Newsletter #18 FOXT token swap to Binance Smart Chain— May 2021

4 min readMay 6, 2021

Fox Trading is a multi-device platform that provides high accuracy signals and AutoTrading services for Forex, Binary Options and Cryptocurrency https://foxtrading.io/

Fox Trading Team is continuously working on service enhancement and delivery of the best in class products. Today we would like to explain our plan regarding FOXT token and its utility going forward.

We must admit that currently FOXT token doesn’t have much utility apart from payment for Fox Trading service, but it is time to change that! Coming services and the aim to create a bridge between Forex and Crypto space with a DeFi application will help us to give prominence to the FOXT again.

High ETH gas fees and significant amount of “dead” tokens are two major challenges that need to be overcome in order to solve the utility issue and give new life to the FOXT token after the project comeback one year ago.

And it was quite challenging to find a solution that satisfies all the parties, but we strongly believe that our decision of switching mainnet from Ethereum to BSC (Binance Smart Chain) with tokens redistribution is the most optimum one — starting on Monday 10th May at 1PM (UTC) we’ll be swapping FOXT from ERC20 top BEP20!

Full guide to Converting FOXT to Binance Smart Chain with MetaMask

Reasons for BSC swap:

Platform capability enhancement to create full DeFi app for coming services: Staking program, Trading Pool and many more surprises!
Low “gas” fees in comparison with incredible high ETH mainnet fees
Overall market trend/movement towards DEX exchanges, like PancakeSwap

Benefits from BSC swap:

Users will start earning money in different ways now with their FOXT, at the first step providing liquidity to DEX like PancakeSwap as well as extra earning, up to 15% in just two months (APR 180%), through our Liquidity Incentive Program — more details here!
Allows project growing with new products development. The goal is to create DeFi app as a bridge between Forex and Crypto markets, and it will be much easier to reach our goal on Binance Smart Chain — transaction fees will be less and faster. The platform will be managed with smart contracts offering new decentralized services: users will be able to connect their wallet to easily interact with it with their FOXT.
Continue reducing supply of FOXT since different new products will use FOXT and will create continues amount of tokens being burnt.
Automation of key tokenomics proposals like burning, users payments, affiliate commissions and finally creation of the fully DEX platform.

Tokens re-destitution:

Following our epic return with real working products (Binary Options & Forex AutoTrading) we think now is the best moment to try to perform a token redistribution in a favor of active users that still supporting the project on this second stage. That’s why during the migration process users will receive 10% extra FOXT tokens (coming from the tokens that can be redeemed from “dead” wallets or inactive users to better readjust token holders to give a project more live).

Following this, the new total supply will depend on the migration process (could be less than the current one if some ERC20 are not converted to BEP20 before the deadline, but always limited to 12M FOXT) and how many tokes we can strictly swap from current holders, but it could be extended in order to be used for community reward program and marketing since this will help the project to finally grow.

After the BSC swap, FOXT token distribution will be similar to:

FOXT swap to Binance Smart Chain process

Start of tokens swap — 10th May 2021 at 1PM (UTC)

Deadline for token swap — 10th July 2021 at 1PM (UTC)

After end of token swap period trading on Mercatox/Hotbit exchanges won’t be officially supported and request to delist FOXT ERC20 token will be made.

Main source for FOXT BEP20 trading is now PancakeSwap DEX. Liquidity Incentive Program on PancakeSwap DEX will start together with token swap period. More details soon.

Total supply will be changing during the swap process, since new BEP20 will be mint on every swap transaction on the platform.

During the swap process we’ll be updating/adding all information about new BEP20 FOXT token on different platform like BSC scan, Coinmarketcap, Trust wallet, Coingecko, etc.

After ~2 months, all ERC20 tokens pending on ETH blockchain will be burnt

Read the full Guide to Converting FOXT to Binance Smart Chain HERE

About Binance Smart Chain

Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible DApps.