Migration to Base
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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. Key Javsphere products such as StakeX and CryoVault will also be deployed on Base. 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, 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 from Tuesday, 19/11/24 10:00am (UTC) until Tuesday, 26/11/2024 10:00 am (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 and the migration of products to Base. 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 from Tuesday, 19/11/24 10:00am (UTC) until Tuesday, 26/11/2024 10:00 am (UTC).
Optional JAV Token Migration in general: All JAV Token holders will have the option to migrate their tokens in a 1:1 ratio from DMC to Base.
Rules of optional Migration: Introducing a 6-months cliff period for all participants in token vesting.
Rewards of Vesting Freezer (10m/20m vesting): Rewards will be paused for 6 months on Base.
Deployment of Key Products on Base: StakeX and CryoVault will be deployed on Base for enhanced functionality and growth.
Rewards on DMC: All rewards will be halted on DMC during the 6 months migration period.
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.
LeverageX Rollout on Base - The upcoming launch of LeverageX on Base will unlock a platform with advanced features, scalability, and more development opportunities.
Larger Liquidity and Reach on Base - 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 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.
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 deployed on Base, ensuring continued access to StakeX JAV and CryoVault JAV.
Migrating JAV and Javsphere products to Base 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 and the ecosystem.
During the migration period, all rewards for StakeX JAV, CryoVault JAV and Vesting Freezer (10m and 20m) on DMC will be paused. Rewards in StakeX JAV and CryoVault JAV will begin for each migrated address on Base seven days after the migration date to allow for TVL assessment.
The vesting for CryoVault 10m & 20m, aka Vesting Freezer, will receive a 6-month cliff on Base, and the rewards for those 2 kinds of CryoVaults will also be halted for 6 months. See details under Migration Rules.
Fee sharing for LeverageX will only occur on Base 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 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 of 6 months, your JAV tokens will remain on DMC. However, Javsphere will halt development on DMC, as previously mentioned.
The contract for the new token on Base will differ from the current one on DMC, and the new token will only exist on Base.
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 once you add Base mainnet to your wallet, as both chains are EVM compatible.
During the migration process, you will receive the same amount of JAV tokens on Base.
All access to new products, StakeX JAV, CryoVault JAV, and Vesting, will be automatically accessible after participating in 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 occur automatically without requiring an opt-in on Bitrue. Holders of tokens on Bitrue will automatically receive the new token, and the old JAV token will be burned. Trading will resume for the new Token after the token swap on Bitrue is completed.
With the migration, the pool JAV-ETH will be deployed on Aerodrome, filled with the liquidity removed from DMC.
The opt-in period for the token migration will be limited to 6 months. 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.
Timeline
Migration Start: Planned by 10th December 2024.
Migration Duration: The migration process will remain open for 6 months.
Bitrue Migration: Will happen at the beginning of the migration window.
Token Conversion
Free and Claimable Tokens in all Products:
Free tokens on Exchange (Bitrue): If you hold tokens in your wallet or on your Bitrue account, they will be migrated at a 1:1 ratio to the new token on Base. Migration window: 1 day only. Bitrue will accept JAV-DMC until migration starts. Afterwards, trading, deposits, and withdrawals will be halted to facilitate the exchange of old tokens for new ones. Trading of JAV-Base will commence after that.
Tokens in Non-Custodial Wallets (e.g., Metamask): Tokens held in non-custodial wallets can be migrated at a 1:1 ratio to the new token on Base. Access to the Migration page via the Javsphere website will be required. Migration window: Up to 6 months.
Tokens Locked in StakeX or CryoVault: Any JAV tokens in StakeX or CryoVault will migrate at a 1:1 ratio to the new token on Base. Access to the Migration page via the Javsphere website will be required.
Tokens in Vesting: JAV tokens in vesting will also migrate at a 1:1 ratio. Access to the Migration page via the Javsphere website will be required. Vesting on DMC will be paused for 6 months during the migration period, starting with migration start.
Halting of Rewards on DMC
StakeX on DMC: Rewards will be halted for the duration of the migration on DMC.
CryoVaults on DMC: Rewards will be halted for the duration of the migration on DMC.
Start of Rewards on Base
StakeX on Base: Rewards will be started 7 days after migration has started.
CryoVaults on Base: Rewards will be started 7 days after the migration has started.
Introduction of 6-Month Cliff for all Non-Vested Tokens
A 6-month vesting cliff will apply to all JAV tokens in vesting. The 6-month cliff means a halt of vesting for all affected tokens.
The cliff for each migrated wallet is 6 months, but the start date of the 6-month cliff is the individual migration date of the address; the earlier the address owner migrates, the earlier the cliff ends on Base.
Rewards in Vesting Freezer: Rewards for 10 and 20-month vesting periods will be halted during the 6-month cliff period accordingly.
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 is a 2 step process where the action of the Token holders is 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.
Creation of new tokens on Base. Enough ETH as gas fees will be needed.
The interface will guide the token holders step by step by locking them into the migration lock contract and support the creation process of the new tokens.
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 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 in general: All JAV Token holders will have the option to migrate their tokens in a 1:1 ratio from DMC to Base.
Rules of optional Migration: Introducing a 6-months cliff period for all participants in token vesting.
Rewards of Vesting Freezer (10m/20m vesting): Rewards will be paused for 6 months on Base.
Deployment of Key Products on Base: StakeX and CryoVault will be deployed on Base for enhanced functionality and growth.
Rewards on DMC: All rewards will be halted on DMC during the 6 months migration period.
A1: Rewards on DMC are being paused to ensure a fair and balanced migration process. As users migrate to Base, the pool on DMC will gradually shrink, potentially boosting the APR for remaining users. However, due to technical differences between DMC and Base, specifically in block timing, aligning APR on both chains is challenging. To prevent users from exploiting this APR discrepancy and ensure migration is smooth and equitable, rewards on DMC will be paused for a period of six months. During this time, APR on Base will be dynamically adjusted with each block.
A2: The migration to Base represents a fresh start, and pausing rewards for the Vesting Freezer aligns with this transition. By pausing both vesting and vesting freezer rewards for six months, Javsphere ensures a smoother launch and stable start for Javsphere and LeverageX on Base. This approach provides a fair environment for all users during the initial stages of the migration.
A3: The conditions on DeFiChain have changed, and this step is necessary to ensure the long-term success of the project on Base. The transition to Base is similar to a new launch, and as there was a cliff during the initial launch, it is also being applied here. This approach creates buy pressure through marketing efforts and allows new users to purchase without facing sell pressure from previous buyers. The 6-months duration are required to build sufficient traction on Base and provide a fair opportunity for new users to enter the ecosystem.
A4: No, there will be no reduction in tokens. All tokens will be converted 1:1 regardless of what token they have been swapped.
A5: Yes, these measures apply equally to all participants, ensuring a fair impact across the board during the migration to Base.
A6: No. The rewards will be activated after a period of approximately 7 days to adjust the APR to the migrated TVL.
