The CRWNY token will become a Solana native token real soon. Having our platform based on the Solana blockchain gives Crowny a lot of advantages.
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In our previous article, we explained why Solana is the perfect partner for Crowny. In this article, we will talk more about the upcoming token swap and what it means for the Crowny family. Explaining this needs quite some context, so buckle up!
Solana blockchain and the Crowny platform
At this moment our loyalty system is powered by the Solana blockchain, as well as the consumer platform. The Solana blockchain provides our platform with the best fundamentals available. Especially when taking into account the number of transactions that will be made once our platform is live to the public, the Solana blockchain is more than suitable. It enables us to reward users on a massive scale, whilst being fast and affordable. After the token swap is completed, users are not only rewarded with loyalty points but also with CRWNY tokens. Accordingly, our platform provides rewards for consumers in multiple ways. The migration to Solana ensures that users are always rewarded for their interactions, no matter what value our partnered organizations give to their loyalty points. This puts us in a position to offer our results-driven SaaS solution to companies, making sure they get maximum conversion out of their community in a mutually beneficial manner. It is our mission to create the best experience between brands and users, proving to be rewarding for both parties!
Current situation
As mentioned, our platform is built on the Solana blockchain. The CRWNY token, however, is still based on the Ethereum blockchain. This is all according to the plan. What it means is that the users of our platform are only able to receive loyalty points at this moment, but not CRWNY tokens. Of course, this is a situation that we are going to change. With our token based on the Ethereum blockchain, public mass adoption of our platform would not be realistic, i.e. gas fees will cost you more than actually the rewards themselves. This means that a bridge will be created between the two blockchains. This bridge allows us to fully migrate to the Solana blockchain. From a symbolic point of view; this bridge will provide our users with a pathway to finally get rewarded for their undervalued interaction with brands they love.
New situation
By migrating the CRWNY token to the Solana blockchain, we will be able to reward our users in both loyalty points and CRWNY tokens. We would like to serve everyone that’s part of the Crowny family as well as possible. We want to make sure that we become a Solana native token together. That is why we have ensured that all CRWNY token holders will be given plenty of time to perform the swap. The exact details will follow, but the expected time to perform the swap will be a couple of months. Once the migration is completed, our SaaS solution will be a massive step closer to being in a position for public mass adoption! Beware, action is needed from the token holders in most cases to perform the swap. Details regarding the actions needed from CRWNY token holders, and when these actions are needed, will be communicated through our social media channels. Make sure to join them! Twitter, Telegram, LinkedIn.
Becoming a Solana native token
The CRWNY token will be a Solana native token when the migration is complete. The bridge between the two blockchains will be in full effect once this has officially been communicated via our social channels. To execute this token swap correctly, we will provide all CRWNY token holders with a step-by-step guide. Current holders own the Ethereum version of our token. This token is called the ERC20 CRWNY token. Once we have migrated, the holders will own a different version of the token. This token is called the SPL CRWNY token. A Solana wallet is needed to execute the token swap. If holders are not in the possession of a Solana wallet, they will need to create one. Everyone who is holding their CRWNY tokens on AscendEX will not have to take action. These tokens will be automatically swapped to the Solana version of CRWNY. The exchange where the tokens are located will perform the swap. The exact details will be provided in our guide. Even though a swap like this might sound complicated, we’ve managed to make the process very straightforward. When a Solana wallet is in place, it is expected that the token swap will only take two steps to be completed.
What the token swap means for CRWNY token holders
After the token swap is completed, there will be no turning back to the Ethereum blockchain. This means that the Ethereum version of the tokens will have no real use anymore. This means that every CRWNY token holder must perform this swap within the (to be) communicated timespan when manual migration is needed. Creating this one-way bridge between the Ethereum and the Solana blockchain is the best way to move forward for multiple reasons. One of the reasons is simply because the Ethereum network does not provide the Crowny platform with the functionalities it needs. As mentioned earlier, these functionalities are needed to instantly reward every single user at a low cost, every time. Also, when looking at the near future, scalability plays a massive role. The Solana blockchain puts us in a position to scale up our business in a way that has never been done before. As a team, we feel we have a once-in-a-lifetime opportunity, by being first in line to offer a SaaS solution based on revolutionary technology. This frees the path toward the public mass adoption of our soon-to-be-launched platform. The start of the highly anticipated token swap process will be massive news for CRWNY holders!
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