VersoView is in the process of migrating the ERC-20 $VVT token to Polygon, the full-stack Ethereum scaling solution. This process requires the deployment of a new Polygon native $VVT token supply on the destination chain, and requires the permanent locking of the corresponding token supply from the native Ethereum token contract in order to maintain a stable total supply.
It is important to note that the Total Supply of $VVT will remain fixed at 200,000,000 throughout this process, with brief windows of time during the transition when the total supply will drop below this number temporarily, as tokens are sent to 0x000000000000000000000000000000000000dead on Ethereum and minted on Polygon.
Token supply change timelines and details
On Tuesday, November 2nd, the VersoView Foundation will execute the following series of transactions:
18,800,000 $VVT from 0x073369b0991c23503dfb8074b5ad6a68fe9fea79 to 0x000000000000000000000000000000000000dead
25,400,000 $VVT from 0x3949e304653c08c37bac90d1843e8a6832b125e2 to 0x000000000000000000000000000000000000dead
16,500,000 $VVT from 0x3fac8f48ae5f0aedecd1e0a81a602756777f50e8 to 0x000000000000000000000000000000000000dead
14,300,000 $VVT from 0x2c111c5587aabe15f51bdcad0190270eebbd0056 to 0x000000000000000000000000000000000000dead
These four transactions combined represent the permanent destruction of 75,000,000 $VVT from the VersoView Ethereum native token supply.
On Thursday, November 4, the VersoView Foundation will deploy the Polygon token contract and mint 75,000,000 $VVT on Polygon via the VersoView Polygon native token contract.
These 75,000,000 $VVT Polygon native tokens will remain out of circulation in the destination ‘Genesis Wallet’ on Polygon until additional migration events are underway. VersoView will share additional details of supply movements from this Polygon ‘Genesis Wallet’ in a later announcement as the chain migration progresses.
What does moving to the Polygon network mean for VVT tokenholders?
There are a lot more details to this platform migration, and additional articles will follow, including timelines and what the community can expect throughout this process. The good news is, $VVT will continue to be supported on the Ethereum main chain, with both Uniswap and Bittrex Global supporting trading of the ETH native token contract. There is no requirement to migrate Ethereum based $VVT ERC20 tokens to the Polygon blockchain, unless you choose to, and there will be instructions coming for those who choose to do so.
Alex Moody, COO, VersoView:
“VersoView believes in total transparency with the community and as promised we will always notify the community of any significant changes in token supply, location, or irregular tokens movements. Today’s announcement details the exact changes to $VVT token supply, supply location, and timelines, in order for the community to follow along and audit the process as we continue with the Polygon token migration.”
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