The on-chain governance proposed for BOT token migration has successfully been passed, and we are excited to reveal BOT token migration details!
The migration from BOT token to AUCTION token marks a new journey of Bounce decentralized auction and Bounce certified auction. Migrating your BOT to AUCTION allows you to participate in both the Bounce decentralized and Bounce certified auctions.
What about Now?
Since BOT is listed on major centralized exchanges, we will apply for the token migration process and work with exchanges to make a successful transition. We will make an announcement once we find a good migration solution for token holders.
We will start the process of transfer BOT utility to AUCTION. This includes switch transaction fee market buy from BOT to AUCTION, redefine BOT holder as AUCTION holder (you need to hold 50 AUCTION to be a qualified holder) etc.
The current total supply of BOT token is 100,000 BOT. We will issue a new token AUCTION with a total supply of 10,000,000 AUCTION so that the ratio matches 1:100
What is the migration ratio?
The migration ratio is 1 BOT to 100 AUCTION, so if you migrate 1 BOT you will end up having 100 AUCTION. You do not need to have an exact amount, the migration will be performed following that ratio. Some examples for clarification:
- 0.01 BOT to 1 AUCTION
- 0.001 BOT to 0.1 AUCTION
How do I migrate? (Coming Soon)
The process to migrate from BOT to AUCTION is quite similar to a deposit. You just need to enter the APP and go to the migration portal.
Then you need to execute 2 transactions to perform the migration:
This is a required transaction prior to the migration allowing the migration contract to move your BOT tokens to migrate them to AUCTION. This transaction won’t be required if you perform additional migration actions unless you revoke the approval.
2. Upgrade BOT to AUCTION:
This transaction performs the upgrade from BOT tokens to AUCTION tokens. When confirmed, you will have your new AUCTION tokens in your wallet.