Migration To Aurox V2 Contracts

It’s time for the Aurox token and contracts to get a facelift!

It’s been a long process, but by deploying these contracts, our company will be ready to move towards creating our DeFi infrastructure. In addition to the changes below, we had always planned on upgrading the staking and liquidity contracts months ago to support the upcoming protocols. But because of the BSC addition, this upgrade became much more significant than a simple migration.

If you’re a Liquidity Miner; It is extremely important you read this entire article!

The Aurox Token

As our community knows, our initial plans never included deploying on the Binance Chain. We did it quickly to allow users to purchase our token without dealing with large fees.

When we made the bridge to Binance Smart Chain, we also had no plans to add liquidity mining and staking to that specific chain. But as more users asked about staking and liquidity mining on the Binance Smart Chain, we started implementing it.

Contracts are immutable. Meaning they can’t be changed once they’re deployed on-chain. This posed a significant problem in implementing BSC staking and mining since it would be impossible to bridge reward tokens from the ETH chain to BSC. The reward tokens are inaccessible to us, and they’re only distributed to staking and liquidity mining contracts.

In addition, the bUrus token is a BurgerSwap based wrapped token. It is not our native token or smart contract. It created additional hurdles to develop proper liquidity mining and staking contracts.

The only solution to these two problems is to redeploy and migrate to v2 of the Aurox Token. By redeploying the token, we’ll be able to redeploy it on both chains at the same time while migrating 50,000 reward tokens to the Binance Chain.

If you’re not aware, token migrations like this are a common occurrence in crypto and various companies have performed them in the past.

This migration will not have any impact on our tokenomics. Again, this will have ZERO effect on the token.

There will be a few new positives for users:

• 50,000 tokens will be available for BSC stakers and liquidity miners to establish better and deeper liquidity on both chains.
• The BSC token will be a native token instead of a wrapped token.
• Both tokens will have the same contract address.

The Migration Process

First, to address the easy part.

Stakers and Holders

Stakers and token holders will NOT have to do anything.

• Holders —Whether hardware or web3 wallet, you will be airdropped the tokens and accessible to you immediately.
• Stakers — Your stake will be recreated automatically by our migration contract. It will recreate the stakes in their current form. Meaning if there’s 1 year left on your stake, there will be 1 year left on your stake after migration. The stake will remain completely unchanged.

In certain cases, like with MetaMask, token holders might need to add the new contract address to their wallet for it to appear. The contract address will be provided after deployment.

Now, to address the difficult part.

Liquidity Miners

You WILL have to migrate the liquidity. But to make this transition smoother, we’ve created helper contracts.

This Saturday, February 12th, the current epoch will end, and liquidity miners will be able to view a new updated liquidity mining portal. This portal will guide liquidity miners through a 3 step process to migrate their liquidity from the mining contract into the migration contract.

Before you begin the migration process, you will have to claim all the reward tokens. Either by staking them or claiming them into your wallet!

Do not begin the migration without claiming the tokens otherwise, the reward tokens will be lost. Unfortunately, this was impossible to solve using contracts, and it will be necessary for you to claim any and all rewards.

This migration contract will gather all the LP tokens from everyone and then migrate the liquidity pool to the new token contract. After the liquidity has been migrated, the LP tokens will be put back into the mining contract automatically, and the next epoch will continue as usual.

Here is a quick example video of the migration

Let’s review before we continue.

If you’re a liquidity miner, on February 12th, you WILL have to complete these steps:

1. Visit https://staking.getaurox.com
2. Stake or Withdraw the entirety of your current reward balance.
3. Go to the “Migrate” page — https://staking.getaurox.com/migration (currently unavailable)
4. Click the “Migrate” button
5. Follow the onscreen 3 step process to migrate the LP tokens to the new version.

We’ve created the user interface to be extremely easy to follow, and we’ll be following up with more guides throughout the week to help you through the process.

To make this process even smoother, every person currently providing liquidity will be airdropped ETH on Thursday by our team to pay for the gas fees required to complete the process. That includes the ETH necessary to claim tokens.

