Current Proposal
Last updated
Last updated
This proposal marks a pivotal moment for Javsphere as it outlines the migration of JAV tokens from DeFi Meta Chain (=DMC) to a new token on Base Chain. Key Javsphere products such as StakeX and CryoVault will also be deployed on Base Chain. The need for better infrastructure, liquidity, and growth opportunities drives this strategic shift.
The migration is motivated by several factors, including stalled development of DMC, limited liquidity, and discontinued support from critical services. Base Chain, with its robust ecosystem, advanced features, and greater liquidity, provides an ideal foundation for Javsphere’s future success.
For token holders, the migration process will be optional, but it is strongly recommended to take full advantage of the project's future growth. A community voting will be held to finalize approval for this migration.
Voting is from Friday, 11/10/24 11:00am (UTC) until Tuesday, 22/10/2024 10:00am (UTC).
This proposal is a significant step in shaping the future direction of Javsphere. It includes the token migration from JAV on the DMC to a new token on Base Chain and the migration of products to Base Chain. This strategic decision aims to ensure long-term growth and stability for the Javsphere ecosystem and the best opportunity to appreciate the Token of Javsphere.
Voting starts Friday, 11th October 2024, 11:00 UTC, and concludes on Tuesday, 22nd October 2024 UTC, 10:00 UTC.
Optional JAV Token Migration: All JAV Token holders will have the option to migrate their tokens from DMC to Base Chain.
Fair Valuation of DUSD Vesting Tokens: DUSD vesting tokens (tokens that are not vested yet) will be valued at their fair market value. This excludes the 10-month vesting period.
Adjustment of Reward Distribution: Modifications will be made to reward distribution on both DMC and Base Chain.
Deployment of Key Products on Base Chain: StakeX and CryoVault will be deployed on Base Chain for enhanced functionality and growth.
DeFiChain and DMC’s vision were an excellent foundation for DeFi products. However, many existing issues must be resolved before further development on DMC will be possible.
Stalled Development on DMC - Development has slowed due to infrastructure limitations. Additionally, support from the Cake Group will stop, and the future development plans for DMC are uncertain.
Low liquidity on DMC - no significant improvements over the past few months could be seen.
Stopped Token Wrapping Service by Cake Group - the discontinuation of Cake Group’s token wrapping service has further isolated JAV from broader integrations, limiting its usability and growth potential on DMC.
Stalling support for Vanilla Swap - historical trading data and token icon updates are no longer available as the only DEX on DMC. Liquidity providers have not actively supported trading pairs.
No other fully functional DMC DEX - offers sufficient liquidity, historical trading data, and a dedicated development team.
Ongoing Price Drop of DFI - The ongoing decline of DFI’s price has negatively impacted the value of JAV. This price movement reflects the uncertainty surrounding the future development and functionalities of DMC, adding to the concerns for token holders and the ecosystem at large.
Missing re-peg of DUSD - until today, a permanent re-peg has not been achieved.
Technical feature upgrades - are not foreseeable as faster and stable block times would be needed for advanced DeFi products like LeverageX.
No functional on/off ramp - with Cake Group stopping the support and leaving Defichain.
No core dedicated teams - for the further development of DeFiChain and DMC and adequate marketing support for DMC.
LeverageX Rollout on Base Chain - The upcoming launch of LeverageX on Base Chain will unlock a platform with advanced features, scalability, and more development opportunities.
Larger Liquidity and Reach on Base Chain - Aerodrome Javsphere’s DEX of choice offers significantly larger liquidity pools, allowing for more efficient trading and more robust market growth, benefiting the entire ecosystem.
Base provides a vast ecosystem - with several DEXes, bridges, on/off-ramp via Coinbase, lending platforms, and other working products, simplifying entry and allowing Javsphere to focus on product development rather than infrastructure.
Base Chain uses Ethereum for gas fees - and USDC as stable coin, both well-established tokens.
Top-class technology - a rock-solid technological foundation with fast and consistent block times that make DeFi products so much easier to use.
