Introducing ZMINE Token on Binance Smart Chain
BSC Token Address: 0xfcb8a4b1a0b645e08064e05b98e9cc6f48d2aa57
ETH Token Address: 0x554ffc77f4251a9fb3c0e3590a6a205f8d4e067d
To deal with the Ethereum ultra-high transaction fee, We decided to move our token to Binance smart chain and provide a token bridge via zmine.com. The migration will start on 30 May 2021 and we divide migration into 2 phases as below
Phase 1: Early Adopter (30 May 2021 12:00GMT)
- Only verified zmine.com users can start withdrawing their ZMN balance to any BSC address
- Withdrawal fee in this phase will be 500 ZMN per transaction
- Maximum withdrawal per transaction is 10,000 ZMN
- Maximum 300 Withdrawal transactions per user per day
Phase 2: Majority (17 July 2021 12:00GMT)
- Guest can move their ZMN token on Ethereum chain to Binance smart chain
- Withdrawal fee will upon transaction fee on BSC at that time
- No limit on withdrawal of ZMN token per transaction
- No limit on withdrawal transaction per user per day
- ZMN⇌BTC will be available only on Binance smart chain
Withdrawal Remarks:
- Only ZMN token on the available balance can be withdrawn. So if your balance is on masterqueue you need to cancel masterqueue first
- If you are using ZMN⇌BTC make sure that you already returned BTC. Our System will be checked and return your ZMN token at 00:00 GMT on daily basis.
- Masterqueue at level 10 need 10 days to return to your balance, So prepare your plan accordingly.
- In case you forgot to cancel masterqueue, We will provide a new feature that user will be able to cancel masterqueue and get the balance back immediately with a 10% fee
- Withdrawal fee of phase 1 and masterqueue 10% cancellation fee will be used in the system to pay gas on the BSC network and the rest will be put on the ZMN liquidity pool
Exchange
- The first official exchange for ZMN on BSC Chain will be on pancakeswap.finance
https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xfcb8a4b1a0b645e08064e05b98e9cc6f48d2aa57- When migration phase 1 started, We will allocate 1,000,000ZMN from the founder token as starting liquidity of ZMN-BNB and split it into 2 parts as below
> 500,000 ZMN in form of ZMN Token
> 500,000 ZMN in form of BNB which equal to the value of 500,000 ZMN from ZMN⇌BTC
- Starting Liquidity may increase or remove in the futures but it will remain untouched till the end of phase 1
Staking
- We will have new partner sites that open for staking ZMN-BNB to gain a new token
- More detail of new sites will be announced later this month
Bridge Mechanism
- To prevent high transaction fees of minting and burning processes on both ETH and BSC chains, we will use one of our cold wallets from zmine.com as a pegged asset buffer for both chains.
- This pegged address now contains 40,000,000 ZMN on both ETH and BSC chain.
> ETH:
https://etherscan.io/token/0x554ffc77f4251a9fb3c0e3590a6a205f8d4e067d?a=0x006F8ED0583f4680ba1859B40be4b5653E4f446e> BSC:
https://bscscan.com/token/0xfcb8a4b1a0b645e08064e05b98e9cc6f48d2aa57?a=0x4fe786463b9d42004259b093ed3a55a6941cd4c9- If withdrawal to BSC is more than 40M, we will move more ZMN on ETH Chain to that pegged address and mint equal ZMN token on BSC chain for withdrawal
- If ZMINE.com balance on the Ethereum chain is lower than 40M we will burn that pegged address on BSC Chain to maintain an equal amount of pegged address on both chain
- Token circulate supply combined on both chain will remain the same as before
#ZMN #BSC #ETH #ZMINE #Cryptocurrency
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