Updated on 23/11/2023, refer to "Migration from IF to IDIA is now live"
The IF token originally migrated in March 2021 from the STAX token, which was a fair-launched token. Upon the then-migration, IF Token was imported into the Impossible Finance ecosystem and with market conditions over the last two years, it was not able to drive sufficient value to stand alone.
We deployed two versions of the swap, supported the swap with engineering resources, audits, and additional security measures, but the volume on BNB Chain deployments of the swap did not meet community expectations.
In June 2021, we successfully fundraised for the IDIA token, which focused on the value and access around the launchpad. In the bull market, the launchpad found much more traction than the swap did, and is the one that is the heart of the current community today.
With heavy reflection and thoughts across the ecosystem, our own community, and the core contributors at Impossible Finance, we therefore propose to create a transition program to allow all IF token-holders to migrate into IDIA holders, in accordance to the following parameters:
For users who currently hold IF tokens, we have already taken a snapshot as of Wednesday, November 15, 2023, for the amount that can be migrated over for each user:
The conversion rates are as follows:
- Users who never used launchpad: 1 IF = 0.7 IDIA
- Users who used launchpad 1 time: 1 IF = 1 IDIA
- Users who used launchpad 2 to 10 times 1 IF = 1.15 IDIA
- Users who used launchpad 10+ Times (our Super Users) 1 IF = 1.3 IDIA
We are super proud that many IF users participated in the Impossible launchpad, and we hope that this transition allows for all users in the Impossible family to be united, and that all of our efforts as a team are driving value to the core IDIA token.
Check here for the full snapshot of amounts:
All users who are planned to earn less than 10 IDIA (highlighted in grey), will receive an automated IDIA airdrop to their wallets to save on gas for the users claiming. This will ensure easier processes for those who cannot afford the gas to claim the IDIA conversion.
Migration from IF to IDIA is now live
After careful consideration, users eligible for <100 IDIA will not have to use OpenSwap. Impossible will airdrop IDIA directly to your wallet after the 4-month period to save you from gas fee spend
We will use the OpenSwap buyback platform to allow users to transition over to IDIA.
Users who get their ratios of conversion directly within the OpenSwap buyback queues product, similar to how Impossible conducts its normal buyback protection programs.
Click the link below to transition:
Queues will remain open for 4 months for users to make migrate over (ends on 27/03/2023).
Impossible reserves the rights to refuse conversion for users who fail to migrate within the 4-month period, so please make sure to migrate within the available time.
About Impossible Finance
Impossible is an on-chain native, research advisory firm with a DeFi launchpad and accelerator. We help projects kickstart, fundraise, scale and launch their tokens while enabling users to learn, discover and invest in high quality crypto opportunities.
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- DISCLAIMERS, TERMS, and RISKS
- Impossible reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
- There is no financial advice in this post and it's sole purpose is to educate readers
- Impossible reserves the rights to refuse conversion for users who fail to migrate within the 4-month period, so please make sure to migrate within the available time.