Dear XELS Community!
The much anticipated XELS ETH contract upgrade will be happening March 18th 5pm JST (UTC+9).
Our team has been at work testing and fine-tuning things over the past few days.
We are now ready to roll out the update!
This article outlines the steps involved in the upgrade and what you need to do.
What do you have to do for the upgrade?
If you are on the ETH network, you don’t have to do anything before or after the contract upgrade.
Simply hold your XELS tokens in your wallet!
What are the steps involved in the upgrade?
In basic terms, the upgrade will involve the following steps:
1. Trading will be disabled on the ETH XELS contract. This should happen 1 hour before the swap at 4pm JST(UTC+9); don’t take any unnecessary risks and keep your XELS tokens in your wallet or on the exchange. These will be re-enabled after the swap is complete.
IMPORTANT
During the the process of updating the XELS smart contract, and in order to do this as safely as possible we have requested to halt deposits and withdrawals on MEXC, Bittrex Global and BitGlobal 24 hours before the swap.
All your XELS tokens are safe.
2. The XELS Trading will be disabled across all exchanges.
3. A snapshot of all XELS ETH holders will be taken. A snapshot will be taken immediately after trading has been disabled to ensure that these holders are able to get XELS tokens 1:1 immediately after the upgraded contract is rolled out.
4. Liquidity will be supplied: This will be done after the snapshot is taken through a combination of extracting liquidity from the pool and team members contributing tokens to extract max liquidity.
Nobody will get new tokens as there will be no token sale/OTC deal. The token supply/distribution on the upgraded contract will EXACTLY mirror distribution/supply on the current contract at the time of disabling trading.
5. All holders will be airdropped tokens: The airdrop will take place immediately after liquidity has been added to the pool. All holders will receive a 1:1 airdrop according to the number of tokens they held at the time of the snapshot.
In Conclusion
The upgraded XELS contract that goes live March 18th 5pm JST(UTC+9) will let XELS run faster, bigger, and better!
We have AMBITIOUS plans already, but trust us… the pace at which we’ll move after the upgraded XELS contract will take the project to new heights!
We’ll keep you updated as the upgrade takes place!
FAQ
Why did XELS need to update its smart contract?
We had to update our smart contract because of a non-technical issue ( neither a hack nor a bug). The company is safe, and your tokens are safe.
What happens to the old tokens?
We will not use them in our system, and most exchanges will refuse them. Their value will, therefore, be zero.
What happens if someone sends old tokens to exchange.
We do not recommend users to manipulate old tokens. Exchanges will not accept those tokens.
How can people differentiate between old tokens and new ones?
By entering your address on Etherscan or any other Ethereum blockchain analyser, you will see the list of your tokens. Each ERC20 token has a smart contract address. The smart contract address for the new XELS is 0x397Deb686C72384FAd502A81f4d7fDb89e1f1280
Do people need to add custom token or make any changes in MEW?
Until MEW updates the address of our new contract, it is necessary to add a custom token. Please see the answer to “Is there a generic way to add the new XELS?” for further information
Will the new tokens be exchangeable on IDEX?
XELS is not responsible or affiliated with any centralized or decentralized exchange trading pairs unless explicitly mentioned in official groups. XELS does not control any XELS assets which we do not custody nor do we have control over the exchanges who list or claim to list XELS tokens.
We are unable to assist you with any exchange related token discrepancies and recommend you take up your questions with the exchange in question.
Is there a generic way to add the new XELS?
In general, in any ERC20 wallet, you need to add our smart contract address 0x397Deb686C72384FAd502A81f4d7fDb89e1f1280 to hold your new XELS.
You can add a custom token to 3rd party ERC20 wallets that currently store XELS tokens, by selecting the option to add a custom token, 8 decimals, and the XELS ticker. You can add a different ticker like XELS2 for your convenience.
How to add the new custom token in MEW: https://help.myetherwallet.com/en/articles/5590112-how-to-add-a-custom-token-on-mew-web
Unofficial Video: How to add the new custom token in MetaMask: https://consensys.net/blog/metamask/how-to-add-your-custom-tokens-in-metamask/
I have bought old XELS tokens from someone without going through a trading platform, what can I do?
It is best to communicate with the seller as they should still have your new XELS tokens in theory.
Can we burn old XELS tokens?
XELS takes no responsibility for how holders manage their XELS tokens (old or new). This answer should, therefore, serve as a short guide for XELS token holders willing to take the risk.
A typical way to burn ERC20 tokens would be to send them to the address
0x397Deb686C72384FAd502A81f4d7fDb89e1f1280 (https://etherscan.io/address/0x397Deb686C72384FAd502A81f4d7fDb89e1f1280) This would remove them from your wallet, and you would not be able to get them back.
At this stage, we would recommend not burning your old XELS tokens.
If you attempt to burn them and accidentally send new XELS tokens to the aforementioned address, you will not be able to get them back, and we will not be able to recover them or reverse the transaction. If you do decide to burn your old tokens, you are responsible for any potential mistakes.
Where can I check the status of my new and old tokens?
The balances of your address are all visible on Etherscan. No matter which ERC20 compliant wallet you’re using, you should be able to have an Ethereum address for it.
This address is what you must copy and paste on Etherscan to display your balances. At the time of writing this, the new XELS smart contract will show up in your wallet; however, it will not have a fiat value and will have the eth logo next to it.
Etherscan is in the process of updating the new smart contract information so it can show the logo and fiat value amount corresponding to new XELS tokens, which will help you differentiate between old and new tokens.
New smart contract address
0x397Deb686C72384FAd502A81f4d7fDb89e1f1280
Decimals : 8
Ticker : XELS
Old smart contract address (no longer valid)
0xe748269494e76c1cec3f627bb1e561e607da9161
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