End of service announcement
Dear WENWEN users,
Since the WENWEN V2 launch, we have noticed many problems with the Ethereum Mainnet. Due to the scalability issue, the gas fee has increased exponentially, and it becomes user-unfriendly and very costly for the protocol to execute our stabilization mechanisms. In order to focus resources on improving the WENWEN Protocol and continue to innovate on providing a highly scalable and fully decentralized algorithmic stablecoin for our users, we will be ending our service on Ethereum mainnet on [December 26, 2021], and migrating to Starcoin blockchain.
End of service plan:
WENWEN Protocol has already stopped the additional issuance mechanism and incentives for the liquidity mining project. However, we will continue the repurchase mechanism for the next 30 days to stabilize the prices for our users to exit at a fair price.
Before we terminate our services on Ethereum, you will have 30 days to exit. Here are three things that you will need to do:
1. Unstake your SHAREN and stablecoins
2. Unstake your LP tokens in the liquidity mining pools
3. Swap your tokens for WBTC on Uniswap
Please note, after 30 days of exiting time, WENWEN Protocol will not be responsible for maintaining the prices. Therefore, we strongly suggest you act within the 30 days period.
Migrate to Starcoin blockchain:
Starcoin is a hierarchical, decentralized blockchain system and is the first public chain to use the MOVE programming language. In order to achieve the goal of decentralization, Starcoin is based on the foundation of the mature Satoshi Nakamoto consensus algorithm, with a combination of layer 1 and 2 to break the dilemma of the impossible trinity. Layer 1 of Starcoin focuses on providing the essential capabilities for producing, managing, and trading digital assets, with which users can define assets safely and quickly and flexibly perform asset transfer and exchange with the help of smart contracts. Layer 2 of Starcoin focuses on addressing the scalability and performance issues during digital assets’ transfer and exchange process. Due to the unique design of Starcoin, Starcoin Layer 2 can use the data of Layer 1, and Layer 1 can also verify the calculation results of Layer 2. Both Layer 1 and Layer 2 are organically combined, and the digital assets can circulate freely between the two layers.
Starcoin attempts to leverage Move’s strengths in decentralized financial operation and digital asset design to create a financial infrastructure that is fully decentralized, secure with strong scalability to serve ordinary users, enable everyone to deploy contracts, create digital assets, develop DeFi applications on the public chain.
Our team is working around the clock to develop WENWEN Protocol on Starcoin with new mechanisms that bring highly scalable, decentralized algorithm stablecoin to our users!
We apologize for any inconvenience caused and thank you for your support!
WENWEN Protocol reserves the right to modify, change or cancel this announcement at any time, in its sole discretion and for any reason, without prior notice.
WENWEN Protocol Team
November 26, 2021
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To learn more about the Starcoin blockchain:
Website: https://starcoin.org/en/
Twitter: https://twitter.com/StarcoinSTC
Stay tuned, and we will announce our launch time and further plans on the Starcoin blockchain soon! If you have any questions or suggestions, please do not hesitate to contact us!
Twitter: https://twitter.com/wenwenprotocol
Discord: https://t.co/5ycr0boKVw?amp=1
Medium: https://wenwenprotocol.medium.com/
Telegram: https://t.me/WenWenProtocol
