Torii Finance— Defender of the community.
Community community community. TORIIANS UNITED.
Good morning, good afternoon and good night TORIIAN community, wherever you are currently reading this from.
We appreciate all of the time and effort you have put into joining us on this journey, we could not do what we do without you.
As you know, we had an astoundingly successful launch on Bitmart and Pancakeswap, which quite literally pushed us into the global market spotlight almost instantly when $TORII reached highs of over $500/600 per token.
In doing this, unfortunately, we also found ourselves faced with a challenge which has been faced by many teams who have launched successfully on BSC. BOTS, PESKY BOTS. Where the price has been impacted and struggling to gain momentum due to this, and it simply holds our progress back.
In our previous article, you can read it here, we explained the bot situation and explained what impact those bots have on the trading market of a particular token — this is the challenge that we face ourselves as we have all identified and analyzed.
The Challenge
“””The only real challenge would be one that we fail to face head-on, and are not committed to acting in the best interest of our community””… WE WILL PREVAIL together.
THE CHALLENGE:
The bots are disabling the momentum of the price of TORII, and although volume is increasing exponentially, the price impact is causing many of our community to be frustrated by the barrier to growth.
WHY IS THIS A CHALLENGE?
It is NOT A SECURITY CONCERN, and in theory we could leave it as is, but we believe that in order to maintain ecosystem health we need to act wisely _FOR THE COMMUNITY_ and act fast regardless of whether the actions are big or small.
So we are doing just that, and have decided to make one big move to rid ourselves of the problem, and add tools to combat these circumstances if they arise again in the future.
The Solution / Our Solution
OUR DECISION AND SOLUTION:
Over the last few days we have been going back-and-forth to come up with the best possible solution to deal with the constant bot-activity happening on the TORII trading market, and protect our community interests that are being impacted by these bots.
The reality is… THERE IS ONLY ONE SOLUTION that will solve this once and for-all, and as quickly as possible, and provide the necessary tooling to empower our ecosystem for growth… a TOKEN CONTRACT MIGRATION/UPGRADE.
A TOKEN CONTRACT MIGRATION/UPGRADE
This may seem like a big move, and you might be asking why, the answer is that it’s NOW OR NEVER — and we have identified these challenges early, and the solutions to combat them. This decision was not made lightly, but it was made fast and with THE BEST INTENT TO DELIVER ON OUR PROMISES TO THE TORIIAN COMMUNITY.
WHAT IS A TOKEN CONTRACT MIGRATION/UPGRADE?
Simply put, a token migration/upgrade is a move from the existing token contract (0xfd053f9a52d2d74aae83c28323cc7d2e2fefb263) to a new token contract — with all of the same data, tokens, allocations and wallets copied from the old one to the new one (mirroring it exactly); but with new tools to support us.
WHAT BENEFIT DOES THIS HAVE AND ARE YOU SURE?
Yes, we are sure.
If we want to continue establishing and growing this ecosystem without the friction that is causing the stubbed momentum, then we require the necessary tooling to enable that without continuously combating bad actors and botted-characters that add friction to our momentum.
WHAT WILL BE ADDED?
In the previous post about Pesky Bots, we provided a multitude of possible outcomes and solutions for dealing with bots and bad actors.
As a decentralized organization, we believe wholeheartedly in decentralization however we also believe in tooling-up to take on the implications that decentralization may throw at us and out communities; such as the inability to upgrade without changing contract addresses when faced with this kind of ‘challenge’, at this stage where ecosystem trust and growth is key.
SO, in the new contract we have added a couple of additional tools:
1. NO-SNACKS Sale Tax (does not affect buyers)
One of the instrumental anti-front-runner solutions is the adding of a minor tax on sales to avoid front-running viability. Front-running bots are looking for 0.5–1% average per trade, so when taxes are zero and slippage is low, it is easy for them to gain profitability.
We will be adding a simple TAX to sales, and analyzing how those sales continue through the next trade cycle; this sale tax will be set in accordance with size, frequency and identified activity of actors adding friction to growth.
