Wault finally takes a step in the right direction with a proposal to simplify tokenomics and rebranding due to market-wide correlations drawn with the defamed WEX exchange.
Governance Vote This Wednesday
Wault Finance announced a restructuring proposal on Oct. 25 through a Twitter post as it attempts to step into the DeFi 2.0 sphere.
The protocol has proposed a merging process intended to benefit all token holders. Token holders will have a month to deposit current tokens into the burning contract and for an additional couple of months, the new set of Wault tokens would be tradeable on the swap for users that did not migrate immediately.
“We have developed a proposal that would involve merging all three Wault tokens into a single entity and rebranding as a new project. We believe this is the best path forward, with an opportunity to bring the hype back to our ecosystem, rewarding our users once again. The new project would be structured differently, bringing some brand new innovative features and a better profit generation model benefiting the entire community of token holders,” explained the protocol’s official Medium blog further on the motivating behind the rebanding.
The reason for the merging process was cited as due to the current token model not being very easy for new users to understand and the multi-token model creates rivalry in the community instead of promoting unity.
The negative sentiment around Wault combined with poor price action of the tokens has also been cited as being the primary reasons for the rebranding. The maximum supply for the Wault tokens would be 200 million, out of the new token initial supply is 10 million. 90% of the initial supply is reserved for token holders and 10% for initial liquidity.
The token ratios for new tokens as compared to the old tokens are as below:
1 newToken = 1,368 WEX
1 newToken = 445 WAULTx
1 newToken = 5,048 WEXpoly
About Wault Finance
Wault Finance is a decentralized finance (DeFi) hub that aims to connect all the primary DeFi use-cases on the Binance Smart Chain (BSC) and Polygon network within a single ecosystem. The protocol also has its DEX product called WaultSwap that behaves as DEX captibale with both the BSC and Polygon. The new structure as per the proposed model would have a new DEX/AMM, a Launchpad, WUSD stablecoin, Locker, a governance mechanism and fund pools.
Find more about Wault Finance here:
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Source : bsc.news
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