[ANN] SWYFT/BiFrost Swap Details
All as we conclude the source code now and the final build of the wallet. This week, the timeline of the 1st of September is completely on track.
We are still awaiting for quotes from the incumbent exchanges which we hope to have this week for discussion to decide when we launch with the new wallet.
Please see below the swap rules of engagement that will be confirmed at the launch on the 1st of September.
All exchanges will be instructed to close deposits and withdrawals on the 30th of August. Coins left on any exchange at that point will be considered burnt. We cannot guarantee we will be re-listing after the swap so please be sure to withdraw before this date.
All nodes run privately and on the hosting platform will be removed on the 1st of September. We will not try to overly profit on the basis of a swap ratio that may change daily based on newly minted coins vs allocation.
Remember this swap is based on circulation divided by allocation of each project as well as the increased ROI on the new chain. You are much better off switching over as soon as possible!! We will be reviewing the metric daily to make sure it’s inline to the nearest rounded value.. 29.5:1 is 30:1, 29.4:1 is 29:1
FIRST 2 WEEKS:
Swyft has a tool where you will login to receive an automatic address to send your coins (FROST to SWYFT swap – SATC to SWYFT swap). We will send you the TXID. You should paste to where the tools will automatically validate what you sent and convert to new coins.
After pasting your new wallet address this will be sent automatically.
Before starting the process, be absolutely sure you have the details you need AND old wallet / new wallet synced and open ready. Please do not refresh the page during the process. This will ensure a smooth transaction.
MAXIMUM 2 WEEKS AFTER:
On the 15th of September, the automatic swapper will be shut down. All rewards on and after this date will be invalid. The Swapper will move to a wallet.dat verification by the dev team. After which you should email a support address which will be provided.
You will include your username and wallet.dat encrypted to a password which will be communicated. We will be in touch regarding valid and invalid rewards.
This is obviously very time consuming and we respectfully ask for your patience through this process. It is in everyone’s interest to try to swap within the first two weeks.
SWAP ALLOCATION :
The allocation has already been decided. That is 680,000 for SATC and 320,000 for FROST. Please see the timing penalty of the swap.
FIRST 2 WEEKS :
100% of the circulating supply divided by allocation (No Penalty)
A 50% penalty for time needed to go through wallets. For example: if initial swap is 30:1 this will be 45:1
An additional 50% penalty from 3rd week. For example: If 45:1 (as above) will go to 63:1
The swap will close and be concluded on the 29th of September. Late comers will not be tolerated as it is imperative that we move on.
Please have some sense of investor responsibility. If you are unable to swap within this period there is no excuse for not getting in touch with us.
As long as you drop one of the Dev team a username and a note, we will earmark you within the current week of contacting. The rules of the swap ratio timing still apply.
We will do our best to post everything on all Channels, Email, Blog and Tweet. We will also phone some to remind you.
Let’s look forward to a well timed turnaround! There will be further announcements Monday & Wednesday of this week while we reorganize our business.
We will be readying for a successful merge, swap and future appetite of success.
PLEASE be sure we spread this news WIDE and FAST to help encourage and capture all users during this period.
We thank you in advance for your cooperation.
- Keep in touch on the Discord Channel for all developments and news.