Everything you need to know about today’s PUB token upgrade:
Today (Oct 23rd) at 5:00 PM (PST), the mechanism to swap one’s PUB to its new deflationary token design will go live. This token upgrade will usher in the next chapter in Pub.Finance’s development and growth. Following a successful launch of the PUB token upgrade and its new pools this evening, the development team’s focus will shift to:
- Launching PUB’s Governance Portal. This will give the PUB community a voice in future tweaks to PUB’s reward structure, and influence over the Developer Fund.
- Completing Pub.Finance’s new website. As we shift away from a highly inflationary farming token into a deflationary usecase-driven token, a new website is needed to properly reflect this new direction.
- Launching our suite of PUB-complementing projects, starting with our flagship product, REDACTED (more info on that once the two previously-listed steps are completed).
The swapping process will be straightforward and simple. In order to swap one’s current PUB tokens for the upgraded deflationary design, PUB holders will need to 1. Unstake their LP tokens from the Pub.Finance farms. 2. Remove their liquidity from the Uniswap pools. 3. Initiate a swap on Pub.Finance through our Swap Link. The swap link will be tweeted out and posted in our Telegram channel when it is live. DO NOT SEND DIRECTLY TO THE SMART CONTRACT ADDRESS.
Upon deposit the old PUB will be burned and the sender will receive the upgraded token at a 1:1 ratio. All future development, projects, and efforts by Pub.Finance team will be focused on the post-swap upgraded PUB token. The first version of the token is presumed valueless outside it’s ability to swap to the upgraded version. There is no window on the PUB swapping mechanism that holders have to hit lest they lose their coins. While everybody is encouraged to swap immediately, and then of course re-add their liquidity to the new pools, one could theoretically wait a year and still successfully swap their tokens at that time.
As H-hour approaches and LP holders unstake their tokens and remove liquidity from the Uniswap pools in preparation for the swap, we encourage people to abstain from trading until the new pools are listed and liquidity has been re-added. Already the old pools have begun to thin as holders prepare for the swap by pulling their liquidity, and we don’t want anybody to get hurt through unintentional slippage from a fat finger.
We are excited to move into this new chapter for Pub.Finance with you! The new deflationary mechanics lay the foundation for a vastly improved incentive structure for PUB’s liquidity providers, creating opportunity for greater rewards with less downside risk. Thank you for being along for the ride. If you have questions regarding today’s swap that were not covered above, please swing by our Telegram channel and take advantage of the PUB community’s helpful nature.