Transition to LRC-20 Tokens
Last updated
Last updated
LambSwap (previously Basedpad) will transition from utilizing Tap Protocol tokens, represented by BASED and BOOST, to LRC-20 Tokens—SAGE and FLOCK. This evolution marks a strategic move to enhance scalability, efficiency, and interoperability within the LambSwap ecosystem.
With the transition, the current supply of BASED, standing at 1,000 tokens, will be expanded into SAGE's 10K Supply (please reference the tab for more information on how BASED holders will benefit). In stark contrast, the massive supply of BOOST, currently at 21 trillion tokens, will undergo a significant reduction to a more manageable 1 billion tokens with the introduction of FLOCK.
LambSwap will undertake a strategic burning of 30% of the BOOST supply in its treasury before migrating to FLOCK. This is done to leave room for a token equivalent of FLOCK, xFLOCK, which will be used as a reward in LambSwap's Play-to-Earn game. The P2E game will act as a trustless means of token distribution that will automatically distribute rewards over time.
A pivotal aspect of the transition is the airdrop mechanism, ensuring a fair distribution of the new LRC-20 tokens—SAGE and FLOCK. These airdrops are intended to reward our earliest and most loyal holders while simultaneously encouraging continued engagement with the community.
In the future, SAGE holders will be given the option to burn their SAGE and claim a unique Ordinals digital asset in a straightforward 1-for-1 swap. This strategic integration adds utility to SAGE, creating a direct connection between the LRC-20 token and the artistic ecosystem within LambSwap.
