FAQ
QUESTIONS AND ANSWERS
Here is a List of Frequently Asked Questions Regarding Our Migration: Please Take the Time to Review Before Asking or Assuming, as We Strive for Transparency and Aim to Provide All the Information and Steps We Take to Prevent Any Confusion.
When will I receive the reimbursed 15% fee?
We have reimbursed the 15% penalty fee on 30/12/2024. The amount was manually sent to the wallets we collected from Etherscan. We manually refunded a total of 736,000 $CATBOY tokens (valued at $10,800 USDT) directly to the wallets.
When will you launch / go live?
Due to the Lunar New Year event, we aim to go live by mid-February 2025. Rest assured, we will provide all the necessary announcements right on time with the specific dates.
Will you go live first on DEX or CEX?
We will go live on both DEX and CEX around the same time to ensure a smooth and simultaneous launch on both platforms.
Why do we have to wait until February to go live?
The Lunar New Year is a major national holiday celebrated in many Asian countries, where exchanges are often based. During this time, most people are off work, so we have to wait until they return from their holiday to continue with the migration. We want to respect this holiday and ensure everything runs smoothly once they are back.
When will you airdrop the tokens?
We will not be conducting an airdrop this time. Instead, we have implemented a SWAP feature on our DApp, allowing users to manually and personally exchange their old tokens for the new ones. This will be in a 1:1 ratio.
What is a SWAP?
We will implement a swap UI system into our DApp, allowing you to seamlessly trade your old $CATBOY tokens for the new ones.
We chose this method over the usual airdrop to prevent losses for users who may not be aware of the migration. The swap will be available for a few months after the migration, ensuring that everyone has enough time to complete the process.
There will be no additional fees for this swap, apart from the standard on-chain transaction (gas) fees, which are a normal part of the blockchain process.
Who is your new bridge partner?
Our new partner Axelar is a major project listed on Binance that offers bridging utilities.
We will be using their software with our new contract to enhance our platform. To ensure everything functions correctly, Axelar requires a mint and burn function as part of the process.
Mint & burn?
We have introduced a mint and burn system into our contract. This new feature is crucial for supporting the bridge and preventing any loss of supply when users swap BSC tokens to ETH and vice versa.
The mint and burn mechanism is necessary to maintain stability between the two chains and ensure a smooth and balanced token supply across both networks.
So, you will burn tokens from now on?
Let us explain this part. We will not burn tokens to "decrease supply and increase" value. The reason the burn mechanism is added alongside the minting system is to ensure that the total supply across both chains remains capped at 100 million tokens. This ensures we don’t create excess supply, maintaining stability and balance between the two chains.
Which utilities will change?
We had to remove 2 utilities from the previous contract as they would conflict with the new system. These removed utilities are:
Catboy Affiliate Program
CatboyPass removal
The reason for this change is that we are working towards a 0% buy tax. With the new contract, these features will no longer be necessary.
What if I don't have time now to unstake/claim my tokens?
You will still be able to "emergency" withdraw your staked tokens during and after the migration. However, please note that with an emergency withdrawal, you will only receive your initial investment, not your rewards, as this is a special emergency option. This option will be available for a limited time once we go live, giving users additional time to collect their tokens.
What will happen with my tokens on the Exchanges?
There will be a custom swap available on our Dapp for both DEX and CEX users, allowing you to exchange your old $CATBOY tokens for the new $CATBOY tokens. This swap is expected to be available by mid-February (EST).
What will happen with my tokens?
The creation of the new contract address will not affect the overall balance or value of your tokens. You will receive 1:1 of your tokens that you own. We will notify users on how to obtain the new tokens once we reach the next step in the process.
My tokens are locked in the stakingpools
An emergency withdraw button has been implemented in the DApp for both ETH and BSC stakers. This button allows users to unstake their tokens if necessary. Please ensure you refresh the DApp if you cannot see the EMERGENCY withdraw button.
ETH Stakers: While there is a 15% penalty fee for ETH stakers, we will manually refund this fee later to address any unfairness caused by the current situation.
BSC Stakers: No penalty fee is applied for BSC stakers.
Is this a migration?
Recent discussions and rumors have raised questions about whether the current actions represent a typical "migration" or simply a contract update. We wish to provide transparency regarding the changes and clarify the situation. This process is an update that involves the removal and addition of features to make the contract compatible with a new bridge.
To be technically correct, this is a migration where you will receive new tokens into a new contract in your wallet. The value will be 1:1 of your current tokens holdings that are visible in your wallet.
Help, I didn't take out my NFTs from the marketplace!
We understand that some users may have forgotten about or were unaware of the migration and the steps involved. To minimize any potential losses, we've created a dedicated recovery page for those who may have lost their NFTs during the transition from the previous marketplace. If your NFTs were stuck in the old platform, don't worry, you'll be able to retrieve them after the migration process is complete.
Can I have the new ca early?
The new CA will be released and shared once its verified by our bridge partner and team.
Can we still trade $CATBOY when liquidity is removed?
No, you will not be able to trade $CATBOY until the new contract is live on the DEX. CEX will also follow once the contract update is complete.
Will the token price change after the migration?
The marketcap value will be determined by the amount of liquidity we re-add to the contract. This calculation will be made and announced at a later stage. Please be patient and wait for further announcements as we will take you through it.
What is the deadline for withdrawing my staked tokens?
At the moment, we do not have a set deadline for withdrawals, as we want to ensure all users are informed about the migration. However, we strongly encourage everyone to withdraw their tokens as soon as possible. The exact start date for the migration process is still uncertain, it can start any day.
What does liquidity unlock mean?
Liquidity "unlock" means making funds that were previously locked or unavailable accessible again. In crypto or DeFi, liquidity is often locked to ensure security or prevent market manipulation.
For our project, the liquidity was locked for 12 months and 6 months from the beginning of the launch. This means we couldn't access or withdraw the liquidity before the lock expired. Now that the lock period has ended, the liquidity is unlocked, allowing us to move it into the new contract.
As part of our plan, we will only use a portion of the unlocked liquidity to stabilize both chains with the same amount. The remaining liquidity will be allocated for other purposes, including supporting the bridge, covering costs related to the migration (such as developers salary), and refunding transaction fees, among other expenses.
What did you do to inform us about the migration?
We've been preparing for this migration for months! We've been clear from the start that we had to wait for the liquidity to be unlocked, and we hinted multiple times about a new bridge company that required some technical adjustments on our contract.
The first official announcement regarding the steps to take was posted on December 3rd here: Official Announcement. Since then, we've made sure to keep everyone updated across all our channels.
To ensure constant communication, we've:
Tweeted daily about the migration process.
Changed the group name on Telegram for better visibility.
Posted regular Telegram stories to keep you in the loop.
Our sub Twitter account, Sora, has also been actively tweeting about it.
Instagram and Tiktok stories + posts
We’re committed to keeping our community fully informed every step of the way!
I want to wait to withdraw to collect my rewards
Users who prefer to wait until their pool unlocks in a few (1,2,3,4..) days may do so, but please note that we cannot guarantee you will still be able to claim rewards with your initial tokens. We cannot confirm if the migration process will have started by then. The migration can begin at any time, and once it starts, we will announce it. This decision is still at your own risk.
Disclaimer: This page will be fequently updated, and information may change as the process progresses. Please be aware of any updates and make sure to stay up to date with the latest information.
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