Bridging Solutions for Other Tokens - Javsphere’s partner of choice is working on a bridging solution that allows many tokens on different chains to migrate into the new token on Base Chain.
Javsphere will continue to monitor the status of DMC and reassess the possibility of future deployments or upgrades of individual Javsphere products on DMC, should conditions improve. However, there is no guarantee that support for DMC will be resumed. Javsphere remains confident in the original vision and unique value proposition of the dToken system on the native DeFiChain layer.
During this migration, Javsphere products, StakeX and CryoVault, will be moved to Base Chain, ensuring continued access to StakeX JAV and CryoVault JAV.
Migrating JAV and Javsphere products to Base Chain is a key step in aligning the Javsphere platform with LeverageX, creating a unified ecosystem. This integration enables Javsphere to utilize the fee-sharing model of LeverageX, allowing a portion of the trading fees generated on LeverageX to be channeled into supporting the new token. This revenue will help sustain the growth of Javsphere and increase the value of the JAV token by providing consistent financial backing.
By combining both platforms on the same blockchain, Javsphere can optimize product offerings, increase user engagement, and strengthen the overall ecosystem, positioning JAV and Javsphere for long-term success. The most efficient way is the integration of both platforms on a single blockchain, as having them on separate, unconnected blockchains prevents the seamless flow of fees and resources needed to support the new token on Base Chain and the ecosystem.
During the migration period, all rewards for StakeX JAV and CryoVault JAV will be paused. Rewards will start on Base Chain after the migration is complete. Additionally, fee sharing for LeverageX will only occur on Base Chain going forward. JAV token holders on DMC will not benefit from LeverageX fee sharing on Base.
It is essential to understand that the token migration will be optional, allowing those who wish to join Javsphere on Base Chain to exchange their JAV tokens for the new token. If the voting is in favor of this proposal and you choose not to participate in the migration, or miss the migration window, your JAV tokens will remain on DMC. However, Javsphere will cease development on DMC, and future opportunities for your tokens will be limited, as previously mentioned.
The contract for the new token on Base Chain will be different from the current one on DMC, and the new token will only exist on Base Chain.
A conversion from JAV (DMC) to the new token will not be possible in any form after the migration window!
If you hold JAV on several wallets/addresses or interact with several wallets/addresses with Javsphere, you will need to do the migration process, of course, with every wallet/address separately.
Your existing wallet addresses will continue to work on Base Chain once you add Base mainnet to your wallet, as both chains are EVM compatible.
After migration, new Token holders will have to mint and claim the tokens through the Migration App.
All-access to new products StakeX JAV, CryoVault JAV, and Vesting, will be automatically accessible after the completion of the migration due to the EVM compatibility.
Infinity Pass holders will receive their Infinity Pass automatically on Base.
If you use more than one wallet to interact with Javsphere, you need to follow the process for every wallet.
Deposits and withdrawals on Bitrue will be halted for the JAV (DMC) token when the migration starts, and trading will be suspended during the migration period. A 1:1 token swap will then occur automatically without requiring an opt-in on Bitrue. Holders of tokens on Bitrue will automatically receive the new token. The only alternative for customers who don’t want to participate is to withdraw their tokens before the migration begins. When the migration is completed, trading of only the new Token will resume in parallel with trading start on the DEX on Base Chain.
The opt-in period for the token migration will be limited and is a one-time event; token holders are encouraged to stay updated on the upcoming timeline and details via social media. Missing the migration window will result in your inability to migrate your tokens and participate in the exciting changes ahead. If the holder does not opt-in to the migration, the holder's JAV tokens will remain on DMC. Please note that this is a fully automated process using smart contracts, and no manual intervention or additional migration will be possible.
This migration process is irreversible. There will be no possibility of redeeming the new token for the old one later in time.
Tokens on Exchange (Bitrue): If you own tokens in your wallet or on your Bitrue account, they will be migrated at a 1:1 ratio to the new token on Base Chain and Bitrue.
Tokens in any non-custodial wallet (e.g., Metamask): If you hold tokens in a non-custodial wallet, they will be migrated at a 1:1 ratio to the new token on Base Chain. The use of the Migration page via the Javsphere page will be needed.
