CHP Token Swap: Everything You Need To Know
CoinPoker informs that in order to improve transaction costs, transaction speeds and to further improve our deposit and withdrawal options, we are going to perform a token swap for CHP, the utility token on the CoinPoker platform.
This week has been a turbulent week for CHP with massive price fluctuations. This price action was not organic but stems from a security breach at the KuCoin exchange last year.
A wallet with a large amount of CHP has been idle since but recently started selling large amounts. This wallet still holds a large amount of CHP.
To protect all CHP holders and the whole of the CoinPoker community this calls for us to perform a token swap.
Immediate Actions By CoinPoker
CoinPoker is taking the following actions immediately:
1. The current CHP token will be obsolete, effective immediately.
2. Liquidity for the current CHP token has been permanently removed.
3. Withdrawals and deposits of CHP have been disabled on the CoinPoker platform.
4. We urge all holders of CHP to stop all trading of CHP immediately. We urge everyone who is providing liquidity for CHP to remove all such liquidity immediately.
5. A snapshot has been taken of all the wallets currently holding CHP. This snapshot will be used to distribute the new CHP token to all current CHP holders.
Details Regarding Token Swap
Here are the details regarding the upcoming token swap if you are holding CHP in your personal ETH wallet(s).
1. The new CHP token will be an ERC20 token deployed on the Ethereum network. There will not be any changes in the supply. Existing holders of CHP will receive a 1:1 airdrop of the new CHP token. Ie, if you held 10,000 CHP at the time of the snapshot, you will receive 10,000 new CHP tokens at the time of the airdrop.
2. The new CHP token will be bridged to the Polygon (MATIC) network.
3. The airdrop will be distributed through the Polygon network once CHP has been bridged to Polygon.
4. Once the airdrop is completed, CoinPoker will provide liquidity on at least one Polygon DEX (Decentralized EXchange). More details on this will follow.
5. The airdrop will be sent to the same wallet addresses which hold the old CHP. All holders will be able to access the new tokens on the same wallet by using the Polygon network. We will provide instructions on how to do this, for those unfamiliar with Polygon.
6. The wallet holding CHP from the security breach at KuCoin will be excluded from the airdrop. An equal amount of new CHP tokens will be added to the CoinPoker treasury, which will be earmarked for future partnerships and ecosystem growth, to benefit the whole community.
What To Do If You Are Holding CHP In Your Account
Here are the details regarding the token swap if you are holding CHP in your CoinPoker account.
1. All CHP on the CoinPoker platform have been frozen, effective immediately. Withdrawals and deposits for CHP have been disabled.
2. At the time of the airdrop, we will replace all current CHP on the platform with the new CHP token, at a 1:1 ratio.
3. Once the token swap has taken place, deposits and withdrawals in CHP will be enabled again.
CHP On CoinPoker During the Swap
CHP can still be used on the CoinPoker platform during the token swap. It can still be used to earn rakeback and to receive a 50% bonus on leaderboard points. Player to Player transfers will also be available.
We estimate that the whole process will take 2 to 3 weeks, and we will update the whole community to confirm the exact timeline for the token swap as soon as possible.
CoinPoker wishes that we could announce our partnership with Polygon under different circumstances, but unfortunately our hand was forced to perform a token swap quickly.
We want to thank all of our players for their understanding and continued support for CoinPoker. We had to jump the gun on announcing our partnership with Polygon.
Rest assured that more information is coming your way regarding this partnership and also many other exciting developments we have planned for CoinPoker. The next few months will be exciting times for CoinPoker.
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