Attention Fias Community
Thank you for your patience throughout the Fias token swap process.
We’re excited to announce that the new Fias token contract has been completed, and we are ready to move forward with the token swap and re-launch of trading! The new token contract has been successfully audited by Zokyo and is available here.
We will open the Claim Form for users to claim their new Fias tokens on Monday 9th of December!
Claims will be open for 1 week, before we re-launch the market, to allow all users time to claim their funds before the market resets. The Claim Form will remain open for another week after the markets restarts to complete any token claims.
- Monday 9th December: 8am UTC = Claim Form Open
- Monday 16th December: 8am UTC = Initial Distribution (G1) & Market Restart
- Monday 23rd December: 8am UTC = Final Distribution (G2) & Claim Form Close
Instructions for the swap will be detailed in claim forms that will go live on Monday. But first of all we want to take this opportunity to update you on a few important changes that were necessary for this process. These adjustments are designed to ensure a fair and effective relaunch while prioritizing the long-term success of Fias.
Thank you for your continued support as we take this important step forward. We are excited to share developments with the LitCraft and Fias communities!
As you know, Fias is about to launch as a native DevvX token and will become one of the first assets to trade on the highly anticipated DevvExchange.
Why Does This Matter?
The DevvExchange has already demonstrated its best-in-class, non-custodial exchange technology to top-level enterprise partners and investors. Its cutting-edge features position it as a transformative platform in the blockchain space that we expect will drive significant attention from retail crypto enthusiasts though to top fintech media outlets.
Here’s the exciting part:
- Fias will be the primary exchange and liquidity mechanism for all metaverse-based assets on the DevvExchange and therefore become the foundational trading pair and liquidity mechanism for the Digital Financial Ecosystem, on top of its existing use cases within video games themselves.
- The DevvExchange is currently finalising its integration with a major web 2 fintech partner and our combined technologies will unlock new possibilities across the board. We also have exciting and influential new team members to be announced, bringing unparalleled legitimacy and visibility to Fias.
Fias is set to become a significant driver in the gold standard for global metaverse asset exchange technology. In addition to this primary function as an intermediary and liquidity mechanism for all metaverse & gaming related digital assets on the ecosystem, game developers can leverage the innate qualities of Fias and its token utilities within their own game economies for infinite TPS, sub — second atomic and non-custodial finality and a web2 to web3 bridge which can seamlessly port any existing game asset onto the network or down to a game server. An example of this is LitCraft who will leverage staking Fias for guilds and treasuries, on top of value exchange.
Although we expect Fias will underpin a broader Digital Financial Ecosystem that extends far beyond LitCraft, with its full potential becoming apparent in the near future.
In parallel, we will continue to support the ERC-20 Fias markets while we work to build a seamless token bridge to the DevvExchange. This is a defining moment for Fias, and we couldn’t be more excited about what lies ahead. The technological overhang of Fias has the capacity to catapult new and existing metaverse applications by combining globally compliant peer to peer transactions, with limitless scalability and simple onboarding for any existing titles within our Digital Financial Ecosystem — the first of its kind in the blockchain industry.
Get ready to witness Fias take center stage in the Metaverse!
MEXC Will Not Support the Swap
After completing our token audits and engaging in extensive discussions with MEXC, we have been unable to reach an agreement that aligns with the best interests of Fias token holders. The re-listing requirements proposed by MEXC would negatively impact token holders and undermine the integrity of the token swap process.
While this change introduces additional complexity to the swap procedure for MEXC users, we firmly believe it is the right decision to ensure a fair and sustainable market for Fias moving forward. MEXC users will now need to follow a similar process to self-custodied token holders to complete their swaps. These will be well described, with screenshots in the claim portal, and shouldn’t take more than a few minutes.
Although MEXC will not be supporting the swap at this time, we remain committed to building strong exchange partnerships. We will explore options to re-establish the Fias market on MEXC or collaborate with other centralized exchanges. This aligns with our broader strategy to strengthen liquidity and market visibility of Ethereum-based trading of DevvX native tokens, especially in light of our exciting upcoming announcements. We expect there to be very compelling reasons for exchanges to support the trading of Fias in the near future.
We appreciate your understanding and patience as we make these adjustments to ensure the long-term success of Fias.
