Why do a token swap?
Since StripperCoin was minted back in April 2021 the Cardano blockchain has had some upgrades and improvements. At the time of minting, Cardano did not allow native assets to be minted with decimals. What that means is that you would only ever be able to trade a single StripperCoin as the minimum trade. You would not be able to trade 1.25 $STRIP. For example, if StripperCoin had a value of $10 (ha, we wish!) you would not be able to purchase less than $10 worth. The next amount would be $20 for two coins, and so on. This would make it very difficult for StripperCoin to be traded with ease on exchanges. So to help raise the tradability of $STRIP we have added 3 decimal places to the coin.
The secondary reason for doing the swap is because the current policy for the token is set to “NEVER LOCK”. We did not realize this was the case until we attempted to lock it after receiving some inquiries about it. This means that if the policy keys are compromised, or a malicious developer joins the project the total supply could be changed, or the token defaced.
Both of these reasons are what made us decide a new token must be minted and swapped for all holders. Without these changes it couldn’t be easily traded on an exchange, and would be vulnerable to greed and hacks in the future. The new token will not have either such vulnerability and should instill much more confidence for holders.
How can i get/swap new tokens ?
> First of all to swap/get new StripperCoin you need to make sure your coins have not moved wallets since 1:30PM UTC. Secondly, you need a staked wallet - don't worry if you don't have a staked wallet yet, you can simply start staking now & claim new tokens once your stake is live. Be sure to stake ASAP as the new tokens are only available through epoch 329
Where/How can i get new tokens ??
Token swap is being conducted 100% on dripdropzs.
*You must conduct the swap from the wallet the StripperCoins were in at 1:30PM UTC 2/24/22.
*This wallet must also be staked.
1. visit dripdropz.io.
2. Enter your wallet receive addr
3. Click on check my dropz
4. Scroll down until you find STRIP or just search STRIP from the search bar (There is also an inactive listing for the old coin, ignore this)
5. Once you find STRIP select it and any other tokens you wish to claim, then scroll down agree with the terms & conditions at last click on claim my dropz
6. Next instructions on how to receive your Dropz will be displayed. Send the required ADA to the addr displayed, and your new tokens will be delivered to your wallet!
That's it, you're done!
you'll be forwaded to another page where you'll find an address & amount of ada you'll have to send to get the new token
What will happen with old tokens?
You can either send them to our burn address, or you can keep them. We are still figuring out potential DAO options to utilize them for. We have currently changed the name and logo of the old token to display as "OLD Useless STRIP" with a "DO NOT USE" logo. We can update and change this at anytime.
If you wish to burn them, they can be sent here: addr1vyvd4yvf4zqwvlv5yhpg3kc8955kuxq6xagej5sz3p08atqpw8jwa