EG v2 Migration is now Closed

The migration to EG v2 started in February 2023 during the launch of EG v2.

Users were then told to migrate their tokens to EG v2 using our EGMigrate app.

Over the last year, nearly 17000 holders have migrated successfully.

A deadline was also announced for migration to end on 13th February 2024.

EG V1 Staking was hosted on a third-party platform which is being de-commissioned by the supplier and won’t be in service after 13th February 2024.

The EG v2 migration has been available for an extended period, surpassing the typical duration observed on other platforms. While some exchanges maintained migration windows for a month (LBank and Bitmart kept EG Migration open for a month, and extended to 3 months upon our request), EG chose to uphold it for over a year. Managing prolonged migration periods entails significant resource allocation, including manpower for user support and infrastructure hosting costs. Sustaining this indefinitely became impractical, leading to the announcement of a migration deadline last year.

EG Team used all means of communication to reach out to holders to migrate as soon as possible. The communication also included reminders to unstake any tokens which were locked in our V1 Staking vault.

The unstake and migrate reminders included:

• Creation of detailed text guides on how to migrate.
• Creating a video on how to migrate.
• Migrate button displayed on our EG Token website homepage for over a year.
• A pop-up message showing on the EG Token website homepage for over a year.
• Regular posts on our Twitter Account.
• Regular posts on our Instagram Account.
• Daily posts on our Telegram.
• Dedicated shortcuts and filters setup on our Telegram showing information about migration.
• Pinned messages on Telegram.
• Regular posts on our Discord.
• Articles on our news website, news.egtoken.io
• Mentioning Unstaking and Migration on all of our TG and X Spaces sessions.
• Mentioning Unstaking and Migration on our Youtube videos.

Holders encountering challenges during the migration process, often stemming from non-compliance with instructions, received comprehensive assistance. A dedicated ticketing system facilitated user inquiries, with the EG Team manually processing over 1200 tickets to aid in the migration process.

With the migration deadline concluded, we look forward to the next era for EG & EGSwap.

Approximately 40% of tokens remained un-migrated, including 1% that remained unstaked.

What Happens Next:

In adherence to our strategic plan, we will initiate the burning of 1% of unstaked tokens from the v1 vault, totaling 60 million EG tokens, approximately valued at $50,000 as of the current market assessment.

Careful consideration will guide our subsequent steps for the remaining tokens. Expect periodic burns to follow. Having secured 40% of the token supply, we’ve fortified long-term protection and security. This measure prevents market dumping and ensures increased liquidity for existing users, as 40% of the tokens are permanently withheld from circulation.

Several intriguing proposals for utilizing this supply are on the table. While undisclosed, notable entities have expressed unofficial interest in a long-term collaboration, potentially involving token vesting and joint initiatives. Additionally, contemplating future ventures such as VC engagements or listing on prominent exchanges is part of our strategic use of this token supply.

Every decision will undergo meticulous review, considering its irreversibility post-burn. Transparency remains paramount, exemplified by the dedicated EGMigrate wallet. The community can monitor all fund movements through this link: EGMigrate Wallet

Note: No fund movement from this wallet will occur without a comprehensive explanation or notice from the EG Team. This protocol assures the community that the substantial token supply is managed with utmost care and transparency.