Jan 15
Revisiting the OXS Token, Migration and Rebranding (Updated 14th Jan 2023: BSC relaunch)
TLDR
- OXS will be migrating into BSC and Rebranded as KWAI Labs.
- 10% APR staking will be made available.
- Oxbull team will be using the existing tokens from Team, Development and Marketing allocations to fund the new Staking Pool Reward, which will last for min. 2 years.
- 3% Tax for all Buy/Sell transactions, to be utilized for operation fund.For more details, Read on:
Oxbull has ventured into the Solana network for a while now, and while it’s been great, it’s no secret that the team and other like-minded projects have been running into hurdles after hurdles that are specific to Solana.
For the most part, the inconsistency of RPC nodes alone makes things difficult for wallet management and monitoring. In addition to that, there’s a lot of dedicated development and maintenance resources required in ensuring compatibility with Solana.
In the tireless pursuit of compatibility, reliability of the network itself is also a force to be reckon with. It also apparent that the community agrees that the Solana experience hasn’t been the best so far. Furthermore, with FTX having a certain level of connection with Solana does not make things any easier to digest for our community members. At Oxbull, we pride ourselves for listening to the community and it’s become clear that community members are losing trust in the network by the day.
So what’s next?
Whilst the team has previously decided to migrate OXS onto the Polygon network, KWAI shall be adopted and relaunched in Binance Smart Chain(BSC). This decision came about following a lengthy internal deliberation and an engaging discussion/voting with the team’s top investors in view of BSC’s tried and tested stability, user experience and transaction speed.
Whilst the team has also considered development on the other chains, BSC maintains as the chain with HIGH daily volume with LOW fee taxation, an ideal recipe for building healthy LPs at this juncture.
All activities, including trading, staking, harvesting rewards and migration from OXS, have now resumed.
Introducing KWAI Labs
The OXS tokens will be migrated onto BSC under a new brand, KWAI.
What’s KWAI? We’re glad you asked!
KWAI is our very own AI-powered Smart Assistant, which has been developed as a friendly helper as it is a well known fact that WEB3 in it’s current form and factor, is still not the most beginner nor user intuitive environment. The team was captivated by ChatGPT and how the AI is capable of providing human-like, logical responses to almost any prompts thrown at it. However, even with ChatGPT, there’s still a gaping vacancy when it comes to blockchain navigating guidance.
KWAI Use Case
Your very own AI assistant
KWAI was envisioned with the chinese character “快”, which translates to “Fast”, and associate with “AI”. How KWAI came to be, started with a simple sentence: “Quick, help me get some Bitcoins”, and the idea for a clever little AI assistant manifested itself.
KWAI, at it’s current stage, has been designed to accurately help users in spot-swapping with just a chat prompt. BETA Version of the Chatting feature is currently being developed and will be releasing in due course. Here’s what to expect in the near future!
The KWAI Launchpad
True to it’s origins, KWAI will also retain OXS’s infrastructure as a Multi-chain Launchpad.
KWAI will be the native token utilized on the Launchpad in a similar fashion as OXS. KWAI will be the native token utilized on the platform in a similar fashion as OXS with the following Tier requirements:
To reward OXS Long term loyal supporters who have staked OXS more than 300 days prior to the rebranding, there will be an added option to exchange for a Tier-qualifier NFT at the following rate:
- Existing OXS Tier-1 holders who have staked at least 14,000 OXS:
Exchange 21,000 KWAI for a KWAI Tier-1 NFT
(First Come First Serve, limited to 250 pieces ONLY) - Existing OXS Tier-2 holders who have staked between 4,000–7,000 OXS:
Exchange 10,000 KWAI for a KWAI Tier-2 NFT
(First Come First Serve, limited to 250 pieces ONLY) - Existing OXS Tier-3 holders who have staked at least 200 OXS:
Exchange 300 KWAI for a KWAI Tier-3 NFT
(First Come First Serve, limited to 50 pieces ONLY)
All KWAI received from the NFT minting will be BURNED. NFTs are transferrable, and holders will automatically qualify for the respective tiers in accordance to the NFT.
