Project Hydro held the Open Community Voting from 29th of Jan to 1st of Feb, so the community can vote for the reduced supply of the Hydro token. And the 111M option was chosen by the community as the new Total Supply.
The Project Hydro team has completed all the required developments of Smart Contract Redeployment. So we will contact exchanges to update it on their end, and will explain the token swapping process as well.
As you know that we’ve already announced that we are going to multi-chain, and Binance Smart Chain (BSC) will be the first one. Because of our upcoming developments and high Ethereum gas fees, we have decided to swap our old ERC20 Hydro tokens to directly with new BEP20 Hydro tokens.
BSC is fully compatible with the existing Ethereum Mainnet. This means most of the Ethereum dApps, ecosystem components, and toolings will work with BSC. BNB is the native token for both Binance Smart Chain (BSC) and Binance Chain (BC). And it runs on BSC in the same way as ETH runs on Ethereum.
BEP20 is proposed by deriving the ERC20 protocol of Ethereum and allowing tokens to be approved and transferred between BC and BSC. Besides this, it also extends ERC20 to facilitate cross chain transfer.
How the token swap is gonna take place?
The process for Hydro redeployment will begin on Feb 28th at 8pm UTC and then the redistribution of the new token will happen in phases.
- Phase 1 (Feb 28th): In this phase, all holders who hold their tokens on their personal wallet will receive their new hydro tokens as BEP20 on the Binance Smart Chain (BSC) wallet.
- Phase 2 (Mar 1st): In this phase, CoinEx will be doing the distribution to their user base.
- Phase 3 (Undefined): In this phase, rest of the tokens will be distributed upon reply from the respective exchange in the form of the new ERC20 Token.
Token Swap Ratio will be 100:1, so for example, if you have 100,000 Hydro tokens, you will get 1,000 new Hydro tokens. After redeployment, the old Contract will be obsolete so old Hydro tokens too.
Process for Personal Wallet Holders:
Project Hydro team will take a snapshot of all HYDRO holders, and distribute new Hydro tokens on the BSC wallet at a ratio of 100:1. So holders just have to import their ETH private key on the BSC wallet, and new BEP20 Hydro tokens will be there. Yup, it’s that simple.
Process for CoinEx Holders:
CoinEx is supporting the Hydro Token swap process and will halt trading during this time. CoinEx will swap their holder’s token with a new one, and holders do not have to do anything. They are also gonna support the Hydro BEP20 token ASAP, so users can deposit their BEP20 tokens to CoinEx as well.
Process for Bittrex Holders:
Bittrex is not supported yet, because they have a backlog. And they will suspend deposits, withdrawals and trading as well until they are ready to distribute new Hydro tokens to their holder’s user base.
Regarding other exchanges like mercatox, bitmart, or any other, we are still in communication with them. So holders of these exchanges have to follow the same procedure as Bittrex.
Burning functionality on Smart Contract
The new hydro contract will have an additional burning functionality which will burn some of the Hydro tokens on every interaction. Burning of hydro would make hydro scarce and as time goes, its quantity will decrease, so the value of hydro would be much more as time goes by and there are lesser hydro in the ecosystem.
The dApps that would be associated with hydro would be burning hydro tokens as well. DApp developers would be allowed to register their dApp with the hydro ecosystem and those dApps can also utilize this burning feature.
Note that Hydro tokens will not be burned while transferring from wallet to wallet, exchange to exchange, exchange to wallet, or any other way, so community members cannot have to face any hindrance while transferring the hydro tokens.
Binance Smart Chain (BSC) supported Wallets :
Here’s a list of wallets supporting Binance Smart Chain, and you can find the tutorial for each wallet from here.
- Binance Extension Wallet
- MyEtherWallet (MEW)
- Trust Wallet
- Math Wallet
Bonus for Hydro trader
CoinEx will be hosting a trading event- “Trade HYDRO to Share 40,000 USD Worth of HYDRO” on March 1, 2021 till March 14, 2021. This event will be eligible for all Hydro trading pairs and the total prize is worth 40k of Hydro tokens.
[Please note: We advise users not to make any trade, deposit, or withdrawal of HYDRO tokens during the Redeployment process or you might miss the distribution of the tokens.]