LML SWAP and BURN
Statement from GNY’s CEO
Last week we launched Version 2 of the GNY Range Report, which is a significant upgrade to Version 1, and based on your feedback we are happy you like it. Range Report is central to the GNY ecosystem and we will continue to build on it.
GNY has been working on extensive experiments on how to implement our long term vision for decentralized Machine learning, and how to maximize the utility of our tokens across the entire ecosystem. Our central goal is to create an ecosystem that is dynamic, liquid, and scalable.
To achieve our technical vision, and improve tokenomics for our community we will focus our efforts on a single chain. We will swap all the in-circulation LML tokens for GNY tokens. This will bring LML holders into the main GNY ecosystem. It will create more wallet holders with more potential buyers and sellers for GNY tokens. It will increase the liquidity of the GNY tokens. LML holders can participate fully in a shared vision for the GNY chain.
The swap will not be funded by GNY’s treasury tokens. Instead, working with our investors, we have agreed that they will fund the swap of all LML tokens with their GNY tokens. The GNY tokens used for the swap will be part of the existing circulating supply of GNY tokens. This swap will therefore not add to the existing circulating supply. It merely redistributes the existing supply.
As part of this agreement with our investors, GNY has committed to a complete burn of all treasury tokens. All 200m GNY treasury tokens will be burnt at a rate of 20m per year for the next 10 years. All 200m LML treasury tokens will be burnt at the end of the swap period.
Our investors share our goal of making GNY the most dynamic AI chain and they are prepared to fund the swap in order to expand the liquidity of the GNY chain. In the longer term this will be more beneficial for them and for the ecosystem.
Starting Tuesday May 30 we will invite all LML holders to begin to deposit their LML tokens in specified wallets and their LML tokens will be swapped for their nominated GNY token type, either GNY ERC20 or GNY BEP20 tokens. The details and timing of the swap are detailed in the swap instructions and timeline below. The rate will be based on the average prices of both tokens over the last 180 days. All LML rewards tokens will be swapped for GNY Mainnet tokens at the end of the swap period.
The swap period will be for a duration of 10 weeks with the first distribution of GNY tokens made after 4 weeks.
In order to encourage people to swap early, the swap rate for the first 4 weeks will include a 10% bonus. There may be further terms for later swaps. However, to be clear, the LML tokens will all continue to be traded for the entire period of 10 weeks if there is a market for them. Everyone will be able to continue to trade the LML tokens until the swap period ends.
At the end of the 10 week swap period, all remaining LML tokens will be burnt and LML will no longer be supported.
At the end of this exercise, the combined GNY ecosystem token count will be reduced from 800m tokens to just 200m. It will benefit from having more wallet holders, more liquidity, and less overall circulating supply. All central to a unified vision of a single ecosystem centered around decentralized AI trading tools and services.
Benefits for LML Token Holders
All of the technical and utility projects we laid out for LML holders are going to be stronger and faster to implement on a unified chain. As GNY holders all former LML holders will BE the network, not just a part of it. Increased access to exchanges and swapgates will increase liquidity, trading options, and our GNYi rewards program. Additionally the GNY Team will launch delegate sharing after the swap so that all LML holders that were ready for delegate positions on the LML chain can still forge on the GNY Network. With a unified roadmap and a deflationary token supply we foresee a long term utility and a strengthened price outlook for the GNY Project.
- Clear path for token utility
- Deflationary tokenomics
- Access to more exchanges and liquidity
- Expanded community of token holders
Benefits for GNY Token Holders
For GNY holders, there will be a larger pool of holders of GNY tokens and wallet holders. The token will be more liquid and tradeable as there are more buyers and sellers. Additionally the slated projects for LML (WOTC tools, and Data NFTS) will add utility for the GNY chain.
For both holders, the total pool of tokens will be cut from 800m to just over 200m as all LML treasury tokens will be cancelled and all the GNY treasury tokens will be cancelled.
- Expanded community of token holders
- More liquidity
- Unified technical milestones and token utility as all the planned LML projects will be executed on the GNY chain
- Much more focused messaging and team
- Deflationary tokenomics as token burn will half existing token supply.
Instructions for LML SWAP
– To begin, please ensure your LML tokens are stored within a Metamask wallet. You will be sending your LML tokens from this Metamask wallet to one of the two GNY swap wallet addresses detailed below. The Metamask wallet that you send your LML tokens from will also be the wallet into which your new GNY tokens arrive following the completion of the swap.
IMPORTANT: If you attempt to send LML tokens from an exchange wallet address (e.g., Zonda) to a GNY swap wallet address, you will lose your LML tokens and the swap will not occur. Only swap from a Metamask wallet.
– Decide if you wish to receive your new GNY tokens in the form of GNY ERC20 tokens on the Ethereum chain or GNY BEP20 tokens on the Binance smart chain. Then follow the instructions for your preferred token type below.
The swap rate from LML tokens to GNY ERC20 tokens is 16.5 LML to 1 GNY, with an extra 10% bonus if you deposit your LML into the swap wallet within the first 4 weeks.
If you wish to receive your new GNY tokens in the form of GNY ERC20 tokens, then send your LML tokens to this address on the Ethereum network: 0x965Ee64e7dEd304cc999da3705B84A8249F8b51C
The swap wallet opens on May 30th. The 10% bonus cutoff date is June 27th. August 8th is the last day LML tokens will be accepted into the swap wallet.
GNY ERC20 tokens will be dispatched on June 27th for those who have deposited their LML into the swap wallet by that date. All deposits sent to the swap wallet after that date will instead receive their GNY ERC20 tokens on August 11th.
Once your relevant dispatch day has elapsed, please check your Metamask wallet to confirm receipt of your new GNY ERC20 tokens.
Should you be having an issue viewing your new GNY ERC20 tokens in your Metamask wallet, then we suggest adding them as a custom token type within your wallet, as detailed below:
Click the “Import Tokens” button that is situated at the base of the “Assets” page.
The “Import Tokens” page that appears has a “Custom Token” tab; please click that.
Fill the blank “Token Contract Address” field with the GNY ERC20 contract address:
The “Token symbol” and “Token Decimal” fields should automatically populate themselves.
Click “Add Custom Token”.
A follow-up screen will ask you “Would you like to import these tokens?”; please click the “Import Token button”.
A screen will appear to confirm that your Metamask wallet is now ready to recognise GNY ERC20 tokens.
All holders of LML tokens within GNY wallets (as a result of rewards) will have those LML tokens on the GNY mainnet automatically swapped to GNY mainnet tokens at a rate of 14.875 LML to 1 GNY. No action is required by the holders to facilitate this swap. The swap will happen once the initial LML to GNY ERC20/BEP20 swap operation has been completed.