PSA: $MAXX ETH and $MAXX BSC Migration to NEW Staking dApp

Together with Developers United, as well as our Devs, we have just finalized the plans for updates to our staking platform which will begin immediately and be ready in time for the CEX listing of PWR (August 11, 2023).

It is important to note that as we get closer to launch date, I will come by with a more precise update regarding timings so please be patient and understand that deployment of the new staking platform may take place sometime AFTER the CEX launch of PWR coin in order to avoid any potential issues.

$MAXX BSC and $MAXX ETH Staking Migration

1- A few days before CEX listing, we will pause all staking within the current staking platform for both $MAXX BSC and $MAXX ETH tokens

2- Once the staking platform is paused, everyone who has staked their $MAXX tokens on either BSC or ETH platforms will need to go in, CLAIM their PWRD rewards AND UNSTAKE their $MAXX tokens – by this point, the Unstaking Penalty will be reduced to 0%

3- There will be a NEW staking dApp deployed and you will be able enter this NEW staking dApp and restake your $MAXX BSC and $MAXX ETH tokens, similar to how they were staked previously.

4- To convert your PWRD tokens claimed from the BSC and/or ETH staking dApp, you will need to first go to the MaxxBridge – a link to the MaxxBridge will be included in the new version of the staking dApp.

5- Once on the MaxxBridge, connect your wallet, and send all PWRD tokens from BSC/ETH to MaxxChain.

6- Upon receipt on MaxxChain, your wallet will then be deposited with wPWR (wrapped PWR) which is the DeFi version of PWR. This can be traded for other tokens on MaxxChain, or unwrapped via MaxxSwap in order to send to Coinstore for trading – The PWRD tokens accumulated by the bridge will then be sent to the burn wallet.

Notes:

• The current staking dApp will be kept active for an undetermined period of time (exact time to be determined prior to deployment) to allow all stakers to move their staked tokens from the previous dApp to the new one.
• The updated dApp will look and work similarly to the current one with a few changes.
• Rewards will continue to be given in PWRD token. As PWRD are accumulated, the holder can claim them like normal and then they can be converted to wPWR, at the holders discretion, through the MaxxBridge
• Both PWRD BSC and ETH contracts will be whitelisted on the MaxxBridge – meaning, there will be no tax taken from use of the bridge for collecting staking rewards on MaxxChain
• The APY will now be automatically calculated by the dApp and will change periodically based on the number of holders within the pool, as well as, the number of PWRD coins available as rewards.
• To accumulate rewards, ETH and BSC taxes will be taken and used to purchase PWR coin on our listed CEX. The PWR coin will then be wrapped and then deposited onto the MaxxBridge. Simultaneously, the same number of PWRD tokens will be taken and deposited into the staking pools. This ensures a consistent 1:1 ratio of PWRD token and PWR coin.
• Although a decision has not been finalized, in an effort to provide additional incentive for users to purchase $MAXX token on BSC and ETH, we are in discussion of providing an allocation of PWR coins from the Provision wallet to the staking platform. Using this allocation, deposits of wPWR/PWRD will be made periodically to provide even more reward and benefit to stakers.

Although the above provides fairly detailed info on how the update and migration will take place, we will inform you here, as always, in case of any additional instructions as we get closer to deployment.

If you have any questions, first please re-read the above slowly. And if you still have question, then please let us know.

Thank you as always and, on behalf of the team, we are all looking forward to this next stage of the $MAXX Utility tokens !

• The Maxx Core Team