SROOTx to ROOTx conversion goes live, 404 talk, Restructuring Plans and more
As per our recent governance vote, SROOTx was voted to be dissolved, snapshot 19,116,190 — https://snapshot.org/#/bearxnft.eth/proposal/0x880fe6f6e891ece598cb1ec30018cd9897d8b5409df8b6313b2c41166214d2dd
What is happening here?
In light of the above, as planned, SROOTx holders will have the opportunity to unstake / claim SROOTx tokens, and then convert them to ROOTx. The conversion is 5:1. So for every 5 SROOTx tokens you have, you get 1 ROOTx. The deadline for this conversion will be the 31st March 2024 at 11:59pm UTC. Any conversions not made by this point will not be able to claim and/or convert their SROOTx tokens to ROOTx.
After this migration has taken place, the BearX team will carry out another token burn of any left over ROOTx that is not retrieved through conversion as a celebration to kick start our single token journey. ROOTx will now be ram packed with incentives and utility, given that before, many of the future plans were effectively split between the two tokens.
How to convert your tokens from SROOTx to ROOTx
- Once you have SROOTx tokens in your wallet, head to: https://www.bearxlabs.com/BurnSROOTxToGetROOTx
2. Simply click ‘MAX’, then ‘APPROVE ALL’
3. Once the above has been completed click ‘CONVERT’
4. You should now see a ROOTx balance in your wallet, (ultimately 20% of the SROOTx figure you had)
To confirm again, the deadline for this conversion option will be the 31st March 2024 at 11:59pm UTC. After this date you will not be able to convert SROOTx.
BearX Team Restructuring
Whilst BearX utility for some reasonable time has been etched into the fabric of Script Networks product and token growth, as a collection indivudally, it has long needed significant focus. So, we are pleased to say, through restructuring and new hires, that we will have 3 team members joining us from March 1st. This will be formally announced in our next posts. This will bring more attention, communicaton, events (AMAs etc), and the opportunity to bring organic value back to BearX itself, without the reliance of external utility. Like everything we do, it will be largely experimental to see if we can shape the way things can grow and improve, and we’re excited for what is in store.
404 talk
We are reviewing the possibility of future collection drops to use 404 token standard, but due to the lack of auditing and the various kinks that the market still is more curious than knowledgable on in this, it has left us conducting further research first. Alongside this, the token conversion, bearX restructuring and ultimately growth of community again is what is needed to be done first and formost.
If you have any questions with any of the above, be sure to open a ticket!
