In being adaptable to macro markets, while staying true to our core values, we are outlining a swap campaign to streamline the direction of the future of Ethlas. Full details, timelines and FAQ as follows:
< Message to the community >
📢 Announcement: $ELS Grant Scheme for XGEM holders Consolidating Efforts Towards $ELS
Dear valued Ethlas community,
Ethlas has grown exponentially with the support of our loyal community over the past 18 months, and we are immensely grateful for your trust and support. As we move forward, one topic that we’ve been chewing on, is the need to realign our efforts towards products that have achieved stronger market fit and garnered significant customer validation. As Ethlas continues to evolve and adapt to the ever-changing landscape of crypto winter and consumer trends, we have made the strategic decision to retire the Ethlas Metaverse and XGEM by conducting a token swap up plan, and bring value to our community through this $ELS Grant Scheme.
Our intention is to focus our resources and expertise on the areas where Ethlas can make the greatest impact both for the industry, but also for our communities. Our goal is to focus on less products, but drive excellence and customer love in those areas. As such, we believe it’s the right move to focus our community on just 1 ecosystem token that governs our economy, vs being distracted by 2 tokens where one of them used to have a legacy use case (Play 2 Earn), which isn’t relevant anymore to today’s macro environment.
With that in mind, we will be launching the XGEM Swap Program, an exercise to sunset XGEMs by allowing users to send their XGEMs to an Ethlas treasury wallet, and we subsequently will airdrop you some $ELS as replacement for your XGEM holdings. Also, as a reminder to everyone, $ELS is our newly launched governance token. You can read more about it here. Some of our OG supporters who own staking rewards from Tree of Life have already planned to participate in a similar swap up program, so we’re pretty excited to have the rest of our community migrate over to $ELS as well!
In order to facilitate this process, Ethlas is providing a multi-phase window for our community to start the swap program. The planned phases are as follows:
- Collection of all XGEM from any current holders. As token liquidity on decentralised exchanges will be very low, we advise against dumping and instead encourage you to send your XGEM to our collection wallet (Ethlas receiver address on the network): 0x370Da2B6C47F68396d62b6EFCbf2a3b190AB6f44 — effective immediately (evergreen)
- Deactivate any GEM emission and spending venues from Ethlas Metaverse (e.g., Games, Clover Castle, Town, Quest Master) – effective Jul 18
- Lifting of cashout limits – effective Jul 20, 2023
- Permanent Deactivation of Ethlas Metaverse — effective Aug 10, 2023
- Burn of all collected XGEM and Treasury XGEM — effective Sep 28, 2023
- ELS Airdrop to all wallets based on received XGEMs — we will do a swap up of ELS based on a competitive swap ratio of 1 ELS per 1,000 XGEM with all airdrops rounded to the nearest second decimal with a minimum threshold of 100 XGEMs per wallet — effective Sep 28, 2023
We greatly value the trust and support you have shown us throughout our journey. While it is not easy to build a company in this climate, rest assured that our commitment to transparency, innovation, and community remains steadfast. We keep learning, we keep building — and we aim to highlight features that worked well in a better form. As we continue pushing towards Chapter 2 of Ethlas, you can continue to enjoy the delightful experiences of Ethlas through our flagship game Battle Showdown as well as our games infra push via ReadyNFT.
Best regards,
Ethlas Team
< FAQ >
What do impacted users have to do to unwind any positions?
- Please withdraw any staked XGEM-MATIC LP tokens from Tree of Life
- Please redeem your Windblown NFTs and claim the respective LP tokens
- Please withdraw any XGEM deposits made in the banker feature
- Please remove any liquidity you may have provided on decentralised exchanges (e.g., Quickswap)
- Please send your XGEM to this address 0x370Da2B6C47F68396d62b6EFCbf2a3b190AB6f44 on the Polygon Network. The amount of ELS you get airdropped is proportional to the quantum of XGEMs you send to this address.
- If you encounter any bugs, please submit tickets — our team will be on standby on discord to support any community member that has issues going through the XGEM swap up program.
What if I still have XGEMs after the airdrop happens on Sep 28, 2023?
- For people who send us XGEM afterward, please open tickets on Discord that we can check manually since we may not be actively monitoring the receiver wallet (0x370Da2B6C47F68396d62b6EFCbf2a3b190AB6f44 on the Polygon network) after Sep 28, 2023
What if I still missed the announcement and still have staked LP tokens after closing of the respective time windows?
- Please file a Discord ticket, so that we can check on the backend for you
Will there be a vesting schedule for the ELS we receive?
- No, there will be no vesting or unlocking of the ELS airdrop. Any allocations you have based on the XGEM we collect from your wallet will be directly airdropped to you on Sep 28, 2023
I have a windblown and I can’t liquidate it without an interface since I read this announcement late after Aug 10, 2023. What should I do?
- Please file a Discord ticket, so that we can check on the backend for you
What about the previously announced Tree of Life Swap Program that also included ELS?
- For users that are in our previously announced Tree of Life swap program, there is no change. You will receive the ELS we promised every 6 months after June 28, 2023 (so 25% every 6 months) – these will be directly airdropped to the wallet we have on file for you. We partnered with Presail to make this a smooth experience. You can see your respective amounts using this link – be sure to use the same wallet address that you used for Tree of Life, otherwise you will not be able to see it