⁉️Migration FAQ
Below we have listed some of the most common questions raised so far about the migration.
How much $BEAM is 1 $MC worth? The conversion rate is 1:100. Meaning every $MC you convert gives you 100 $BEAM tokens.
How long is the migration period open? As per MIP-29, the migration period will last for 12 months starting from the date the migration commenced, being the 26th of October 2023. After this period, conversion won’t be possible anymore. Such a time period will provide every $MC and eMC holder today the opportunity to migrate (note that eMC holders would first have to convert their eMC into $MC).
What happens to any MC tokens not migrated in time? $BEAM, in practice, will be an upgrade and renaming of the $MC token, and will assume all utility that the current $MC token has. The two tokens are not intended to co-exist, as the $BEAM token will be created to replace the $MC token. However, only the owner of each $MC token has the power to migrate their $MC tokens, meaning any $MC token that is not migrated will simply remain as an $MC token.
It’s important to note that for each MC token not migrated, the BEAM supply will effectively be relatively reduced (at a ratio of 1 MC:100BEAM).
Why not conduct an airdrop of the $BEAM token? There are mainly three reasons for why it was not proposed to not structure this as an airdrop:
The $BEAM token is meant to replace the $MC token and not coexist with it. With an airdrop, the tokens would have the characteristics of being two distinct tokens, rather than what is meant to be achieved here (replacement by way of upgrading and renaming).
It is difficult to conduct a fair and accurate airdrop in this scenario, as $MC tokens are more or less constantly changing hands. It is a risk that tokens might change hands after a snapshot is conducted and the outcome could be that someone who acquired $MC after the snapshot was taken does not become eligible to receive $BEAM tokens and vice versa.
Conducting an airdrop of this character implies incurring substantial costs (including transaction costs).
Where can I find the smart contracts for the migration and has it been audited? The code for the smart contract is available here. And yes, the smart contract has been audited by Quantstamp and the report is available here.
ERC-20 migration contract: https://etherscan.io/address/0x8fb4223b7751243ae14987d6fc9e71d06aaf6ddf#code
BEP-20 migration contract: https://bscscan.com/address/0x8fb4223b7751243ae14987d6fc9e71d06aaf6ddf#code
$BEAM on Ethereum: https://etherscan.io/address/0x62d0a8458ed7719fdaf978fe5929c6d342b0bfce
$BEAM on Binance Smart Chain: https://bscscan.com/address/0x62d0a8458ed7719fdaf978fe5929c6d342b0bfce
Note: As the source code of the migration smart contract is open source, others may also implement a user interface (frontend) to interact with such a smart contract. It will also be possible to interact with the smart contract directly by other means. Consequently, it is possible to interact with the smart contract elsewhere than by use of meritcircle.io/migrate if a tokenholder wishes to do so.
Does this mean there will be supply inflation? There will not be any effective supply inflation. The tokens are converted on a 1:100 base, the numerator is increased, but there are practically no new tokens being issued. $BEAM can only come into existence through a conversion of $MC, and $MC has a limited supply that cannot be increased. If every $MC token converts, the supply will be exactly equal on a relative basis. The relative supply can only stay equal or decrease after the conversion.
Can I bridge $BEAM to the Beam network? As per the 24th of October 2023 you can only bridge $MC to the Beam network. It is not possible to bridge $BEAM over to the Beam network. As $MC is the native token of the Beam network, changing this token to $BEAM requires a network upgrade that is currently scheduled for the 31st of October 2023.
Can I migrate $MC on the Beam network? No. You can not migrate your $MC on the Beam network. This can only be done on Ethereum or Binance Smart Chain. Migration on the Beam network will occur through a network update.
What will happen to my $MC on the Beam network? As $MC is the native token on the Beam network, it does function as a separate ERC-20 token. Therefore, we can’t migrate tokens on the Beam network in a similar manner as done on Ethereum or Binance Smart Chain. Through a network upgrade, we are able to change the $MC token to $BEAM as native token.
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