Token Merge FAQ
This document will include a step-by-step breakdown of the upcoming BankerDoge and Altrucoin token merge by answering the most commonly asked questions from the communities of both projects. If you are just hearing about the token merge, follow along with the questions and answers to gain a full understanding. If you are aware of some aspects of the token merge, look through the document for any questions you might have to learn more.
Why are we doing a token merge? Why can’t I trade my Altrucoin tokens?
To learn about what happened to Altrucoin and why we are merging the Altrucoin and BankerDoge tokens, read the medium article here: https://altruismprotocol.medium.com/the-bitmart-hack-and-how-altrucoin-will-improve-af49341c1aa9
Due to Altrucoin being frozen, CMC no longer shows the price of the token. And because many dapps and listing sites pull their price from CMC, they are also not currently showing the price. However, the Altrucoin tokens still retain the same value at the time the contract was frozen. Information can still be found on poocoin as well: https://poocoin.app/tokens/0xedaf1f5b8078d4feb4e13c8d5a2c8de1365be7b6
What will happen to the Altrucoin held in my Bitmart Account?
The current Altrucoin in Bitmart accounts will remain frozen until after the token merge. When we redeploy the new token, we will set aside a certain amount of the total supply for Bitmart users and send them over to Bitmart. Bitmart will supply the new tokens to current bitmart Altrucoin holders.
What will be the name of the new token?
The name of the new token will remain Altrucoin. There are a few reasons we have decided to maintain the same name, the first being legal reasons. We have been advised by our legal team to keep a name similar to either BankerDoge or Altrucoin for community trust and copyright reasons. Being that the BankerDoge has caused issues for the projects in the past, we decided to maintain the Altrucoin name.
Keeping the token named Altrucoin also means we will not need to spend as much of our time rebranding the website, social media, exchange listings and application platform, which will allow us to launch the token on a faster timeline. In order to differentiate between the old Altrucoin token and the new one, we will be using the community suggestion of keeping the name Altrucoin, but slightly changing the logo.
To see the new logo, watch our most recent AMA about the merge here: https://youtu.be/MZPSijkJSqk?t=2785
We will also be changing the token ticker to ALTRU to help differentiate the tokens in your wallet.
How will the old Altrucoin token and the new one be different?
There will be some major changes between the old and new Altrucoin token mostly dealing with the smart contract and new features being released. To see a list of the changes to the new smart contract, refer to the contract upgrades section of our previous medium article here: https://bankerdoge.medium.com/token-migration-plans-3c93e2aa8f28.
As for the new features, we will be releasing the new Altrucoin vault as well as our referral system. The new vault will utilize our newest vault code that is far more gas efficient and automatically updates and distributes rewards more frequently. All token reflections will go to this new vault.
Because we are merging all of our technologies under one token, this also means that all of the airdropping vault, presale, and referral system fees collected from our partners will go to the new Altrucoin vault and support a single token. These upgrades will increase the APY significantly and will encourage new holders to stake. We will also be releasing the referral system with the token launch.
The referral system will help to get Altrucoin more exposure, while also rewarding our holders. More information on how to use the referral system and the rewards earned will be available closer to its launch.
How and when will I receive the new token? Will I receive the same amount of tokens?
The new token will be airdropped directly into current Altrucoin and BankerDoge holders and stakers wallets. You do not need to do anything to receive the tokens. Since the total supply of the Bankerdoge token will change and the tokens are merging, you will receive a different amount of tokens than what you currently own, however, the value of the tokens will either remain the same or increase. You will not lose any value from your current tokens. The new tokens will be airdropped after we finish the smart contract, which is scheduled to be done by the end of 2021. We will also need to freeze BankerDoge trading before the airdrop can be made in order to finalize user’s token amounts and percentages. Once the airdrop is complete, we will provide the contract address for holders to add the token into their wallet.
Once we airdrop the tokens, you will not be able to trade them until after the new presale is complete and the token launches. We will be hosting a presale for the token in the following weeks, and once the presale is complete and the token is launched, trading will resume as normal.
We will be releasing the new Altrucoin vault before the presales to allow our current holders to restake and reestablish themselves in the vault before the new token launches. Although trading will be frozen on the new token after the airdrop, you will still be able to stake your tokens in the vault.
When will BankerDoge trading be frozen?
The BankerDoge trading will be frozen in the near future to allow the team to finalize the values for the airdrop. Follow the Telegram and Twitter for the most up-to-date notifications.
Why are we doing a presale for the new token?
We believe that a presale using a small portion of the new total supply (<20%) is what is best for the project and justified for a variety of reasons.
The new Altrucoin is greater than the sum of its parts and the new token represents a single larger, more established project with significantly more technology, partnerships and audience than our previous presales.
As many of you already know, a presale brings about a variety of positive effects to a token project, the most important impact being bringing in new holders and creating exposure for the project as a whole.
We will be working with a highly effective and successful presale marketing company that we have worked with previously to ensure the presale’s success. They have a proven track record of selling out presales in seconds, and we have previously worked with them to market the incredibly successful BankerDoge presale that sold over 2000 BNB. The marketing, while aiming to sell out the presale, will also give a lot of exposure to the project through ads, AMAs, news articles, influencers and more.