Further details of the minting process and timing will be released shortly in Telegram here.
KWAI Labs Resources
Website: https://kwailabs.com
Twitter: https://twitter.com/kwai_labs
Telegram: https://t.me/kwai_labs
Telegram(announcement): https://t.me/kwai_labs_announcement
Medium: https://kwailabs.medium.com/
KWAI-conomics?
Total supply: 50,000,000 KWAI:
- 25 Million Circulation/ Holders
- 5.0 Million Staking pool reward allocation
- 3 Million Liquidity for Uniswap v3
- 7 Million Liquidity for potential listing
- 5 Million Partnership/Marketing
- 2.5 Million Team Token
- 2.5 Million To be burned
3% Tax for all Buy/Sell transactions, to be utilized for operation fund.
In addition to the above, to provide assurance to the community that there will never be a risk of team dumping the coins, the Oxbull team will also be repurposing the team tokens, development and marketing allocations to fund the Staking Pool Rewards for at least 2 years. In exchange, the team will continue to develop and run the platform via the operational fund incurred from the Buy & Sell Tax.
OXS Token Migration
For the previous Polygon-KWAI holders:
Your new KWAI Tokens(inclusive of the previous staking rewards) would have already been airdropped to the BSC wallet of the same address.
For previous Polygon-KWAI holders who have unstaked and are waiting for the coundown:
Following the relaunch, everything has been reset. Once unstaked, the countdown will restart from 15 days.
For existing OXS holders who have yet to migrate your tokens, don’t miss out! follow the easy steps below:
1. Relax.
2. Visit https://oxbull.tech/oxs-migrate.
3. Connect your Solana wallet to the migration page.
4. Provide your BSC wallet address by connecting your wallet to the site.
5. Click “Migrate” and approve the necessary transactions via your wallet.
6. Your OXS tokens should now be successfully migrated to KWAI in your BSC wallet!
Detailed updates and instructions of the Migration will be further released via Telegram here and here.
FAQs
The site says “No Snapshot Found”. What does it mean?
It is possible that you recently acquired OXS tokens and that this has caused your OXS balance to not match the snapshot. If this is the case, you may want to contact the moderators or support team for the OXS project to get assistance. They will be able to provide specific guidance and support based on your individual situation.
What happen if I dont migrate?
From a capital perspective, your funds are safe and you can migrate them to BSC at any time. However, we cannot guarantee the interoperability of the Solana network, so we strongly advise you to migrate your OXS tokens as soon as possible. In addition, staking rewards for OXS have been stopped on the Solana network and will continue on BSC. If you do not migrate your OXS tokens, you will not receive any further staking rewards or compensation for the matter.
Is there any deadline to migrate?
We understand that imposing a hard deadline for migrating OXS tokens to BSC could cause inconvenience for users in different time zones. However, we still advise you to migrate your tokens as soon as possible. By doing so, you will be able to continue earning rewards by staking with KWAI on BSC.
STAKING: What happen if I unstake?
If you unstake your KWAI tokens, the following will happen:
- You will be able to withdraw your tokens in full after a 15 days waiting period.
- If you need to withdraw your tokens before the 15-day waiting period is over, there will be a 30% penalty incurred on the total amount of tokens staked. For example, if you staked 100 KWAI tokens and need to withdraw before the timelock is complete, you will only be able to withdraw a maximum of 70 KWAI tokens.
STAKING: When can I harvest?
You are free to harvest your staked KWAI tokens at any time, but you should be aware that you will need to pay a gas fee for each harvest transaction. Non-harvested tokens will continue to accumulate. Harvested tokens will be sent directly to your wallet.
We are excited to have you as part of the KWAI community and look forward to your continued support.
At Oxbull, we’re always in it for the long run.
Disclaimer:
Our content is intended to be used as information and education purposes only. It is very essential to do your own research and analysis before doing any investment decision or otherwise. Do Your Own Research.
Information is accurate at time of writing and can be subject to change.
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