Announcements Gate.io’s Follow-up Procedure for Saitama (SAITAMA) Migration to SaitaChain (STCHAIN)

Gate.io’s Follow-up Procedure for Saitama (SAITAMA) Migration to SaitaChain (STCHAIN)

2024-01-24 01:03:35 UTC 41838 Read

[//]:content-type-MARKDOWN-DONOT-DELETE
According to the Saitama (SAITAMA) project team, Saitama (SAITAMA) will undergo a 1:1 swap for the new token based on the snapshot taken on November 30, 2023, at 06:30 a.m. UTC. Detailed information about this swap can be found in our earlier announcement titled "[Gate.io Not Support Saitama (SAITAMA) Token Swap](https://www.gate.io/article/33591 "Gate.io Not Support Saitama (SAITAMA) Token Swap").” As the project team has closed the old token ID, users are unable to proceed with the swap as originally planned by contacting the project team directly. Additionally, there are addresses that meet the swap conditions but have not been processed by the project team. Consequently, Gate.io cannot distribute the token to users at a 1:1 ratio.

Example address meeting the swap conditions but not yet been swapped: 
https://bscscan.com/token/0x19ae49b9f38dd836317363839a5f6bfbfa7e319a?a=0x0d0707963952f2fba59dd06f2b425ace40b492fe

Quantity already swapped by the project team: 900 million
Gate.io’s snapshot balance: 2113 million

Based on the ratio of the quantity already swapped by the project team to the Gate.io snapshot balance of the old token, Gate.io will conduct the swap for users at a ratio of 1 (old) to 0.42 (new). Since the ratio falls short of 1:1, to protect user interests, Gate.io will maintain active communication with the project team on this matter and will promptly distribute the token after the project team completes the distribution of the remaining portion.

**More Details:**
1) Gate.io has closed the deposit and withdrawal services for Saitama (SAITAMA).
2) Gate.io will suspend the trading service for Saitama (SAITAMA), including spot trading, liquidity mining, and quant trading, on January 25, 2024, at 03:00 a.m. UTC.
3) Users who have in-progress Saitama (SAITAMA) quant trading should adjust your trading strategies beforehand. Otherwise, the trades will be terminated automatically before January 25, 2024, at 03:00 a.m. UTC.
4) Users who have provided liquidity for Saitama (SAITAMA) in the liquidity mining market should withdraw the liquidity in advance. Otherwise the liquidity will be automatically redeemed before January 25, 2024, at 03:00 a.m. UTC.

**Please note that after this swap is completed, Gate.io will no longer support the trading of the old Saitama (SAITAMA) token. The new token will commence trading within 24 hours after the completion of this swap. Please stay tuned for further announcements. We appreciate your understanding and support.**

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Gate.io Team
January 24, 2024

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Gate.io’s Follow-up Procedure for Saitama (SAITAMA) Migration to SaitaChain (STCHAIN)

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