Token Swap Details
We have refined the token swap details to ensure a fair and equitable redistribution of tokens, considering all value spent during the affected trading period. This new method does not create favoritism for the price tokens were purchased at which was causing a disadvantage to many users. Here’s a clear breakdown of how the redistribution will work:
Group 1: Fias Token Holders (Balances Before Oct-02–2024 01:38:47 PM UTC)
- Swap Ratio: 1:1
Group 2: Fias Token Purchasers (Between Oct-02–2024 01:38:47 PM UTC and Oct-03–2024 03:12:11 PM UTC)
- Swap Ratio: Based on the amount spent during this period, calculated as: USD spent / 0.008175
This calculation reflects the last known fair market value of Fias ($0.01635) and includes a 100% purchase bonus to account for the unique circumstances during this time.
Why am I not receiving all the tokens I bought?
This new method ensures a fair and sustainable relaunch of the Fias token market. Allow us to elaborate on why this approach benefits all stakeholders:
- Prevention of Market Dilution: Without this change, the sheer volume of tokens purchased during the affected period would create an artificially inflated market cap. Reinstating all tokens at $0.01635 would lead to a rapid and dramatic devaluation of the token, harming both early and recent purchases. Just like what happened post hack.
- Bot Activity and Exploitation: The affected trading period was heavily exploited by bots and opportunistic traders who acquired tokens at a fraction of their fair value. Allowing these artificially discounted tokens to flood the market would undermine the integrity and perceived value of Fias, making it impossible to sustain healthy liquidity.
- Value vs. Volume: More tokens do not equate to more value. Reinstating excessive quantities of tokens without proper measures would severely impair price stability, leading to increased volatility and lower confidence from both retail and institutional purchasers.
- Liquidity Management: A balanced redistribution helps manage realistic trading volumes. It ensures that the market price reflects genuine demand and supply, rather than being dictated by anomalous trades during the disruption.
- Protecting Long-Term Value: The objective is to protect the interests of all token holders by preserving the project’s long term stability. Launching at a fair value ensures the token remains attractive to new purchasers while safeguarding the capital of existing holders and prolonged ecosystem development.
By aligning the token supply with market realities, we can ensure a successful and sustainable relaunch, fostering long-term growth and confidence in the token’s future value.
Token Claim Instructions
ALL MEXC USERS:
- If you are a MEXC user, please find the instructions and claim form here: https://docs.google.com/forms/d/e/1FAIpQLScvSxb8LoGFOKMiuSsKV5kca2S75zoNY8jMmiSJ_YZ3mGF3Kg/viewform
IF YOU TRADED FIAS ON ETHEREUM AFTER THE HACK:
- If you are a self custodial holder, please find the swap instructions here: https://docs.google.com/spreadsheets/d/1NmxmZvgjM3sDMNyreQjbgN10mRCV1T6CJS4CzcgNsZE/edit?gid=1141726018#gid=1141726018
OTHERWISE:
3. If you have any Fias allocated to you within a vesting schedule such as a SAFT, or just held your tokens, they will be fully vested directly to your allocated wallet and no action is required.
4. DevvDrop tokens will now be distributed on a monthly basis directly to your wallet. No action is required.
Some users may fall into all 4 categories and will need to complete the actions for both 1 & 2 to receive all available tokens.
We aim to make the token swap process as simple as possible, however please allow some time after your claim for our team to validate your information with our records.
You will receive a notification of a successful claim for verification.
For any questions or support, we have a dedicated team ready to help you though the process: https://t.me/+btBwrVl59w1kYjU1
Distributions & Market Relaunch
Users who complete a successful claim for Group 1 tokens will receive their token balances at reset of trading on December 16th.
Users who complete a successful claim in Group 2 will receive their tokens on the 23rd of December, marking the close of the claim portal where no further claims will be accepted.
Fias tokens in excess of initial balances are being transferred from the Ecosystem Development allocation in the Fias tokenomics. We have also made the decision to burn an additional 15 million Fias tokens (40 million total), further reducing the Fias token maximum supply to just 310 million up the redistribution.
Please note, the new contract will display the original 350m tokens and the 40m burn will be clearly identifiable.
Thank you again for your support during this process!
Your Fias Team.
