The what & the why?
gm fellow Babbians 👋
In a recent twitter poll we conducted, 67% conveyed that they are positive on a BAX smart contract update while 18% wanted more information before sharing their opinion. The purpose of this announcement is to articulate the planned changes, outline the benefits and hopefully address the concerns you may have.
TL;DR
BAX gets an upgraded smart contract that enhances security, future-proofs the token by making it upgradable, and adding more functionality like multi-chain compatibility. This will be achieved while assuring exchange trade is unaffected during the swap, limiting the inconvenience to our token holders. The upgrade will be done under the same BAX token ticker that’s come to be loved by our community!
The Preamble – “Omnia mutantur, nihil interit”
Change is the only constant. BABB is upgrading to a new smart contract for BAX tokens giving the state-of-the-art blockchain technology behind our vision-driven app. The mission to bank the unbanked through our inclusive financial services gets a boost with this update.
The nitty gritty – what’s changed and what are the benefits
BABB’s original ERC-20 contract on the Ethereum blockchain will be replaced by an upgraded version of the contract. The latter retains the original BAX functionality while making room for new features to blow away the cobwebs and tackle the needs & pitfalls of the evolving DeFi space.
- Future-proof with upgradability
The new contract will be upgradable to allow for adding or improving functions and features as & when needed in the future. An upgradable contract will significantly cut down the overheads & ramifications related to the proportional growth in the codebase, while allowing scalability and intrinsically preserving the existing integrations but improving the functionality. One foot grounded in the present reality with one foot in the future, helping make BAX future-proof.
- Enhanced security and compliance
Recent security related incidents involving the BAX token at third party exchanges where the token is listed highlighted the requirement to improve certain token functionality to help mitigate such events in the future. These taken measures have been subsequently well received by regulators.
- Multi-chain compatibility as a defensible moat
The new update will allow BAX tokens to be multi-chain compatible, leading to cross-chain interoperability traits which give the token a competitive edge. Furthermore, the streamlined and optimised token ‘mint-and-burn’ functionality will lay the groundwork to an intertwined ecosystem traversing multiple blockchain networks by seamlessly and effortlessly bridging the exchange of information and value across borders and across blockchains.
So why change the cap?
The new contract’s maximum cap is increasing from 50 billion to 100 billion. This is to allow for future flexibility of the contract and the Babb ecosystem, however it is important to note that the maximum supply will NOT increase to 100 billion during the swap.
Additional BAX cap is planned to be used for major future projects such as multi-chain deployment, contract upgrade projects and further exchange listings.
The BAX swap is the first of these major projects, requiring the maximum supply to be increased by 10 billion to cover all contract upgrade related costs such as GAS fees for the new BAX airdrop, smart contract upgrade processes in exchanges like Kucoin & Bittrex, and development costs for Babb’s own network to support the new token. The new total supply following the swap will be 60 billion BAX.
There are no additional token mints planned for the rest of 2022. Any new major projects that require additional token issuing will be communicated timeously with the community.
A vision to build a world that is financially-inclusive, through tech for good, led to the creation of BAX and we are extremely grateful and indebted to each and every one of our community & token holders for the years-long support. With the new contract, BAX holders will only stand to benefit.
HODL + WAGMI 🚀
So, what’s in the immediate pipeline?
Token audit
Staying true to our unhindered commitment to security, we’ve built our entire roll-out plan for this new contract update around an extensive token audit. This audit will form a key component in ensuring that the contract is devoid of any lapses, oversights and distortions. We aim to have a more unequivocal and a clear-cut timeline once we’ve concluded the audit since every step of our comprehensive plan is interwoven with it.
Airdrop
There will be a webpage where current BAX holders, with external wallets, can request priority airdrops. There will be more information about this to follow.
New BAX Roadmap
An implementation roadmap trajectory with respective timelines for the swap will be published following the audit and necessary approvals, so our community can keep updated with the progress.
Thank you for your loyal support and for being an important part of our journey!
Interested in keeping up wiith BAX and BABB? Follow us on our socials and don’t forget to voice your thoughts using the hashtags #getbabb #babb $BAX #cryptocurrency #crypto #makeadifference. Visit getbabb.com and download the app to become a babbian & discover what the BABB app has in store!
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