VersoView is pleased to announce we are finalizing plans to bridge ERC20 $VVT tokens to SPL $wVVT token on Solana. At this time we have successfully migrated tokens to Solana via the Sollet.io token bridge and have a small portion of the existing circulating supply live on Solana as we continue to test integrations with the Project Serum decentralized exchange (DEX).
Our community has expressed frustration with the high transaction costs on the Ethereum blockchain and we recognize a need to offer lower-cost solutions. To that end, we have engaged several centralized exchanges to begin listing discussions. Conversations are ongoing at this time and we will update the community as more information becomes available.
In the meantime, we want to offer a high quality, low cost decentralized trading option to the community, and we have selected Project Serum for that purpose.
Order books have been built on Project Serum and we are continuing to test the integrations to ensure a smooth trading experience for our community. Over the next few weeks, we will begin to migrate a sizable portion of the circulating token supply in the Team Treasury wallet through the Sollet.io token bridge to establish sufficient liquidity on the VVT / USDC token pair on Project Serum DEX.
Once we have completed testing and established a healthy market on Serum, we will announce the custom market ID and trading may commence. This process is expected to be completed in March. Please refrain from bridging tokens to Solana until we give further instructions to avoid gas fees back and forth while waiting for the market to open.
We are very excited about the launch of Raydium on Solana. Raydium is a swapping solution build on Solana that shares liquidity and order books with Project Serum for a token swapping experience similar to Uniswap, but with added functionality and exceptionally low transaction costs.
Raydium is currently in beta, and not opening additional liquidity pools at the present time, however, we have communicated with the team and as soon as they open up to additional projects, we plan to fund a Liquidity Pool on Raydium to deliver a trading experience our community is familiar with on Uniswap.
Raydium support team has given us a timeline measured in weeks for this process, which aligns with our own internal testing timelines and we are optimistic that launch on Raydium will coincide with the $wVVT launch on Solana.
Please find below, additional resources for the VersoView community to gain familiarity with Solana:
Creating a wallet on Solana: https://serum-academy.com/en/serum-dex/sol-wallet/
Trading on Serum DEX: https://serum-academy.com/en/serum-dex/trade/