Also, we have made it so tat tis tax can be REMOVED at a later stage when volume and liquidity / trade are high enough to mitigating bad acting.
(see below, THE TAX WILL BECOME LIQUIDITY, NOT PROFIT.)
2. TORII HARPOON — Anti-whale mechanism
Based on our experience, and assessing the market swings, we have implemented what we are calling the TORII HARPOON. It is an Anti-whale capping mechanism to avoid large market swings from individual holders who decide to exit their positions. This will help to maintain an overall market stability for TORII and our community ecosystem.
It will stop large volumes from being sold in a single transaction, and the higher transactions will be taxed as per the sales tax. NOT AFFECTING BUYERS AT AT ALL, and further not affecting those who are exiting positions reasonably as a result of decision not ‘market exploitation’.
3. TORII GOLDENLIQUIDITYGATE — Liquidity adding and LP Reward conversion
As it stands, all liquidity is provided by the user pools and Torii treasury. This requires significant growth and momentum to enable liquidity growth for the ecosystem to thrive.
SALE TAX LIQUIDITY: Since we have decided to add a tax, WE DO NOT WANT ANY OF IT OURSELVES, so the TORII Treasury has decided that this SALES TAX (above) will go straight into providing ecosystem and trading liquidity. In doing this, we empower growth and enable ecosystem/community continuity.
LP Liquidity: When providing liquidity, the provider of that liquidity/pair receives rewards for their provisions. Some in TORII some in WBNB/BNB.
Traditionally these rewards would be kept by the company / TORII Treasury. HOWEVER, as we are 100% committed to empowering a healthy marketplace for our community we have locked all liquidity rewards in the liquidity contract, and created a conversion tool to turn those rewards into liquidity to grow our liquidity base — WIN WIN!
SO WHAT IS NEXT?
Of course, this is a big move and it is up to us to ensure that it goes smoothly and that you are kept apprised of the entire situation as it rolls out — transparently.
So what we have already planned and engaged with:
- Our new contract is already built, and tested, and is being rolled-out.
- BSCSCAN is already onboard to adjust our verification
- CoinGecko and CoinMarketCap are also on board, and ready to make the move with us
- Bitmart is already apprised, and ready to make the move with us as well.
- A big marketing push with PR is being rolled out, the first CoinTelegraph link is already live — which may be how you got here :)
- A snapshot will be done as soon as we are ready, so that we can MAKE SURE THAT ALL TOKENS ARE MOVED AND APPROVED.
SNAPSHOT
WHAT IS A SNAPSHOT?
A snapshot is a period of time where we save all data on existing contracts and exchanges, and move that data from the old contract to the other.
What to know during this time?
During this time trading will be frozen, and the price of TORII will be set to that amount in the relaunch of liquidity — so sell-offs will not GAIN from rebuying.
NO TOKENS WILL BE LOST
YOU WILL RECEIVE ALL OF YOUR TOKENS, whether in a staking contract, on an exchange or IN YOUR WALLET.
WHAT DO I NEED TO DO?
You do not have to do anything yet, we will keep you posted and provide a full roadmap within the next 48 hours.
The only change that you will experience, will be that we will provide a new contract address to be added to your wallet which will have your tokens in it, as soon as all of the migration is complete.
Please be aware, if TORII is sold before the SNAPSHOT you will _obviously_ not receive any tokens in the migration
Once this is complete,
LIQUIDITY WILL BE LOCKED IN OUR CONTRACT,
The ecosystem will gain momentum, and new investors will be confident in the future of the Torii Community….
We know you have supported us throughout our journey and we look forward to your support and conviction in our decisions. We are doing this just to ensure a safer and better future for TORII and with your support, we shall pass another obstacle.
Thank you each and everyone of you for reading, understanding and showing faith in our decisions and we look forward to continue on the path of success once we overcome this barrier.
⛩ TORIIANS ⛩
Old TORII Contract: https://bscscan.com/token/0xfd053f9a52d2d74aae83c28323cc7d2e2fefb263
The new contract address will be: 0xD9979e2479AEa29751D31AE512a61297B98Fbbf4
