great deal of time to migrate. We will do this also in phases and won't be pushing people to migrate the first day or even the first few days. We understand that some people might sit on the decision to migrate or can't migrate right away.
The first phase we’re going to allow migration to be handled on the web swap and the app swap. There is going to be a simple token that's going to be preloaded onto the app and preloaded onto the web swap. We have already done a lot of the logic in the back end. There will be an extra button that people can press and it will say consolidate now. It will preload your V1 token from your account balance into the swap and then it preloads the V2 as the bottom option. Then you press accept and swap. We are making it very simple to swap using our web swap or app swap.
The next phase will be for people who are on exchanges. We are working on our partnerships with the exchanges and every exchange will be different. There will be things we have to do on the back end for each exchange. So we have to make sure we seed specific accounts with that V2 token. Then they get it ready and they basically turn off V1 token trading on their exchange and then turn on V2 token within their exchange and people will be able to do the migration that way.
Phase 3 when does the migration end? We will have to end the migration if we don't, people will accidentally start buying the V1 token and then a lot of fud will come out where they bought the V1 token and now are lost. We do have to make sure there is an end date to this because there would be a lot of risk if we didn't.
Is there a cost to perform the V1 to V1 migration?
Yes, the only cost is BNB (smart chain) to initiate the transfer which is required by all transfers on the BNB network and is not controlled by SafeMoon. We are not going to be charging any SafeMoon. To clarify, there will of course be a 10% tax when you move to V2 contract, however, we will mint you 10% additional SafeMoon once you complete that migration. So it completely cancels the fees and your bag value will basically remain the same.
V2 and future benefits
V1 was the first iteration of the token. We have to scale and make it flexible so that it can be utilized with other partners. With V2 we have realized these things and that we can utilize our token with other tokens and other products. So we have been working really hard to achieve these things. V2 isn't just the 1000:1 consolidation; it's also flexible. We are going to have lower fees and we've made it so the fees can actually be changed based on the partnerships. We want it to be secure, safe, but we also want it to be flexible. As we grow this is something that is going to be a need for us and a need for the ecosystem. So once this is completed we are going to have so many more opportunities. There are already a lot of other partnerships that have reached out to us. They have gotten wind of the V2 switch and they see the specifics of what we are doing and they are really excited.
Mr. Adult: We are moving to a sort of education first approach with some fun things alongside that. Ryan, do you want to touch more on that and where we are on the road to launching V2?
Ryan: We hear you guys, “wen V2?” We have already deployed the smart contract live on the blockchain. We had a successful deployment of V2 and now we are just working on the UI aspect in the app. We are already done with the logic and the UI in the app, and now we are just doing the testing. We are ensuring that when you guys are ready to swap V1 to V2 everything is operational in the app. We have not given out the contract address yet but it's ready to rock and roll. We are really working on the user experience and how seamless it is to swap.
Mr. Adult: There will be a lot of information and videos coming out to walk you guys through how to swap to V2 so stay tuned. This way you guys won't be scrambling when we drop V2. You will have all the information you need to swap and know what to expect when the time comes.
Timeline for V2
We are working with one 3rd party company for migration and we’re working with our internal dev team that's creating a nice seamless process for everyone. The smart contract team has done their job so we are not having to do that anymore. We are having to work with marketing though for when we launch. As of now it's going to be ready very soon and definitely before the end of this year. We might even surprise you guys with a sooner than later launch date.
If my tokens are in the hard wallet, how can I migrate to V2?
What a hard wallet is is that you have a private key and your tokens exist on the blockchain and you’ll be those through a private key. You can import that seed phrase to any other decentralized wallet that allows it. We recommend before you make that change to check our web swap and see what we support. We support web connect, Trust Wallet, Math Wallet, and Binance Wallet. So if any of those allow you to import your private key from your hard wallet then in that case there is no 10% fee because it's an import not a transport. Then through our web swap you can use wallet connect or straight through web3 integration by pressing the Connect button.
Burn Wallet Function with V2
The burn wallet will still be locked in V1 and Unicrypt is working with us to ensure all that stays locked. We still have the time left on that locking and there’s nothing the company can do as far as touching it. It’s gone, basically. Unicrypt has been doing a fantastic job at making sure this migration is going off without a hitch.
