Community update #1
This is our first community update! Our goal with these short-sided mediums is to update our community with our recent progression and latest decisions regarding the SATVG ecosystem. Let’s begin!
- The “late swappers” and our “final tokenomics”:
Since we decided to build the SATVG ecosystem with SaturnVGold as a governance token, our main concerns has always been honesty and transparancy towards our SATVG hodlers.
We knew the transition from SATV to SATVG would be the hardest part of our project. Thus, we decided to announce it a week ahead in all of our medias and give 48 hours to make the swap. Because Pancakeswap was hacked during the second day of the process, and even though it had no relation with the swap mechanism, we decided to give few extra hours to do so to our community.
However, and even though more than 95% of our holders transistioned from SATV to SATVG, a few number of latercomers are asking us to swap manually their holdings. Short answer: we can’t.
Thus, and keeping in mind the community best interest first, the team decided to airdrop the few latercomers SATVG tokens with the following rules:
- They send to the team their old SATV holdings
- We swap them to SATVG with a ratio of 1:0.75 (e.g. 1000 SATV = 750 SATVG). This is done in all fairness with our community members who swapped in time.
- Only 200.000 SATVG were allocated to this late swap. First come, first served. At the time of writing these lines, this swap is definitely closed.
- To keep our promise to burn the unswapped SATVG, the core team decided to burn 250.000 SATVG from the team wallet and 250.000 SATVG from the development wallet. At the time of writing these lines, the total supply is a little less than 12 millions and keeps decreasing.
The new tokens distribution is shown as below:
Initial Maximum Supply: 16 500 000 SATVG
Circulating Supply: 12 000 000 SATVG
Team funds and marketing allocated tokens: 1 250 000 SATVG
Development fees: 750 000 SATVG
Holders: 10 000 000 SATVG
Tokens burned: 4 500 000 SATVG
2. Announcement: we’ve been audited! (and we locked liquidity)
We’re glad to announce that SATVG has successfuly passed the audit by: TechRate Blockchain solutions and consulting.
You can find the report here.
The purpose of the audit was to achieve the following:
- Ensure that the smart contract functions as intended
- Identify potential security issues with the smart contract
As mentionned, no high severity nor medium severity issues were detected.
We also decided to lock SATVG liquidity as follow:
In collaboration with our developer Sycore, we took the decision to lock the liquidity instead of burning it in order to maintain the ecosystem sustainability.
Next step: kick-off the marketing compaign and finalize our next (big) update.