Preparing for the V2 Migration
Although the liquidity issue mentioned in the last Medium article is a very simple fix, we are taking the opportunity to implement a few more features into the contract which will greatly benefit the project! A critical component for O1T V2 is to update the code to include the PancakeSwap V2 factory and router. This will ensure that when the 5% liquidity fee is applied, it will add V2 liquidity rather than V1 (which PancakeSwap seems to be heavily encouraging people to migrate away from).
Additionally, we will be reducing both the liquidity fee and reflect rewards fee to 4.9% each to include a 0.2% project evolution fee. This 0.2% will allow us to have continual funds to allocate towards marketing and developing the project. We will be keeping a record of all expenses which will be publicly available to provide maximum transparency on the use of the project evolution funds.
Lastly, we will be including limits on how high these 3 fees can be set so we can retain ownership of the contract without having the ability to adjust fees in a malicious way. The purpose of this is so that we can gradually decrease these fees starting with the liquidity fee, as our liquidity becomes healthier. We would also like to eventually reduce the reflect fee and project evolution fee so O1T can become a feeless token — this will help O1T be much more versatile as a utility token.
Token Upgrade Progress
We have run some initial tests and have successfully incorporated the fix and update so that the liquidity fee is functioning as intended on V2. We have also successfully included the project evolution fee.
The next step will be to add the upper limits on fees. The max reflect rewards fee will be 8%, max liquidity fee will be 5% and the max project evolution fee will be 0.5%. The only time any fees would be raised would be if other fees are also reduced so that the total transaction fee never exceeds 10% but all fees can eventually be reduced to 0% for feeless trading and transfers.
Another feature we want to include is the ability to make certain addresses exempt from fees for O1T that is sent to them. The main purpose of this would be to allow people to add or remove liquidity without having to pay any transfer fees (as well as for staking tokens if we add O1T staking in the future).
Shortly after adding initial liquidity to PancakeSwap, liquidity was locked on DXlock for 1 month. On May 18th at 7:13 PM UTC, the liquidity will become unlocked and we will be able to remove it shortly after from V1. This will temporarily halt trading. During this time, we will take a snapshot of all O1T holders and their balance of O1T. Then we will pair ALL of the BNB from V1 liquidity with the EXACT amount of upgraded tokens and supply them as liquidity on PancakeSwap V2. This will ensure that the initial price of the upgraded O1T is exactly the same as it was when liquidity was removed from V1.
Once the liquidity is added to V2, we will lock the LP tokens again for a longer duration of time. Immediately after locking V2 liquidity, we will airdrop the upgraded O1T to all holders based on their balances in the snapshot. You do not need to do anything except hold O1T in your wallet to receive the airdrop to that same wallet. The only wallet which will be excluded from this airdrop is the V1 O1T contract address. This exclusion will allow us to rescue over 25% of the supply which was meant to provide trading liquidity and use it as rewards for LP staking.
LP Staking Rewards
As mentioned above, over 25% of the supply of upgraded O1T will be given to the community in the form of LP staking rewards. Anyone who holds O1T will be able to go to the Liquidity section of PancakeSwap V2 and supply equal USD values of BNB and O1T in exchange for Liquidity Pool tokens (LP tokens). LP token holders receive a share of the built in PancakeSwap trading fees as well as a share of the 4.9% liquidity fee AND a share of the 4.9% reflect rewards.
In addition to all those benefits of being an LP token holder, we will create a staking platform where LP tokens can be deposited to continually earn a share of the O1T LP rewards. Anyone will be able to Stake, Unstake and Claim rewards at any time and the more people that participate in LP staking, the healthier our trading liquidity will become. This will significantly help reduce the price impact that large buys and sells will have on the price and therefore will significantly reduce price volatility.
More details on LP staking will come shortly after our token upgrade and V2 migration.
Marketing O1T is a constant, ongoing effort and we aim to continually explore new ways to share O1T with the world. One of the longer and more sustainable methods of continually marketing O1T to other BSC communities will be with our portfolio tracker which we will resume development of as soon as we complete the token upgrade.
In the meantime, we are in the process of building a completely new website and logo/branding facelift which will be complete right around the time of the migration. We are also developing a pitch deck which we can send to influencers and other marketers to efficiently explain our project, who our target audience is, and what our growth goals are. We are also preparing to run more Poocoin banner ads to promote the upcoming upgrades and airdrop. That, coupled with the scalable funds provided by the project evolution fee, will allow us to be able to finance constant advertising from banner ads, influencer reviews/shoutouts, social media managers/advertisers and many other avenues!
We hope everyone in the community is as excited as we are for the future of O1T as we make history together! It won‘t be long before everybody becomes aware that there’s Only 1 Token.