ShiftNrg Announces Redenomination of SHIFT to Wrapped Shift (wSHIFT)
First off, a big thank you to our development team for their hard work in making this update possible! ShiftNrg is excited for a transformative 2021 and this is only the first of many exciting changes coming to our project.
Following is a brief synopsis of why, how, and what we are doing.
- Create a safe medium of exchange for token-holders to trade our coin
- Provide greater outreach to future users of ShiftNrg’s Phoenix platform
- Assist in the migration from ShiftNrg’s Lisk-based blockchain to ShiftNrg’s new Substrate-based blockchain
- Operate as a 2-way bridge when paired with ShiftNrg’s new Substrate-based blockchain
The migration from (old) SHIFT to wSHIFT is a 3 step process (not live yet):
- Burn SHIFT by sending one’s SHIFT to the designated burner address
- Submit a signed message, from the account used in step 1, to Shift Community Project for processing
- Submit a signed message to Shift Community Project, from one’s Ethereum account, to confirm ownership of the designated address signed in step 2
What you need to do right now?
The redenomination, as in DOT’s redenomination this past August, simply converts your 1 SHIFT into 10 wSHIFT without diluting your holdings. When the time comes to migrate your SHIFT, you should do so. As a holder of SHIFT, you have two options to convert your coins: SHIFT to wSHIFT or SHIFT to Substrate SHIFT. Instructions will be released to migrate your current holdings to wSHIFT or Substrate SHIFT in a non-dilutive, 1:10 ratio once our developers have completed their work on the migration process. We will post updates on Twitter, so follow us there to stay updated and — importantly — know what to do, how to do it, and when.
Liquidity. Bounty. Tutorials. Substrate migration. And, a full newsletter with more details soon (days to weeks).
In summary: DO. NOT. PANIC. ShiftNrg is NOT diluting current coin-holders. More details regarding wSHIFT are currently available on our GitHub page.
The ShiftNrg Team