Volt Inu ($VOLT) is a hyper-deflationary token whose aim is to invest in multiple asset classes such as NFTs, nodes, altcoins, staking & farming of stablecoins.
The automatic VOLT V1 to V2 migration is officially over. The event divided the VOLT token supply by 1 billion and marked a turning point in Volt Inu’s development. From here on, the protocol should encounter fewer issues on centralized exchange listings. And while the manual migration continues, token holders can already access the many benefits of this progression.
Why Was the VOLT Migration Necessary?
Volt Inu (VOLT) is a hyper-deflationary token on Ethereum and Binance Smart Chain (BSC). Its primary objective is to support blockchain-based initiatives by investing into assets such as NFTs, altcoins, assets, and others.
However, the project faced several problems when attempting to obtain listings on some crypto exchanges. The main issue was its excess of price decimals (19) embedded in the protocol’s smart contract. As many expert traders can confirm, filling orders with too many decimals can be slow and burdensome on centralized exchanges. And, VOLT token’s total supply of 69,000,000,000,000,000,000,000 units had raised this concern.
The VOLT V1 to V2 migration divided this amount by 1 billion embedded in a new smart contract. VOLT trading on Uniswap and PancakeSwap did not stop during this event, except for a couple of hours. The process also saw the users’ V1 tokens reach the migration address before going back to their wallets as V2 tokens. This transaction was tax-free.
Volt Inu Migration Benefits
Now that the token has a lower string of decimals, the team will be able to list it on more exchanges. Also, traders will be able to fill orders and complete trades much faster. As a result, VOLT’s use and popularity should increase while boosting its value potential.
Another benefit of the VOLT migration is its increased deflationary properties. Before the migration, the token’s smart contract on Ethereum employed a 13% tax on all transfers, with 4% going to the liquidity pool. Also, the contract on BSC involved the burning of 4% of transaction fees. After migrating to the new smart contract, the ETH contract now also bears a 2% automatic burn tax thus rendering the overall project even more deflationary.
Lastly, the migration supports the developers’ goal of transforming Volt Inu into a DAO (Decentralized Autonomous Organization). For example, the new contract can delegate tax allocations for treasury, marketing, and growth purposes. This way, token holders can one day constitute a community-managed DAO.
VOLT V1 token holders who have missed out on the automatic migration may have to wait longer before receiving their VOLT V2 tokens. Also, they will have to take place in the manual migration by following these steps:
- Access the VOLT V1 to V2 manual migration link.
- Transfer all their Volt V1 tokens to the listed wallet. The address is valid for ETH and BSC tokens.
- Fill out and submit the form.
They will receive their tokens 30 days after completing these steps.
Lastly, Volt Inu announced that all the buys after April 16, 2022, AT 11:23 AM, will not be part of the migration to VOLT V2 tokens.
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Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.
Source: https://www.coinspeaker.com/how-volt-inu-migration-benefits-holders/