The presale will also help to generate future exchange listing funds as that is one of the highest expenses for a token while also paying for various business operating expenses during this transition.
Although the new token is a merger of Altrucoin and BankerDoge, we believe it has a lot of marketable potential with the upgraded smart contract, new features, new technologies all supporting a single token, and a more experienced team behind it. We hope to use these points to leverage the positive effects of a presale and bring new profits and new technologies to our holders.
How will the presale be structured and where will it take place?
The new token will have a two-part presale. The first presale will be a private presale on the BankerDoge platform. This one will be used to generate the funds to pay the marketing team and to cover operating expenses. This presale will offer a chance for any current holders of Altrucoin and BankerDoge to invest further into the project. This presale will not use new tokens, instead we will be converting company funds as suggested by the community.
The second presale will have a higher hard cap and be hosted on the PinkSale platform. This will be a highly marketed presale on a public platform to allow new holders to buy tokens.
What is the allocation for the new token’s total supply?
Here is a breakdown of the new token’s total supply distribution (final numbers may differ slightly based on BNB price movement):
~79.04% of the total supply will be airdropped to current Altrucoin and BankerDoge holders and stakers (including Bitmart holders).
~19.81% of the total supply will be used in the new presale.
~1.15% of the total supply will be sent to the reserve (this is so that the team has tokens to supply to exchange listings for liquidity as needed and other ecosystem related uses).
How will the current Altrucoin and BankerDoge liquidity be used?
Initially, all of the current Altrucoin and Banker Doge liquidity will be added as liquidity to the new token after launch. This will help solidify a higher price point at launch..
Will there be a dilution?
Originally, we decided to do a 50% dilution of the token, however, based on community feedback we were able to reduce it significantly to ~26%. This will allow new users to feel like they have a say in the ecosystem governance voting of the new token while minimizing the effect on previous holders. The dilution, we believe, will be mitigated by the positive effects the presale will bring as mentioned above.
A large part of the presale will consist of company-owned tokens that will be used instead of creating new tokens. This helped to significantly mitigate the dilution amount.
A concern we heard was also reflections, the reflections of the new token will only be going to staking users in the vault which original holders will have an early opportunity to stake in.
How will the team funds earned from the presale be used?
The team will only take ~1% of the tokens raised from the presale. As discussed before, this presale is mostly focused on generating new holders for the token. The 1% team fee is to ensure that the team holds some of their own tokens for business and operational uses. The team will also have some existing reserves from the airdrop, and previous/ongoing business operations. If additional tokens are needed, the team will purchase them from the market (increasing the token price).
What is the timeline for the token presales and launch?
The current order of events is:
Jan 1 Finalize new token smart contract updates and website.
Jan 1–5 Airdrop tokens to current BankerDoge and Altrucoin holders and finalize the new vault contract.
Jan 5–10 Release the new Altrucoin Vault and allow holders time to stake, begin presale 1 marketing
Jan 10–15 Host the private presale on the BankerDoge platform, release information about the referral system
Jan 15–22 Marketing for the public presale by marketing agency
Jan 22–25 PinkSale presale for the new token
Jan 25–30 Launch the new token and launch referral system
The timeline for these events are a general estimate due to varying task time and marketing periods. We trust the opinion of our marketing team, and they will ultimately decide the amount of time needed to market the token, which will affect the launch date.
What do I do now if I hold Altrucoin or BankerDoge? What do I do if I am staked?
If you are a current Altrucoin holder or staking user, you do not need to take any action to receive the new tokens as the airdrop of the new token will be handled by the team. Once we airdrop the new token, you will need to import the contract address into your wallet to view your tokens.
If you are a current BankerDoge holder or staking user, you are currently able to trade your tokens normally. Eventually the contract will be paused and new tokens will be airdropped to your wallet. Please follow our social media to remain up to date as the events take place.
You do not need to take any action to receive the new tokens as the airdrop of the new token will be handled by the team. Once we airdrop the new token, you will need to import the contract address into your wallet to view your tokens.
If you are staked in either the Altrucoin or BankerDoge vault and would like to stake when the new vault is released, you will need to manually stake your tokens in the new vault after you receive your airdropped tokens. The vault will be released after everyone has received their tokens to ensure current holders have an equal opportunity to enter the vault.
What is the current outlook on the project?
The team is extremely motivated and excited for this next phase of the project. We believe the new token will be a better version of either Altrucoin or BankerDoge and will have a much more experienced team working behind it. The project will also have a more focused mission as the team will be able to invest all their energy and funds into one token.
Internal development of decentralized onboarding for the vaults, presales and referral systems has not stopped and will continue during this merge process. Additional improvements are being made to all of these systems as well, including all systems auto-airdropping directly to the new Altrucoin vault for rewards from all new vaults, presales and referral systems.
As an holder, know that your funds are safe and secure, and you have a team of people working behind your wallet.
Thank you for your patience and support during this time, we believe the project will be stronger than ever after the merge!