According to the VRJAM project team, the initial circulation of the old VRJAM token is so large that controlling the price of it becomes very difficult. To solve this problem, the project team decides to redesign the initial circulation. As required by the project team, the new VRJAM token will be locked for a period of 7 days. After the lock-up period, the tokens will be released linearly on a daily basis (lasting 7 days, 14 days in total). Gate.io will swap the old VRJAM token for the new one at a ratio of 1:1. If your VRJAM tokens are currently on Gate.io, you don’t need to do anything in particular.
Raw Total 1b
Total amount of new tokens 10b
Initial circulation of the old VRJAM token:
The new VRJAM token further reduces the release speed of the initial circulation and adds a 7-day lock-up period:
To implement the swap, Gate.io will take the following steps:
1) Gate.io has closed the deposit and withdrawal services of the VRJAM token.
2) Gate.io will delist VRJAM trading, including spot and grid trading, on December 21, 2022, 02:00 AM UTC. The deposit and trading services of the new VRJAM token will not be supported any longer. If you have VRJAM grid trading on Gate.io, please adjust the trading strategies beforehand.
3) Gate.io will open the withdrawal service of the new VRJAM token after the swap is completed.
Note: Gate.io will no longer support the trading and deposit of the VRJAM token in the future. If you do not want your VRJAM tokens to be swapped, please sell them before the trading market is closed. As the new tokens will be locked for 7 days. Immediately when the lock-up period expires, Gate.io will distribute tokens to users on a daily basis as required by the project team. Distribution details can be checked in the “Account Statement”.
Official announcement from the VRJAM team: https://vrjam.medium.com/how-to-guide-claim-your-vrjam-token-aa39ebc76d2d
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December 20th, 2022