We are thrilled to share the news of Equalizer Exchange’s migration to the Sonic network. This move marks a significant milestone for our DeFi application, aligning with our commitment to continuous growth and innovation. To ensure a smooth transition and uphold the integrity of our community, the migration will occur on a 1:1 basis. Our native token on the Sonic network will retain its existing ticker, $EQUAL, reflecting the strong support it has received from our community.
What to Expect During the Migration
1:1 Token Swap
EQUAL and veEQUAL tokens on the Fantom network can be exchanged on a 1:1 basis for EQUAL tokens on the Sonic network. This straightforward swap maintains value parity and offers a seamless experience for all token holders. Both veEQUAL and EQUAL tokens will migrate at this ratio, ensuring everyone’s holdings are preserved.
Emission Adjustments Based on Migration Participation
The emissions of EQUAL tokens will be adjusted based on the proportion of tokens migrated to the Sonic network. For instance, if 90% of veEQUAL tokens are transferred, the emissions will be set to 90% of the current Epoch total, aligning with our existing decay model. After the migration, EQUAL positions will be claimable after deployment, allowing users to direct emissions accordingly.
For Holders Choosing to Stay on Opera
We understand that some of our community members may choose to remain on the Fantom network (Opera). For those who decide not to migrate, the emissions will be adjusted to reflect the remaining percentage of veEQUAL positions on Opera. You will continue to have 100% governance rights over the Opera instance of Equalizer and we will maintain dApp support on the chain. Future development and token listings on Opera will depend on its performance following the Sonic migration.
Migration Timeline
You will have the opportunity to allocate your tokens to the migration contract up until the Sonic network launches (Current target is December 2024). The migration contract will be available as soon as it is ready, but note that it is a one-time deposit. Therefore, make sure to choose the optimal moment for you. Many might prefer to allocate their positions closer to the launch date of Sonic to remain active on Opera for as long as possible.
The current Equalizer ecosystem will essentially be split into two independent ecosystems, with the current holders being given a choice to either stay or migrate.
The net total supply of EQUAL combined across both opera and sonic versions will stay constant / no extra tokens will be minted.
Technical and Logistical Details
For technical reasons and to manage gas costs, you will receive one max locked veEQUAL position on Sonic per wallet address. If you prefer to keep your veEQUAL assets as separate NFTs, we suggest creating unique addresses for each NFT submission. This approach might require some advance preparation but will ensure your assets on Equalizer Sonic align with your preferred wallet structure.
A migration dApp will be provided to the community, displaying veEQUAL and EQUAL tokens currently seeded for migration. This tool is designed to maintain transparency and assist you in making informed decisions regarding your migration strategy.
Why should you be excited about Equalizer on Sonic
The launch on Sonic brings an expansive gateway with the potential to connect Equalizer to other networks and untapped liquidity sources. With the introduction of Sonic’s gateway, Equalizer will seamlessly expand the reach and impact of our liquidity offerings. The newly established connections will open the door for larger volumes and higher liquidity efficiency, positioning Equalizer as a pivotal player in the new Sonic environment.
Our migration to Sonic coincides with a major incentive program: the launch of $S rewards. With incentives slated to reach hundreds of millions of dollars, this program is designed to attract new participants, showcase Sonic’s speed and technical prowess, and fuel the rapid growth of a thriving ecosystem. Equalizer will capitalize on this momentum, evolving its role from being the proven liquidity layer on the Fantom Opera network to becoming the Sonic’s key liquidity infrastructure component.
As we enter this new chapter, Equalizer will continue to prioritize the values that have made it successful: robust liquidity management, transparent governance, and a commitment to supporting the community. Our mission remains focused on delivering innovative, sustainable solutions that adapt to the ever-changing landscape of DeFi.
This migration is an exciting step forward for Equalizer allowing us to unlock the endless new capabilities of Sonic. A strategic step towards expanding Equalizer Exchange’s capabilities within the Sonic ecosystem. We are confident that this transition will unlock new opportunities for growth and innovation, benefiting all participants in our community. We look forward to embarking on this new journey together and thank you for your continued support.