UpTether to Relaunch on MATIC!
After looking at multiple layer 2 protocols and considering BSC, we have decided to move the entire upTether system to Polygon.
THIS IS NOT AN OPEN AIR DROP, THIS IS FOR PREVIOUS HOLDERS
On Monday May 31st, 2021 at 4:20 pm EST the upTether trading pair will activate on MATIC. All previous UpUSDT holders and anyone who minted or holds FIAT will receive an air drop of their previous balance plus any extra they are entitled to. The air drop will be sent on the Polygon(MATIC) network to the same address that held the upTether on the Ethereum chain. We also decided that the best way to control the airdrop was to encourage our holders to claim this airdrop manually. Make sure you claim on our website!
When we move the upTether token and system to Matic, we will also be making a few key changes to the way it operates. Each change brings with it some key benefits, enhancements and improvements, these changes are:
- Only ONE trading pool instead of TWO
- Can only be traded at upTether.finance
Only ONE trading pool instead of TWO
The original ROOT and ERC31337 design only had 1 trading pool. The move to 2 was to make it easier for new users to onboard through Uniswap. This disrupts the way value flows around in the system because there is more parts to it. A single pool system is also much easier to understand and visualize. This is a huge change that we are extremely excited about it, but there is one major downside…..
It can only be traded at upTether.finance
To accomplish the single pool system we can only use the Elite Tether(ERC-31337) trading pair, and we will not have a pair with regular Tether. When users trade on upTether.finance they will still be spending and receiving Tether directly. We built our own Uniswap Router that also automatically wraps and unwraps the ERC31337 side of the pair when swaps are done.
We are launching on Quickswap and because of the way we built the router it would be very easy for them to make our trading pair work in their front end. Being on the Quickswap front end would negate all the downside and be the first time a PURE Root system would exist. I got the nerd tingles just writing that.
