Thank you for your continued feedback and questions regarding the addition of ZooToken to Binance Smart Chain (BSC). Below are some FAQ’s for clarification:
1. Will ZooToken BSC be under the same contract as ZooToken ETH?
✅ ZooToken BSC Contract: https://bscscan.com/address/0xb3d691125514Db7a5bE3326af86a72ecdC2CDE16#code
2. But it was mentioned it would be. Does this mean we will have two separate tokens with different supply?
There will be no supply increase. The contract is different for the following reasons:
a) First, we want to make sure there are always two chains active simultaneously until it works with full stability. Why? Because if the amount of both chains is the same, there will be cases where users in one chain move all over the other chain.
b) Second, the Zoot burn mechanism on Ethereum will stop when circulating supply reaches 30 quadrillion tokens. That’s why we have that number. We calculate it could take 3–5 years to reach that amount.
c) In Ethereum, 1% is burned and 1% reflect for holder. Since the burn mechanism will be cut off in BSC, we will use 1% as a reward for those who provide liquidity. Note that we will continuously keep up with the BUYBACK/BURN mechanism in BSC and in Ethereum even after the 30 quadrillion circulating supply is reached.
3. Will the price be the same on both BSC and ETH? Hypothetically, let’s say that we have 5,000 new holders coming from Binance Smart Chain and price goes up 500% in a short span. Will it automatically reflect for ETH holders?
No and Yes. The answer is YES, but let’s go through it to make it clear as some might not be familiar with the arbitrage concept. If there is a spike on ETH price, in example, it won’t be instantly reflected on BSC price. Players and our own automated bots will then trade a smaller token amount of their ETH HIGHER PRICE for a bigger token amount for the BSC LOWER PRICE. This is called arbitrage (in a simple way) and will automatically balance price between the two chains. This is a very normal concept used in all exchanges, crypto market and global economy.
4. How do I transfer my Zoot on ETH to Zoot on BSC?
This will happen in two phases:
Phase 1 — Centralized Exchanges: A few days after the liquidity is added to BSC, you will able to deposit your ZooToken into Hotbit, BKEX or Bilaxy, and withdraw your tokens from there into your BSC wallet.
Phase 2 — Build A CrossChain Bridge: We are in the process of building a bridge, which we anticipate will be completed in the next 3–4 weeks. Stay tuned for further updates on this!
5. Will I receive reflections/rewards on both chains?
Yes, but due to complexity of CrossChain, if you hold ONLY ETH, then you will only receive ETH reflections. If you ONLY hold BSC, you will then only receive BSC reflections. If you hold both, you get both.
All other info have been shared in the medium post. If you need further information, please reach out or share your questions here so we can address them properly. Note that being listed on Pancakeswap means increasing our range to 9.5M current users of Binance Smart Chain network.
6. When will I be able to purchase ZooToken on BSC?
We anticipate liquidity being added on or before Thursday, July 15. You will be able to purchase this on PancakeSwap.