The time for migration to megaBONK is approaching & this article is designed to provide detailed information on how the Bonk community must prepare for the swap to the new contract.
Back in December the community approved the proposal towards upgrading the current Bonk token contract & completely removing the current Bonk rewards system as a way to move forward. These upgrades include adding more robust features to the token contract itself, and upgrading the website to something more conducive for the Bonk communities needs. You may read more about these upgrades here.
Migration Event Details
- 1 week migration period from April 2nd, 6pm UTC to April, 8th
- The new megaBONK token will not be traded for 72 hours until the new pool is created
- Current Bonkv1 holders must go to megabonk.com, connect their wallet, & press the Migrate button to confirm their position to the new contract. The migration will swap all bonkv1 in the user’s wallet & send megaBONK tokens in return.
- During the migration period, bonkv1 is able to be traded on Uniswap
Why the Migration period cannot be extended while the new contract is tradable
If the migration time period is extended, then someone will effectively buy bonkv1 migrate to megaBONK & drain all the ETH in the new pool, so in order to combat this we have a limited window to migrate. In spite of all this the migration is as easy as making a swap on Uniswap!
We would really have loved to offer a longer time window for the swap through the website, but due to the reasons listed above. We believe it is in everyone’s best interests to have a 72 hour swap window.
Migration Instructions
- Go to megabonk.com
- Press the Connect button on the top right
- Make sure you have some Ether in your wallet as there will be an Ethereum gas fee while interacting with the smart contract
- Now scroll down to the Token Upgrade section
- Press the Migrate button
- Please note that the migration will swap all Bonkv1 tokens in your wallet & will send mBONK tokens in return
Migration Information for Bonkv1 users in the Staking Pool
If you are staking bonkv1, then you will need to unstake your tokens & follow the steps above. For users have issues not seeing their tokens on the bonktoken.com website, it is most likely due to the metamask libraries update which can be fixed by downloading this extension.
If you do not wish to download the metamask extension update, then you may unstake your tokens via Etherscan.
- Go here
- Connect to web3
- Go to Line 10 Unstake, type in the token amount staked plus 18 decimals
- Go to Line 3 Collect, press ‘write’
- If you do not know how many tokens are staked then go here and select Line 1 Allinfor, and paste your Ethereum address here. This will display tokens in the userStaked section after pressing Query.
Next phase: megaBONK opening doors for integrations
The staking focused token mechanics of BONK were a successful experiment in community building.
By incentivizing staking, Bonkv1 has been able to attract one the chillest and comfiest communities on Ethereum. Comfy community = solid foundation.
By shedding the 1% transfer tax, the MegaBONK token will become more liquid, allowing for more lively exchange. Even better, by conforming closer to ERC20 standards, MegaBONK will be easier to integrate into the wider DeFi and NFT ecosystem. A key element in modern smart contracts is *composability*, which drives network effects and synergy across protocols. With this token migration, MegaBONK will be opening the doors for all kinds of seamless integrations and new use-cases. Oh, and the new website is turning out to be mega pretty too!
Join the Bonkers Crew!
- Telegram: https://t.me/bonktoken
- Discord: https://discord.com/invite/E5J6e6w
- Website: https://bonktoken.com/
- Twittter: https://twitter.com/BonkToken
