May 15
The Redemption
Due to development delays and unforeseen technical difficulties, the initial vision of the $DRUGS token never materialized. But we have exciting news to share.
First off, we’d like to thank our community for sticking around. Here is a quick rundown of recent developments as well as instructions for claiming the new token.
Despite the technical issues that nixed our DEX and yield farming aspirations, the token continued to trade on PancakeSwap since launch. Liquidity was locked for 333 days, and though the token was actively traded early on, volume declined over time.
The liquidity lock recently expired and we removed the liquidity from PancakeSwap on 5/10/22. The funds in the LP amounted to about $119k worth of BNB which was converted to USDC and bridged to the Avalanche network.
Going forward, these funds will be placed into yield-bearing growth opportunities on Avalanche. For much more info on this, please join our Discord. Going forward the Discord group will be the only communication hub that we actively manage. https://discord.gg/dwHbbEpZvV
As there is no liquidity, the original token can no longer be traded on PancakeSwap. We are issuing a new token on Avalanche for our community members. Holding this new token will earn you monthly airdrops generated from the yield we earn on our holdings.
The new token is called the Cryptosync Token. The ticker is $SYNC. See the block explorer here: https://snowtrace.io/token/0x1fCe7A92803dA2ae4a69cC1937551a30F00F4464
The supply of the new $SYNC token is 31,100,571. We took the original token supply and removed the tokens that had been burned already as well as the tokens that were in the liquidity pool. This left only the marketing wallet, which held 10,949,996 $DRUGS, as well as the community members’ wallets, for a grand total of 31,100,571.
We will not be providing any liquidity for this new token, but we can’t stop anyone else from providing liquidity somewhere if they choose to do so.
If you hold the original $DRUGS token, you are eligible to claim an equal number of the new $SYNC token on Avalanche.
Once a month, the yield from our holdings on Avalanche will be airdropped to the community based on % of the active $SYNC supply held.
The marketing wallet will be divided into two equal parts. The first part will be divided among the core team, which will handle all airdrops, all transaction fees, all legwork. The second half of the marketing wallet will be airdropped to the community in equal amounts.
This means 5,474,998 $SYNC tokens out of a max supply of 31,100,571 which will be divided equally to $DRUGS holders who claim $SYNC within the claim window.
EXAMPLE: If only ten wallets claim, each wallet will get an additional 547,499 $SYNC tokens. If fifty wallets claim, each wallet will get an additional 109,499 $SYNC. Distributions of this bonus amount will be equal regardless of how many $DRUGS you originally held. We want to make sure everyone is rewarded for sticking around, even those with smaller bags.
Here is how to claim!
It couldn’t be easier.
Simply go to your wallet and send all of your original $DRUGS tokens to us. We will wait one week for everyone to get a chance to claim, and then we will send out the new tokens to the same address on the Avalanche network.
Please use chainlist.org to add the Avalanche network to your wallet if you have never used it before. As both BSC and Avalanche are EVM chains, you can use the same wallet address for both chains. The new token will be on the Avalanche side. If you have any questions about this, please join the Discord and we will help you there. Link to Discord can be found earlier in this article.
Send all of your original $DRUGS tokens to this address on BSC:
0xfA4AD45438613ba052FD80ED5a6CfED7BB468BD8
If you do this by 5/22/22, you will be eligible for an increased allocation of $SYNC from the old $DRUGS marketing wallet. If you miss this deadline, you can still claim 1 SYNC for 1 DRUGS token until the end of the year, but you will NOT get any of the marketing wallet incentive tokens.
Just send the old tokens to the address above on BSC, and on 5/22 we will send out the new tokens to your same address on Avalanche. If you’re confused about how this works, ask for help in Discord.
On 5/22/22 after 12:00 EST, we will tally up the claims, divide the marketing allocation bonus by the number of claimants, and send the new $SYNC token to our community members, including the bonus amount.
The window to claim $SYNC from the original $DRUGS token on BSC will end on 12/31/22 at 11:59 PM ET. After the end of the year, no more SYNC will be issued, and any unclaimed SYNC will be burned. Holdings will continue to generate yield and be airdropped on the 1st of each month to all SYNC holders.
Community input, brainstorming, voting, discussion, will all be welcome.
For more information, or if you have any questions at all, please join our Discord. Our Discord is the only communications channel which we will actively maintain going forward.
