Episode 29 of the Weekly Podcast

Given the FUD going on around the SEC investigation / suit threats on Paxos and its impact on BNB / BUSD, I've been cleared to share some news with all of you.

This news has already price-impacted $BST by over 10% in 48h. David and others in leadership are under the educated assumption that the price of BNB could drop 30% and that recovery of BNB will take some time. For context, some of you may remember the impact of SEC threats on XRP and what it did to their value - and the amount of time that has passed.

If there is a lawsuit, BNB could take YEARS to recover to healthy levels again and we didn’t want to run the risk of the LP pool value dropping 30%+.

Bullet points tend to get digested better with large announcements:

⁃ We are preparing to migrate to Ethereum chain 1:1 with NO PRICE IMPACT
⁃ The $BST LP HAS BEEN PULLED in preparation for the migration
⁃ A FINAL SNAPSHOT HAS BEEN TAKEN AT: $0.09555
⁃ DO NOT BUY AND DO NOT SELL
⁃ Trading will commence again NO LATER than Monday on the Ethereum chain
⁃ All tokens (including staking) will be converted along with PRO-RATED REWARDS for staking pools and airdropped to holders and you will then need to re-stake
⁃ NO CLAIMING WILL BE NECESSARY
⁃ We will provide an updated contract address and TRADING WILL COMMENCE AFTER THE LP IS LIVE
⁃ Once provided, you will need to add the contract address to your wallet
⁃ We considered the option to migrate directly to the forthcoming BlockStar Hybrid Exchange (HEX) but it would have required us to lock trading for a longer period of time and testing is still being performed to ensure safety, security, and optimal user experience
⁃ We will revisit adding an additional pool for Binance Chain when BNB is more stable
⁃ NFTs (both BlockStar & Ember) and node-driven reward pools won’t be affected, however, distributions will not include BNB & BUSD for the foreseeable future
⁃ We will always support the Ethereum and Binance chain, however, the BlockStar chain will go live with the HEX which will create additional pairs and decentralize trading across an AGNOSTIC ecosystem!
⁃ NOT FINANCIAL ADVICE: Given current events, we do encourage all investors to assess their risks and consider their position on projects paired with BNB/BUSD.
⁃ As a courtesy, we will providing instructions on bridging from the BSC to ETH network as well as adding the ETH contract to your wallet.
⁃ David Hunter will be covering gas fees associated with the migration to the ETH chain and airdrops AT NO COST TO HOLDERS

AS A FINAL REMINDER:

DO NOT BUY AND DO NOT SELL $BST AFTER THIS ANNOUNCEMENT HAS BEEN POSTED UNTIL THE MIGRATION TO ETHEREUM IS COMPLETE

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