Tokens Locked in Staking, CryoVault: Any JAV tokens in Staking and CryoVault will also be migrated at a 1:1 ratio to the new token on Base Chain. The use of the Migration page via the Javsphere page will be needed.
Tokens in vesting, swapped with DFI and USDT: For JAV tokens received for USDT or DFI, your tokens will be migrated at a 1:1 ratio. The use of the Migration Page via the Javsphere page will be needed.
Tokens in VESTING contract swapped with DUSD for 1 USD - 1st and 2nd round: For JAV tokens received for DUSD, the migration ratio will be 1 JAV (DMC) to 0.15 new token (Base Chain). This adjustment reflects the true value of DUSD at the time of the token distribution event, which was USD 0.15 based on historical data - https://defidata.live/?symbol=WDFI:DUSD%20VANILLASWAP&interval=1D. 1 DFI was, on average, 0.5 DUSD, and DFI was valued at 0.07 USD. This ensures a fair and realistic valuation of JAV, aligning the migration ratio with DUSD’s true value. The use of the Migration Page via the Javsphere page will be needed.
// Update from 11/10/24 12:25pm UTC Tokens in VESTING contracts swapped with DUSD for a different price than 1 USD - 3rd round: For JAV tokens received for DUSD (not valued for 1 USD), the migration ratio will be 1 JAV (DMC) to 0.30 new token (Base Chain). The use of the Migration Page via the Javsphere page will be needed.
All JAV tokens in the wallet, StakeX or CryoVault JAV, will be migrated 1:1 regardless of how they have been acquired. The Migration User Interface will support this process.
To ensure a seamless migration, the token migration will be supported by an interface on the Javsphere platform with a few simple clicks. This will make the migration process easy and accessible for all holders.
There are 2 phases where action of the Token holders are needed:
Opt-in to migration. This results in locking the JAV tokens in the migration lock contract and burning of the existing JAV tokens on DMC.
Mint and Claim of new tokens on Base Chain. Enough ETH as gas fees will be needed.
The interface will guide the token holder step by step through claiming all claimable tokens and locking them into the migration lock contract and support the mint and claim process of the new tokens.
Example:
The White Paper will undergo a comprehensive update to ensure that all recent changes are accurately reflected in the latest version. This change is used to adjust learnings from the last 6 months of supporting the project to make it more sustainable. This includes a revision to the reward schedule and any other relevant details related to the token migration and migration of products to Base Chain. The updated document will provide a clear and transparent overview of the project’s new direction and offerings.
The opt-in period for the token migration will be a one-time event and will take place shortly after voting concludes. Stay updated via Social Media (X and Telegram Channels) on the latest news regarding the migration, as missing this window will result in not being part of the exciting changes set to strengthen the project’s capabilities. Base Chain is a fantastic foundation to build on, offering endless opportunities for development and expansion. This transition is a significant step forward for all products, the community, and the bright future ahead.
The time frame for the token migration will happen shortly after a favorable vote on the proposal is reached. In the best case, the migration of tokens and products will be executed before the mainnet launch of LeverageX on Base Chain.
This is a crucial step toward achieving Javsphere’s primary goal: driving the development of LeverageX and Javsphere forward on an advanced blockchain without delay while opening all products to a broader user base. The deployment to Base Chain will open up great growth opportunities. Stay informed, and don’t miss your chance to be part of this exciting migration!
What are the JAV Token Holders Voting For:
Optional JAV Token Migration: All JAV Token holders will have the option to migrate their tokens from DMC to Base Chain.
Fair Valuation of DUSD Vesting Tokens: DUSD vesting tokens (tokens that are not vested yet) will be valued at their fair market value. This excludes the 10-month vesting period.
Adjustment of Reward Distribution: Modifications will be made to reward distribution on both DMC and Base Chain.
Deployment of Key Products on Base Chain: StakeX and CryoVault will be deployed on Base Chain for enhanced functionality and growth.
Open https://app.javsphere.com/governance and login with your wallet.