BUST Token Upgrade (4th June 2021)
Part 2 — continued from the previous Medium: https://bustabnb.medium.com/bustabnb-official-update-b89fab5bcdde
What if I told you Neo-Ape, that there would be upgrades…
New BUST Token:
As most of you know, the current BUST token was airdropped out to all APEcoin holders back in March as a token of good faith (LOL, see what I did there?) for our upcoming BUSTaBNB game and ecosystem. Now I don’t want to go ahead and say that the airdrop was premature, but I can tell you that at the time the BUSTaBNB project was still in its infancy and not all aspects were completely finalised. We’ve since made some changes in direction (trust me, they’re great changes) regarding the tokenomics of BUST and the expanded ecosystem as a whole, and as part of these changes we’re going to issue a new BUST token to replace the old.
The main change we’re making and the driving force behind issuing the new token is to increase the total supply, meaning we’re going from 100M BUST tokens, to 10B (100,000,000 -> 10,000,000,000). We’re doing this predominantly to create a more fun and cheaper feel of the BUST token — not quite at the level of SafeMoon etc. with their Quadrillion initial supply, but somewhere in the middle :)
All current holders and stakers of BUST tokens will receive an airdrop with the new token to replace the old. More on that further down.
Presale and IDO:
Another reason for the new token is that we’ve decided to do a capital raise through strategic and private presales, and a simultaneous, multi-platform IDO to attract a large number of users. As these sales are currently private and going through a compliant process with a licensed venture firm, we can’t disclose details but again — all existing users will receive 10x the number of tokens and this will result in significant value add at the IDO price. This will mean a more polished and feature rich game and expanded ecosystem, more games, a much bigger bankroll for more potential winnings, and more trading liquidity — among many other things. Win for old bust holders and win for the entire BUST ecosystem.
Token freeze and airdrop:
So this is where things get a little more complicated but I’ll do my best to explain it all out and list some justifications to try to clear up some of the questions that might pop up.
First of all, as of 12am today UTC (June 4th) we’ve just forced a token freeze on the existing BUST token contract, meaning the current BUST tokens are no longer transferable. This halts any wallet to wallet transfers, trading, and BUST LP creation and breaking.
How did we do this?
Well, when we created the first BUST token, the design of the entire ecosystem wasn’t 100% complete, so we thankfully had the foresight to leave god-mode enabled on the BUST token contract which allows us Neo-level super powers to change contract code etc. Don’t worry if this sounds scary, we’re only going to use these super powers for good, and now that we’re 100% certain regarding the direction of BUST, we’re definitely creating the new token without god-mode left on.
Yes this code will be audited and an audit report available pre-IDO.
Why did we do a token freeze instead of leaving the original BUST token tradable?
There are a few justifications for this but the simplest reason is that it’s incredibly hard to do a presale and IDO for a token that’s already in circulation with a set price. By doing the freeze, we’ve locked in the price as of today, along with a permanent snapshot of each wallet’s holdings, which makes the airdrop much easier too.
What happens next for BUST holders?
For all the BUST holders out there, you don’t have to do anything. When the IDO is complete, we’ll airdrop the new BUST tokens to your same wallet that has the original BUST tokens. The clear downside for you all is that this is a forced HODL for at least a month until the IDO which we can appreciate may seem unfair. Believe me when I say that this was a point of much discussion here at Ape HQ but in the end the decision was unanimous and it was agreed that most of you (if not all) who are still holding BUST right now, must truly believe in the future of the project, and therefore wouldn’t be selling between now and the IDO anyway, not since we’re making obvious progress at our end.
That said, it’s still not nice being forced to HODL against your will, regardless of if you would have sold or not. So, although I can’t give specific dollar values, I can assure you that the total value of the new airdropped BUST tokens at the end of the IDO will be worth considerably more than the current market value of your original BUST tokens.
What about BUST LP stakers?
This one is a little more complicated since it’s not just your BUST that’s frozen, it’s your LP pair of either BUST-BNB or BUST-APE. Unfortunately, because of the freeze, you won’t be able to break this LP until after the IDO when we will unfreeze the original BUST token for those of you with staked LP. By then, the original BUST token will be worthless in terms of tradable value, but you’ll still want to remove your LP from the farm to get your paired BNB and APE back.
Again we understand that this isn’t ideal, it’s a forced HODL and stake this time, so for those few of you with LP staked we do have another option if you don’t want to wait for the new and more valuable BUST tokens. The good news is that you’ll still receive the MFRM rewards from your LP, regardless of the token freeze. Please come over to the BUSTaBNB Official Telegram channel (if not there already) and reach out to an admin if you don’t want to simply wait for the new tokens, we’re sure we can work something out :)
- Huge presale happening now, multi-platform IDO happening in July
- The new BUST supply will be 10B Tokens. Full tokenomics breakdown will be available when we start promoting the IDO
- BUST holders and LP stakers will receive airdrops of the new BUST tokens worth considerably more than the current market value of their BUST holdings
Well that escalated quickly… I much prefer writing the less technical, more silly, fun, info dump type articles, but this one did need to be written, so someone had to do it :)
Lame jokes aside, we know a few people might not be too happy, but every decision we’ve made is considered from all angles and the final call is always what we believe is going to be best for the entire BUST and partner communities as a whole. We hope you are all on board, because remember:
And lastly because I couldn’t resist:
Neo (Neil) ApeStrong: “What are you trying to tell me? That I can dodge FUD?”
MorphApeus: “No, Neo. I’m trying to tell you that when BUST is ready, you won’t have to ..”