Sunsetting the PolyWhirl token
A big welcome to the community to the next phase of life in our journey to make private transactions simple and accessible for everyone to use.
We launched with the dream of creating a private transactions protocol for the Polygon chain as we saw an influx of users into this new low-gas and high-throughput blockchain ecosystem. While this still stands true, we at OmniWhirl realised the future was multi-chain, and have spent the last few months preparing to make that our reality.
An important step in this change was to migrate out all PolyWhirl tokens into OmniWhirl — an improved and multi-chain compatible token which can be bridged into any of the EVM chains we wish to go live on.
Since our migration announcement in early November, we have been preparing for sunset of the PolyWhirl token, and are glad to announce that post reaching the 51% benchmark (51% of the PolyWhirl supply now has been migrated to OmniWhirl), we are going to sunset the PolyWhirl token.
Details of the sunset are as follows —
1. Liquidity re-balancing:
PolyWhirl token’s liquidity was locked by our IDO platform for 6 months post launch, which was released on January 14th. The OmniWhirl team has claimed the LPs and will be using this unlocked liquidity to rebalance the liquidity on the OmniWhirl token.
The liquidity will be used for the following purposes:
- Jump-starting price action of the OmniWhirl token caused due to shallow liquidity on the current token and various vesting unlocks.
- Providing liquidity on various chains OmniWhirl is going to be live on.
The above mentioned steps are going to take place on 30th of January, 2022, in the following manner:
The LP pool on QuickSwap and Sushiswap is going to be dissolved and the $WHIRL tokens (both PolyWhirl from Quickswap and OmniWhirl from Sushiswap) as well as the Matic to be collected in a singular place. The PolyWhirl tokens will be migrated into OmniWhirl by the team.
These funds will then be divided into exactly 5 equal segments, and each of them to be used to provide liquidity on each of the following chains: Polygon, Ethereum, Avalanche, BSC and Fantom. The price of the token during this new liquidity provision will be fixed to ~$0.10. Any additional $WHIRL tokens leftover after this rebalancing will be moved to the OTC fund, where it will be used later on further chains to acquire liquidity.
Each chain will see the liquidity added against $WHIRL in the native token of the chain (i.e. $MATIC on Polygon, $AVAX on Avalance, $BNB on BSC and so on…)
2. PolyWhirl trading on XT.com
XT.com has refused to support migration of PolyWhirl token, hence the trading for the old PolyWhirl will continue on XT.com till the end of February, post which, XT.com will suspend trading of PolyWhirl and allow for withdrawals for investors who have funds on the platform.
We will provide more updates on this as we move closer to the deadline, but we suggest all investors to withdraw their PolyWhirl tokens from XT.com and migrate therm manually to the OmniWhirl token here.
Please note that this decision has not been taken lightly, and the team has deliberated for weeks on the best way to sunset the old token before taking any of the decisions mentioned above.
The team is always available for any questions or queries the community may have on both Telegram and Discord.
About OmniWhirl
OmniWhirl is a multi-chain, decentralised platform for making private transactions. It will help you preserve your privacy, in case your identity and addresses are linked and exposed. You can transfer all your funds to a new address without exposing your link to previous addresses.
OmniWhirl’s goal is to build a completely decentralised private transaction ecosystem that can be relied on, forever. OmniWhirl aims to be the go-to standard for privacy transactions on all popular chains, and is dedicated to build an autonomous, self-sustainable protocol that can be trusted and used forever for on-chain privacy.
