EMT Vs EAN: Eagle Network to replace EAN with EMT
Eagle Network team announced recently that it would be replacing the EAN token with EMT token due to low number of holders and low trading volumes, read the announcement below.
EMT vs. EAN
More than 50k
Less than 4k
EAN is not a regular token; it is a high functionality token able to sustain an ecosystem. This is why blockchain fees on using EAN are higher than regular tokens like EMT and EGON, as each transaction triggers other smart contract token factors. This means that each token smart contract transaction also carries out other transactions within the same transaction within the Binance Smart Chain blockchain.
For EAN token to be effective, it needs to have a large number of holders and a large trading volume. Large trading volume only works with active trading holders, generating more liquidity and EGON rewards for EAN holders as coded within the token smart contract.
This means that if there is no large EAN trading volume done by large token holders, then the desired effect and benefits will be very tiny and take too long to mean much due to little trading volume. The EAN holding reward is only possible by combining large holders and large trading volumes.
EAN token needs about 10,000 to 100,000 transactions daily for you to see the type of reward you hoped for. Right now: EGON rewards to holders are around 0.01EGON per holding address since listing on EgonSwap Dex, which most of the holders did not even notice. Less daily transactions mean less or no reward for weeks also less liquidity.
We understand that some of the community is counting transaction fee costs at this point, which is one of the reasons for the lack of trading volume to generate reasonable EGON rewards and additional liquidity. Hence a massive number of holders cannot trade with such fees.
Also, most holders are new to the crypto space, so they do not understand how blockchain fees work.
This is part of why two weeks after listing EAN, holders are still below 4k from the potential more than 50k holders of EMT.
EMT is a regular token like EGON and CAKE without any extra token smart contract functionality, so the transaction fee is lesser. With EMT, holders can carry out transactions with fewer blockchain fees. Holding EMT does not give direct EGON rewards like having EAN and does not provide additional liquidity. So EMT holders need to actively stake or add liquidity to get EGON rewards if EMT replaces EAN.
Since there are more than 50k holders for EMT and less than 4k holders for EAN, it is better for the community to use only EMT, which offers a cheaper transaction fee.
Holders find it challenging to swap EMT to EAN, which keep the project moving progressively forward. However, we cannot remain less than 4k Eagle Network holders while it should be more than 50k.
MOVING FORWARD (the decision)
The Core Team has decided to move forward with EMT to give the community the driving force behind progressive growth. This means the community can make or break the growth potential by holding EMT or not. This also means we have taken a step for you, so, no need to swap to EAN anymore as EMT will become a primary token and we are letting go of EAN due to the issues mentioned above faced by the community. So we truly understand and always hear the demands, leading to this conclusion.
What About EAN Holders?
All EAN holders can swap to Egon from 01/03/22 as EAN will not be maintained from this date as the transition to replace it with EMT begins.
Date To Receive EGON Reward
Hold your EAN in your wallet from 21/02/22 to 28/02/22, so a snapshot will be taken to receive your Egon reward with 25% more EAN. Make sure to unstake EAN, make sure to remove EAN liquidity to receive your EGON reward within this time.
EGON reward & 25% more EAN will be sent to all addresses holding EAN within this date. From March after all EAN to EGON swap no more EAN maintained on EgonSwap Dex and CryptoKara DEX.
Only EMT and EGON will be maintained by Eagle Network.
End of EAN Summary Steps
1). Hold your EAN till February end.
2). Unstake your EAN before last week of February.
3). Remove EAN liquidity before last week of February.
4). Last week of February EAN holders reward snapshot is saved.
5). Before second week of March you get your EAN holding EGON 4% reward pool.
6). Before second week of March you get 25% more EAN.
7). From second week of March you can swap all EAN to Egon.