BSC Token Bridge Pre-launch Update

We are currently testing our Ethereum to Binance Smart Chain token bridge service, and with that we just want to let the community know of a few things that might affect them as we deploy:

  • Token supply changes: we will be burning 10 million SATA on the Ethereum network, and minting 10 million SATA on the BSC network. The overall token supply of 100 million tokens will not change, but some of the tracking websites may not reflect this change straight away. The 10 million being burned are being pulled from currently unlocked tokens in Unicrypt. We will make some amendments soon to the token unlock schedule to match the change in the supply across networks.
  • Liquidity changes: we will be making some adjustments to the liquidity pools on Ethereum Uniswap. We are also exploring the migration of some or all liquidity back to Uniswap v2 - whilst v3 allows for fine-grained control over the ranges of liquidity available, the lack of tools we can utilise to provide incentives for liquidity providers is next to none in the current market.
  • Auditing: we are in the process of engaging an audit for our v1 identity contract suite, but we are not yet certain of the timeframe in which that will be completed. We may be stuck in a backlog of unprecedented demand on external audited services. In the worst-case scenario that we are unable to attain an audit before the launch of our services into beta, we will simply beta test our services with a disclaimer attached until the audit is completed. And should the audit find areas where we are needed to make significant changes, then we will fix those and redeploy under a new version for testing.

For most of you following the project you will likely not experience any impact from the above events in progress, but please be patient if you do find issues, especially with the token supply information on 3rd party tracker websites. If you want to follow these token project updates more closely, join our official Telegram group and follow us on Twitter!

Timothy Quinn

Timothy Quinn

Managing Director of Congruent Labs