Greetings Kambrians, we hope the summer has treated you better so far. It’s time for an update, and we think that it will be welcomed by much of our community. We present, the Kambria Swap Back Event.
Over the last year, our project has had its share of volatility as we have learned to navigate through very uncertain times concerning the cryptocurrency markets. We tried a variety of strategies to help create awareness for the token and gain exposure for Kambria’s Open Innovation Platform. While we have grown tremendously, we recognize that there are a number of KAT holders who have expressed frustration with having no way to swap their KAT-7BB to ERC-20 KAT. We hear you loud and clear.
For a limited time, we are supporting a one-time swap back to the Ethereum protocol through our swap portal. We trust that those who would like to convert their KAT-7BB to ERC-20 KAT will be pleased to hear that you will have that opportunity in about in the near future. Token holders who wish to swap back to ERC-20 KAT will have two weeks to swap their KAT before the swap tool will be closed.
We are allowing one swap per person. Please organize and swap your tokens at the same time, from the same wallet. You will receive ERC-20 KAT in return for swapping your KAT-7BB at a 1:1 ratio.
How it Works
As you might already know, we permanently disabled all ERC-20 KAT that were swapped to KAT-7BB. Therefore, to enable a reverse swap, we will need to utilize the pool of ERC-20 KAT that was intended as part of our token disablement plan.
For every KAT-7BB that gets swapped, token holders will receive a ERC-20 KAT from the disablement allocation, and the KAT-7BB will be disabled permanently. Essentially, this will have the same effect as token disablement: reducing the total token supply on both platforms, and in the end, we will have the same exact number of disabled and enabled tokens between both platforms. After the swap period is over, we will release details for the number of tokens swapped, our current total and circulating supplies, and the number of tokens to be disabled at the end of 2020.
As always, we appreciate your support as we learn and grow together both as a project and community. We’d also like to extend compassion to all who have been negatively impacted by the devastating effects of COVID-19, which have been felt across the world. We hope that you and your families are healthy and cared for. We look forward to the remainder of this year as we continue to build on top of the world’s first decentralized Open Innovation Platform. We will update you on further details in the coming two weeks. And remember, #DreamItMakeIt.
-Kambria Team
