Dear PointPay family,
On March 12, 2024, we announce the commencement of the PXP Token Swap. Starting from today and spanning over the next few months, all PointPay users have the opportunity to exchange their old PXP tokens for the new ones.
Attention: From March 12 to April 2, all PXP withdrawals will be temporarily suspended to facilitate the Token Swap. This is a technical necessity, and afterwards, you will be able to proceed with withdrawals in the standard manner.
To execute the swap of old tokens for new ones, please follow these steps:
- Log in or create a PointPay account.
- Ensure that KYC verification is complete. If not, utilize the corresponding form on the website or in the application.
- Confirm that PXP tokens are in your account. They should be in the Capital account (If staked, all PXP will be automatically transferred to the Capital account before the Token Swap starts. All rewards will be paid out according to the date of staking termination with corresponding %).
- Navigate to the dedicated PXP swap page, accessible in the website header.
- On the page, fill in the required fields, then confirm the swap.
- Allow some time for the transaction to be processed. Subsequently, the new PXP tokens will be credited to your account!
Please note that the swap of old tokens for new ones is at a rate of approximately 8.2 to 1. In other words, you will receive fewer new tokens, but their value will be equivalent to the value of the old PXP tokens.
The approximate duration of the exchange process is about two months. Our goal is to enable a greater number of PXP holders to participate in the token swap. When the majority of active users will complete the token swap, we will conclude the procedure on our platform. If you miss the general swap period, contact us through user support. We will address the situation and facilitate the token exchange on an individual basis!
New Version of PXP
The Token Swap procedure is carried out with the aim of refreshing the token and implementing several key changes. PointPay aims to make PXP align with modern crypto market standards and enhance its utility, user-friendliness, and presence.
One of the primary changes is the introduction of multi-chain support. This has become possible due to PXP's move to the Avalanche blockchain, enabling the creation of subnets that support various blockchains. Initially, there will only be one blockchain available to ease the transition for our system and users. Once we have completed the token swap process, we will start adding new blockchains!
For users, this change signifies the ability to use/transfer/hold PXP across multiple blockchains. Choose the one that suits you best!
Another notable change is the reduction of Total Supply to 100,000,000. The token quantity has been reduced by approximately 8.2 relative to the initial amount. Along with this reduction, the price has increased by a corresponding to roughly 8.2. PXP becomes more appealing to traders, investors, and holders!
A Message from PointPay
In recent years, PointPay has undergone a multitude of changes and innovations. Those who have accompanied us on this extended journey of improvement have witnessed firsthand how we have evolved into a modern, user-friendly platform that aligns with industry standards.
Finally, the time has come to refresh one of our key components - the PXP token. PXP has always been and remains an integral part of the PointPay ecosystem. It serves as a means to receive bonuses and benefits, participate in the life and development of PointPay, and multiply your savings.
With the upgrade to new PXP, our token will become much more convenient and practical to use. The support for multiple blockchains will now open doors for new PXP users, while existing users can manage, store, and transfer our token in novel ways!
Anticipate new life being breathed into PXP with upcoming changes. The token update serves as the starting signal for our marketing campaign, top exchange listing, and a deeper integration of PXP into our platform. All of these efforts will propel PointPay closer to our goal - becoming a Tier-1 exchange and the premier platform for cryptocurrency, catering to both novices and experienced users.
We express our gratitude to everyone who continues to be with us. To all those who use our services, hold or actively spend PXP, participate in the life of PointPay, and believe in our future. The future is practically here, and its name is PointPay!
Token Swap AMA session
To share all the details and specifics of the Token Swap, we are thrilled to announce an AMA session! PointPay CEO Vladimir Kardapoltsev will personally explain all the particulars of the upcoming event during a live stream on March 11th at 6:00 PM Central European Time (CET) or 9:00 AM Pacific Time (PT).
FAQ section
Will the swap happen automatically or not?
- The user will need to send a request on the swap page. You can watch a video on how to swap your old PXP tokens here.
When will I need to transfer my PXP to my PointPay account?
- We plan to conduct a swap in the period from 12/03/2024 to 02/05/2024
- During this time, users can make PXP deposits for subsequent swap to the upgraded PXP token.
Will there be some kind of coefficient applied?
- Yes, according to the new economic model, the following ratio will be applied during the swap: 8.2:1. This means that for approximately every 8.2 Old PXP you will receive 1 New PXP token.
Will there be a fee for swapping tokens?
- No, there will be no fee for swap.
How long should I wait for new tokens to be credited to my balance?
- The swap will be processed by our specialists, so the process will take some time. Typically 24 to 48 hours
What should I do if I don’t see new PXP tokens credited to my balance?
- If more than 48 hours have passed by this point, please contact support for more information.
Do I need to transfer tokens to my Capital account?
- Yes, the swap will be obtained from the Capital account balance. However, tokens from your Momentum account and staking will be transferred automatically.
When will Staking and Momentum account use be available for the new PXP token?
- You will be able to use it immediately after the swap.
Do I have to go through KYC?
- Yes, in order for the swap option to be available, you must pass verification. In case you had some issues with passing KYC on the PointPay, please contact our support team.
Why are you doing a PXP swap?
- Our primary aim in swapping the PXP token is to refresh the project’s economic activities and introduce the community to the full range of the project’s utilities.
- Smart Revamp: new updated modern smart contract with audit from leading companies;
- Token Boost: powerful marketing activity of the token and increased awareness of the project;
- Token Integration: activation of the token community and involvement in the updated PointPay exchange ecosystem;
- Model Advancement: the updated economic model of the project will take it to a new level and in the future increase capitalisation;
- Capability Boost: new token format will expand its capabilities and utility functions.
What are the benefits of PXP?
- Users who have PXP tokens on their balance receive the following benefits: reduced trading fees and commissions for withdrawal of funds (depending on the quantity and level in the PointPay ecosystem), staking at higher interest rate, the ability to take part in voting on the platform, and more.
What networks will support the new PXP?
- The main network of the new token will be the Avalanche network.
How many new PXP tokens will be issued?
- Number of tokens - 100,000,000 PXP.
How can I find out the smart contract address of a new PXP?
- New smart contract on the Avalanche network:
https://avascan.info/blockchain/c/token/0x15FA5d3DBD11a831b72B92C1705BC9F801E233CB
When can I withdraw new PXP tokens?
- Token withdrawal will be open on 02/04/2024.
How will fees and limits for PXP change?
- Minimum withdrawal amount – 100 PXP
- Withdrawal fee – 70 PXP
- Minimum deposit – 170 PXP.
How will my level in the PointPay ecosystem change?
- The number of tokens required to reach user levels will also be revised according to the ratio applied during the swap.