Verse [ETH] is migrating to Polygon on March 4th, 2022.
Time to say goodbye to high gas fees, and hello to the future!!!!
Why we are migrating to Polygon?
Ethereum has been a fantastic foundation to build the Aidi Finance project on. When Aidi first started, transaction fees were inexpensive, allowing anyone to get into the Aidi ecosystem. With the explosive growth in ETH, both in price and congestion of the network, it is now cost-prohibitive for nearly all transactions to be performed on the network.
Verse as you know is not only the utility token for Aidicraft but also a conduit for generating passive income. Due to the complex functions in its smart contract, fees for Verse transactions are even higher than those of regular tokens. This creates a huge barrier to entry for most potential investors.
Also, with Ethereum 2.0 still a complete unknown, we know that the longer we sit and wait for things to get better, the longer it will take to create a positive price movement and ROI for our community.
It’s time for a change.
What is Polygon?
Polygon Network (formerly known as MATIC) is a layer-2 scaling solution that improves the functionality of the Ethereum blockchain by increasing its network scalability and overall transaction speed.
Polygon is a protocol for building and connecting Ethereum-compatible blockchain networks. The aim is to solve issues that are combined in other blockchains such as high gas fees and slow speeds without sacrificing security. The system is similar to the likes of Polkadot, Cosmos, or Avalanche but is more open and secure. Plus it is able to fully benefit from Ethereum´s network effects.
But, Why Polygon?
The blockchain scalability landscape is vast and quickly evolving; choosing one solution over another is not a simple task, but it’s a multidimensional problem with many variables and forecasts to digest.
The decision to go with Polygon was made after taking the following aspects into consideration:
- Transaction costs;
- Decentralization trade-offs and project vision
- Speed of execution
- Current adoption
- Vicinity to the Ethereum ecosystem.
Because Polygon is a Layer-2 scaling solution made to bring mass adoption to the Ethereum network, it will be easy for all our users to make the transition. Polygon uses the same wallets, the same token names, and the same easy access to the network, simplifying the process for current and new users to interact with the Aidi Finance ecosystem. A comprehensive set of tutorials and instructions will be made available during the migration to help bring our community to its new home.
TIMELINE OF MIGRATION
March 4th, 2022
14:00 UTC — Pause on all $Verse [ETH] transactions
14:10 UTC — Snapshot of all $Verse [ETH] holders:
15:00 UTC — Removal of $Verse [ETH] liquidity
16:00 UTC — Deployment of $Verse contract on Polygon Network
17:00 UTC to 23:00 UTC — Airdrop $Verse [Polygon] tokens to all the $Verse [ETH] holders in a 1:1 ratio
14:00 UTC — Add liquidity TO THE $Verse (Polygon) pool
15:00 UTC — Enable trading for Verse [Polygon]
Verse (Polygon) Tokenomics
The tokenomics for Verse (Polygon) are nearly identical to those of Verse (Eth), with the only exceptions being rewards now paid out as MATIC and the treatment of the 3% fee previously used towards the automatic buying and burning of Aidi (Eth).
As Verse and Aidi (eth) will now be on separate networks, it will no longer be possible for Verse to automatically buy and burn Aidi tokens (at least until the latter’s own migration to Polygon in June 2022). Instead, the fees will be collected in an external wallet and the accumulated funds will be used towards boosting Aidi (Eth’s) liquidity pool. This will revert to automatic buy & burn when Aidi (Eth) migrates to Polygon come June 2022.
- AIDI Price Stability (Collection of Matic in the external wallet to be used towards adding liquidity to Aidi Eth’s pool)
- AidiCraft Operations Cost and Ecosystem Marketing
- Rewards for the AidiCraft Platform users. 20% of VERSE’s total supply is reserved for sellers and buyers on the AidiCraft marketplace. 20,000 tokens are distributed every 15th and 30th of the month to creators and collectors who made a sale or a purchase on AidiCraft during the respective time frame. Both buyers and sellers equally receive 50% of the biweekly distributed amount.
- Whale protection. To discourage a series of whale dumping, there will be a ‘maxDailySellAmount’ threshold, that will be used to double tax series of sales. If the total sell amount from a wallet goes above a ‘maxDailySellAmount’, then the $VERSE contract charges a double fee for every corresponding sell on that day from that wallet.
- Bot prevention. $VERSE comes packed with manual and automatic bot prevention algorithms. All sniper-bots and front-runner bots will be added to a blacklist.
Total supply: 5 Million $VERSE (max)
Transaction Fee Breakdown
Total fee for buy/sell transactions = 10%
4% — Matic Rewards to holders. To be eligible for MATIC dividend payout, the users just have to hold a minimum of 500 $VERSE. The ETH rewards are credited periodically to holders’ wallets (up to 24 times a day). It’s automatic and VERSE’s contract takes care of it. So just hold $VERSE and earn rewards in ETH!
3% — Aidi (Eth) manual buy&burn/ liquidity boost . The fees will be collected in an external wallet and the accumulated funds will be used towards boosting Aidi (Eth’s) liquidity pool. Aidi buyback manual wallet address: 0x79ecF367d4A1d90F1Db25Ce2eb14CbeC29F63EbD
3% — Marketing, Development & Team. 3% of each transaction’s MATIC value will be shared among marketing (1%), team (1%), and development wallet (1%). This supports the Aidiverse’s expansion and ensures we can become self-sustainable.
****If the daily sell amount goes above ‘maxDailySellAmount’ (3250 Verse tokens), the total fee for sell transactions for that day = 20%
What holders need to do:
Holders will only need to add the Polygon network to their current wallet and add the new Verse (Polygon) contract so their tokens can be tracked.
How to Connect Polygon Network to MetaMask?
Below are the details that you will need to add to connect to your MetaMask to Polygon network. However, before making any major changes in your Metamask wallet, please ensure that you have access to your private keys also known as a secret phrase so that you can back up and restore your wallet in case something goes wrong.
Step 2: Add Network to MetaMask
Once MetaMask is installed, open your MetaMask wallet. After opening the wallet, click the dropdown beside the name of the connected network (usually set to Ethereum Mainnet). Then select “Add Network“.
Step 3: Add Polygon Network to MetaMask
You will be directed to the “Add Network” page. To proceed, type in (or copy and paste) the below information to the appropriate box. You may view the image below for reference.
- Network Name: Polygon Mainnet
- New RPC URL: https://polygon-rpc.com
- ChainID: 137
- Symbol: MATIC
- Block Explorer URL: https://polygonscan.com/
Step 4: Save
After inputting, click save and your MetaMask wallet is connected to the Polygon Network. Congratulations!