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UBXT token has rebranded to UBXN
The fall of Alameda and FTX has impacted us and the team has been working hard to find viable solutions for the short, medium and long term.
Launch of UBXN
In order to
1- preserve our company and keep on building
2- To avoid the risk of Alameda being in control of about 200M tokens of which a part does not belong to them,
3- and as always, listening and following the idea that originated in our Community
We announce that we are going to launch the UBXN token, to replace the UBXT.
The old token will be completely replaced and will become useless. In this way, we allow our eco-system to be protected and to move forward without the burden generated by Alameda and FTX.
As a reminder, there is no magical solution. Together with the developers, the community and our lawyers, we have found the least least damaging solution.
Important information about the UBXN token
We will create UBXN based on UBXT, with 500M UBXN.
Holders will be able to exchange their UBXT for UBXN on a 1:1 ratio
Concerning the tokens held by Alameda and belonging to UpBots, representing 100M, they will be returned to the project, and stored in our multi-sig.
The additional 100M +/- held by Alameda will be burned.
The already burned UBXT (+/- 13M) will also be burned.
Unclaimed tokens will also be burned.
In order to avoid arbitrage between UBXT and UBXN, a snapshot will be taken on November 30, 11:59pm GMT on ETH & BSC.
It will then be possible to swap only the amount you had in your account at the time of the snapshot. The Swap smart-contract will be available on December 1.
For this reason, the current staking pools will be stopped on Thursday, November 17, and we ask our stakers to withdraw their tokens. It will not be possible during the snapshot to differentiate the users of the pool. The UBXN corresponding to the UBXT still present on the staking pool will be burned.
The new tokenomics and new focus
A new token involves a lot of changes in our systems. But it is also an opportunity to improve our tokenomics. The focus will be on burning and making the tokenomics even more solid.
- All withdrawals fees on SuperBots will be converted to UBXN and burned directly
- 50% of the performance fees received will also be burned.
- for UpBots, a UBXT withdrawal fee of $10 in UBXN will be asked. This fixed fee will also be burned.
