GALAXY ARENA OFFICIAL MIGRATION UPDATE
First of all we’d really like to thank everyone for their patience and understanding. Running a project is a fun but difficult endeavor, we always try to do our best for both the project and the community.
UPDATED ROADMAP
As everyone's well aware, Galaxy Arena ($ESNC) has officially migrated to the BNB chain, we're very excited to say that the launch has been a huge success and the project's future with everything we have in store looks bright, to say the least! We plan on keeping this momentum ongoing by continuing strong marketing and connecting with EVEN more partners.
Check this medium article for our midterm roadmap:
MIGRATION
As part of the migration process, a snapshot was taken last 10/2/23 at 4:00 PM UTC so that all who hold $ESNC will be able to claim their vested tokens after launch.
Moreover, in preparation for the migration, our team took the following measures to ensure a seamless transition:
- Sent out multiple official announcements
- Had an AMA on 3/2/23 to explain and announce the migration.
- Created a group specifically for the migration.
- Kept our community up to date with our moderators
- Spoke to individual investors and got their thoughts on the whole process
- Spoke to ByBit to put up the 'ST' label and notification on the pair as soon as we took the decision.
On Bybit’s side, here are the following steps that they took:
- They put up an 'ST' sign on the ESNC pair, roughly a day or two before that.
- In addition to that, they put up a risk warning sign when you first open up the ESNC pair on the website.
- They also put up an official announcement and put up an article.
For further information on the reason for our migration, please read this article:
Taking all of the above into account, our migration to the BNB chain will help us connect and integrate with the Binance Ecosystem. We are connected with Binance connect and we will continue to connect with other Binance arms such as Binance Pay, Binance NFT, etc.
After 16 months of long work, the founding team of the project has made the executive decision to continue with this path and that this is the best way forward for our community and the project’s longevity. We have consulted many professionals as well before taking this decision.
IMPORTANT FAQ ABOUT THE MIGRATION
- What if I have tokens on Qmall?
Qmall will automatically distribute the tokens according to the distribution plan.
- What if I have tokens on WePad?
Wepad will automatically distribute the tokens according to the distribution plan.
- What if I’m staking the Polygon $ESNC on TokensFarm?
We will airdrop your tokens according to the distribution plan.
- What would happen if I bought my tokens before the snapshot?
If you have bought before the snapshot, you will get your token back. If you bought before the snapshot but did not have time to withdraw your tokens then you will need to provide proof by filling out this form: https://forms.gle/krqqkQmpYG13gtZB8
- What would happen if I bought my tokens after the snapshot?
If you have bought after the snapshot you will not get your token back. The team can’t do anything about it.
OPTIONS FOR THE COMMUNITY
During the past few days, we spoke to the community and listened to what you have to say. These are the 3 options you can choose from what will happen with the tokens and how we will move forward with the distribution. Your input is important to us, and we encourage you to provide us with your thoughts on this matter.
Option #1:
This option is divided into 3 sub categories:
- Private Sale
- Public Sale
- Current market.
To guarantee both holder satisfaction and the success of the project, the following numbers have been calculated meticulously by our tokenomics experts.
For Private sale investors, they will receive their token balances at the time of the snapshot at a price of $0.007 with a 6 month lock and linear unlock.
For Public sale investors, they will receive their token balances at the time of the snapshot at a price of $0.021 with a 6 month lock and linear unlock.
The rest of the people who bought on the market at the time of the snapshot and had unlocked tokens will receive their tokens at $0.0006 all unlocked. If you’re interested in waiting 6 months, you can get the same deal as the public sale.
**Please note the tokens you’ll receive will be based on the price $ESNC on the day the claim portal opens.
Here is the proposed new tokenomics:
https://docs.google.com/spreadsheets/d/1-OkMMpn7pAwrDtJ2qJ77DjJ9f7ilGW-Z-aQQKSN-BHg/edit
Since we will be burning a lot of the supply, we will switch our burn tax to a BUSD tax that will go towards Buybacks & project development.
These are the changes based on the tokenomics outlined above:
- Circulating supply and total supply will be reduced.
- Fully diluted market cap and market cap will also be reduced.
- The tokenomics are subject to change to a small extent, depending on the price of the token on the day of the Claim portal.
Option #2:
The community receives their tokens 1:1, according to the balances at the snapshot day, with a 2 month cliff, and 36 linear unlock. However, according to the tokenomics and ecosystem, this would leave people with millions of tokens that they would never be able to sell. This option will quickly lead to the end of the project.
Here’s a concrete example:
For instance, if you hold 1,000,000 Polygon $ESNC tokens at the time of the snapshot, they would be worth $600. However, if you received 1,000,000 tokens today at our current price of $0.2, the value would be $210,000 for one individual alone.
The total number of $ESNC holdings at the day of Snapshot was 80,000,000 total, with today’s price it would be $16,000,000.
Option #3:
Refund all holders that bought and held $ESNC on Polygon prior to snapshot (10/02/23).
There isn’t much to explain about this option. If you hold USDT at the time of the snapshot, we will send you the same amount.
We will be releasing a poll featuring the three options outlined above, labeled as Options #1-3. We encourage you to choose carefully, as your decision will significantly impact the future of the project.