Is V2 going to allow us to control tokenomics on the exchanges that have us listed but may or may not honor them?
It's still going to be exchange-dependent but we have the ability to change the buy and sell rate. So as the buy and sell rate gets changed on the exchange and they say we do or do not want to support tokenomics. They can still list the token and we are still getting some sort of burn. The way we want to look at it is how it would be appeasing specific exchanges that won't otherwise support us and still further SafeMoon’s reach. Our tokenemoics are important to us and we will be making sure we preserve that but there comes a time when the bigger exchanges just won't move on that. That might be something down the road where they are ready to make that shift that we will be ready. We don't want to compromise our reach and scale on the midterm.
Will we have a V2 swap to liquify in the contract?
Yes. The only difference is we allow the flexibility of changing rates based on the partnerships and the scaling the company needs to do. Everything on that will remain the same.
Ryan, what is the legacy you think the SafeMoon Army will leave behind or remembered for?
I believe this Army will be remembered for continuing to move forward through all the obstacles. Like first when we started it was they didn't even have a business use case and that was no more than 6 months ago. Then it was well they don't even have an app. Now we have a wallet, now we have a web swap. Now it’s “will there be a V2?” Guess what, now V2 is deployed and it's now just tightening it up and a nicer presentation for everyone. After this is done then it's moving on to the ecosystem. Like SafeMoon connect, different encryptions how we work with other partners. Our legacy is that nothing will stop us. Our community has weathered this storm.
Will you have the option to select 25-100% max when migrating your V1 to V2 tokens?
You will still have those options with the consolidation button. It will just input all of your V1 SafeMoon into those slots by one click. Once it's in there you can always change it around. I would always recommend doing a test transaction to make sure it goes through. It's just a good practice to have but it will cost you a little gas fee to do it.
Will the V2 contract be audited or has it already been audited?
We are in the process of it in the backend. It's essentially the same contract as V1 with added flexibility. I don't expect the audit outcome to be much different because of the way we have done it.
I have multiple wallets in Trust Wallet. I would like to import those wallets to the SafeMoon wallet. Do you anticipate multiple wallets will be supported before V2?
We have finished the multiple wallet update and will also have the import private keys update. So all of these things will be available for the migration process.
Ryan, what is your favorite thing about being a part of SafeMoon? What gets you up every morning?
I'm personally a builder and I love solving problems. I love chaos and solving those problems and making it simple for people to understand. Just working with the SafeMoon backend team, and seeing their passion increases my drive. It's a combination of doing what I love, building, and solving problems in these new tech area’s we are working on, for example Web 3 or the reflections tracker we made.
Would it not make sense that we could go to our blockchain and our consolidation at the same time?
The best way to look at it is how can we keep moving forward and keep pushing partnerships without losing time? We are being contacted by partnerships in the backend who see what we are doing. If we put off V2 and consolidation and say well we are doing our own blockchain and we push those companies that want to work with us aside. You don't build those relationships with those partnerships. The products won't always be perfect but we are pushing further and faster allowing us to get traction and build these relationships with these partners.
CatsRus: We will get the educational information about V2 out to you guys through all of our platforms.
Mr. Adult: We want to turn these questions you guys are giving and turn them into assets. So we want to arm you with information so we don't have the same questions continuously. The community is why I continue to show up and thank you for rallying behind us.
Ryan: There is no perfect or set way of doing things in this space. The way we are doing our migration might be completely different than how another company might do theirs. That's the great thing about this space: we're helping build it. Ten years down the road another company might copy us or do it in a way that we have not ever thought of. The point is that everything we are doing is new and we are doing it to the best of our ability. We are looking for opportunities to make these things more mainstream. We will deliver this before the New Year and we are probably going to give you guys a bit of a surprise.
CatsRus: My side of the content is now live. If you head to safemoon.net and scroll down to the bottom you can find the education link there or safemoon.education. The step by step guide is live. It's still going to be added to so it's not the final result but it gives you an idea of how the process works.
Ryan: Thank you guys for tuning in and we are making sure you guys have all the information you need for the V2 migration. We will look back and this will have been just another obstacle we got through.
Written by Hallogen
Edited by MomoKombat