Below outlines our plan to shortly launch an improved v2 of our platform on the growing BSC chain & the plan for eth redemption of existing tokens:
With the recent rise of yield farming on BSC we believe there is a grand opportunity for our DeFi insurance platform to thrive with new tokenomics. These powerful tokenomics along with the catalyst of a new launch & vast amount of new farms available to cover give Squirrel a great opportunity to expand.
New tokenomics? Why not just update the current token on eth?
The existing NUTS token had a fixed supply of 1mil, which means there was no room for product incentives (via farming) which we have found makes getting initial adoption in this current landscape difficult (since almost every other project/competitor is offering incentives). We thought it was also unfair to change tokenomics which may effect price on existing holders. So we have decided to launch a fresh token on BSC with yield farming built into the existing model which made Squirrel great (Farm insurance with automatic payout) 🚀
What happens to the old eth tokens?
Shortly before this post there has been a snapshot of existing holders, in roughly two weeks time the locked liquidity will unlocked (2 week timelock) and eligible holders will receive their share of the ~800 eth from the funds. We estimate each NUTS token will receive $6 each (0.003 eth), which is 2x the current price -which we believe is a solid reward for existing holders 💸 (NUTS in our buyback wallet will not receive this of course) Note: Please do NOT buy or sell NUTS upon reading this, or you will not receive your redemption eth.
Finally once v2 is ready for launch the existing NUTS holders will also be airdropped their NUTS back on BSC, giving an initial supply of ~400k.
When does NUTS launch on BSC?
We’re currently hard at work ensuring the v2 platform is solid and ready to go as soon as possible, but this could take up to 5 days -so stay tuned. We’ll let you know once the website is updated & you can commence farming safely insured on BSC -see you then! 🚀
(P.S. existing eth tools such as Stash will continue to work of course)