As an added bonus, the liquidity miners will be bumped 1 level up on their bonuses. If you’re currently receiving 10% bonus, you will receive a 20% bonus after completing this step. If you’re already receiving a 100% bonus, you will max out at 110% bonus.

Do NOT ignore this if you’re liquidity mining. You will have to complete these steps. If you do not, you will risk the potential loss of funds through arbitrage, incorrect airdrop snapshots, and other issues that will arise.

I repeat, if you are liquidity mining, you will have to complete these steps. Do not ignore this warning. You will have to complete this process within the 24 hour period of when the current epoch ends on Saturday.

We’ve done everything in our power, including reimbursing gas fees, but if you do not complete these steps and lose funds, we will not be liable for it.

How Everything Will Work

The first step of this process will be the liquidity migration. Once the new liquidity pools have been created, our team will validate everything.

Afterwards, a snapshot will be taken of the old token and token holders. This snapshot will allow us to determine who to airdrop the new tokens to and how to recreate the stakes.

It will take a couple of hours from the liquidity migration to the airdrop and staking recreation. We will have to make sure the liquidity was migrated properly before airdropping the new tokens.

The New Token, Staking/Mining, and CMC Airdrop

Supply & Bridging

Now that we’ll be able to deploy the token as if it’s for the first time, there will be some slight changes.

There will be 1 million tokens deployed on both chains, BUT the maximum circulating supply will always remain at 1 million. This will be accomplished by locking in the “additional” tokens into a bridge. Specifically Multichain (formally AnySwap).

There will be 1 million tokens on BSC, and 1 million tokens on Ethereum chain. But we will be locking in a certain amount into the bridge on the ETH side and a certain amount in the bridge on the BSC side.

Even after all the tokens are circulating from the reward address, the maximum combined circulating supply will remain at 1 million. The rest of the tokens will be held in the bridge contract and only available when someone bridges from one chain to the other. Users will deposit tokens on one chain to receive tokens on the other chain.

Bridging will NOT be available immediately. The bridge will come online within a few days after the migration. Multichain will have to manually add our token to their portal after the new token is deployed.

Staking & Mining Rewards

50,000 tokens will be moved from the Ethereum reward address to the Binance Chain reward address. These tokens will be available as a reward for the BSC miners and stakers.

To control the inflation from the rewards, the amount of tokens distributed on a single chain will be 150 per week. Currently, there are 300 tokens are being distributed per week to Ethereum network miners. But we will have to reduce that to 150 tokens per week to support BSC mining.

We understand this might not be favorable to the current Ethereum miners, but it is necessary to prevent quicker inflation and token distribution. Having said that, Ethereum chain miners will have the ability to bridge their assets to the other chain and potentially take advantage of the higher initial interest rates offered on Binance Chain caused by the lack of liquidity miners.

CMC Airdrop

We have discussed this previously, but we keep being asked about it over and over, so let’s address it one more time. Everything you read above is the reason why this process was delayed.

As we discussed in the other posts, the reason for the delay was that this migration process took significantly longer than expected. It involved multiple helper smart contracts, multiple audits, significant planning and was further delayed by the holidays.

Once the liquidity is migrated, the promised tokens will be airdropped to the participants.

Questions?

After reading this article, we hope our community will understand why this process took so long. We’ve taken as many steps as possible to make this an easy migration, given all the complexities we had to solve. We’ve offloaded as much as we could to our contracts and backend to simplify the user experience, especially for the miners. That is the exact same mindset and approach we will be using when tackling DeFi trading, investing, and through our Terminal and Mobile application.

We know the above information is a lot to digest. Therefore, we will be hosting another live AMA on our Youtube channel to go through the steps one by one. If you are a liquidity miner, we highly suggest either joining or watching the video before Thursday.

The Aurox Live will take place Tuesday night at 7PM CST (1AM UTC).

If you have any other questions in the meanwhile, please join our Telegram or send us an email (support@getaurox.com)