Token Migration?

@Styg on Discord asked these questions:
@DannyDesert it would be nice to have more details about the upcoming SNGLS token migration. Will Binance perform the swap automatically on behalf of it’s users? Will there be any deadline to complete the migration? What about the unclaimed tokens, how will they affect the SNGLS vault and market cap? thanks and sorry for the questions spam

Thought I should answer them here.

it would be nice to have more details about the upcoming SNGLS token migration

I think we should make it clear that we are shooting for the migration code to SNGLS 2.0 to be ready soon, the actual migration will happen in Q1 of 2020. It’s impossible to get all the exchanges and coordinate different teams heading into December and the holidays. Crypto seems to fall asleep in those months.

Will Binance perform the swap automatically on behalf of it’s users?

We will have someone handling all of this, we would like to get Binance to handle the swap on their platform yes and current thinking is we will.

Will there be any deadline to complete the migration?

The migration smart contract will live on chain so anyone with enough technical prowess should be able to accomplish it. We haven’t set a time table on how long our native portal will be open.

What about the unclaimed tokens, how will they affect the SNGLS vault and market cap?

SNGLS vault? I assume you are talking about the DAO Treasury? Everything is built around SNGLS 2.0, what happens to SNGLS 1.0 is up to the market to decide.

So. I have my singular tokens in tokit wallet. Should i take them to binance to swap to the new token?

Okay trade was the wrong word…we will offer a native portal when the code is ready for people to do to the swap and we are going to be working with some exchanges that you will be able to do it on their platform hopefully. More deets on that in the coming months though, that is all being worked out now. As for now I would just keep them where they are.

but will it continue to be an erc-20 token and belong to the ethereum blockchain ?? @DannyDesert

Ah yea…migration might not be the best wording there. It’s essentially a fork, but will still be on Ethereum and an ERC-20.

but sngls 1.0 will disappear ??? And only the 2.0 sngls remain? or will the 2 exist? @DannyDesert

Will this essentially be a contract that accepts SNGLS 1.0 and spits out 2.0 ?
Also, what will the TRUST tokens be utilized for?

@Salva i think you can’t get rid of a token once its created. Someone corrwct me if wrong.

@Salva Will it disappear from the network? No both will remain but the only one with any active development will be SNGLS 2.0 @3D Artist that is correct. It will be a 1:1 transfer. I defer to @cineholic or @Mikel on the TRUST token.

Who has sngls token 1.0 will have the same amount of sngls 2.0 token?

Tokens will be 1:1 so there will be the same max amount and you will get the same amount you put in.

Or same value?

Value is determined by the market. The development is happening on SNGLS 2.0