Citizen Finance Token Migration and Products Upgrade
Greetings Citizens, welcome to the month of March, the last month of Q1 2022. There are lots of things packed in this month which are expected to put Citizen Finance and all of its products into the limelight of the global marketplace. Let’s begin with what is expected to come.
Citizen Finance Token Migration
The Citizen Finance team has decided to migrate its native token smart contract, with a 500,000 maximum supply, to a new smart contract of 50,000,000 maximum supply.
Why the Migration?
All Citizen Finance products utilise the CIFI token as part of our initiative of one token to rule them all. In the future, Santa Fe and Metalands will be rewarding players, farmers, liquidity providers, and other users who will interact with our product, with CIFI token. For a healthy token economy of all of these systems, a migration was deemed necessary with an increase in supply instead of separate Santa Fe and Metalands token.
What will happen to old CIFI?
Everyone will be able to migrate their old CIFI to the new CIFI at the ration of 1:100. The marketcap of the new token will remain the same as old CIFI which means the value of the token received will remain the same even though the token will increase in quantity, the value in USD remains the same.
Migration will commence March 5th, 5pm UTC on BNBChain while Polygon migration will commence March 6th 8pm UTC (depending on our bridge partner)
Max Supply: 50,000,000
Price on TGE: $0.41
The new CIFI token will remain on a 3/4 Multisig wallet, just like the old CIFI, with the Citizen Finance team holding 2 signees. Liquidity on the new CIFI token will be locked for 6 months on Pancakeswap.
Yield Farming and Single CIFI Staking
In order to incentivise the community, a yield farming and staking campaign will be launched on Santa Fe. Users will be able to provide liquidity to CIFI — MATIC pairs on Polygon and CIFI staking on BNB Chain.
A total of $200,000 worth of $CIFI will be released from the staking and farming portion to incentivise LPs and Staking. 70% of the pool will go for yield farming and 30% for staking.
Santa Fe and it’s Upgrades
Santa Fe as a DeFi application, with NFT at the core, will be introducing Famososwap — A DEX with aggregator for easy swapping across multiple liquidity markets offering the best prices and protection against token impact.
Famososwap will enable users to earn from fees by providing liquidity on token, staking liquidity token on yield farming pools, holding CIFI to benefit from the 0.3% accrued to holders, and participating in other campaigns.
In the beginning, Famososwap will be launched on BNB Chain and Polygon, this will be followed by AVAX and other EVM-based blockchains before porting to other chains not among the EVM-Family.
Santa Fe in Real Estate as Tokenized Assets
The Santa Fe team is still working hard to commence operation of tokenised real estate, enabling small and large investors to invest in low-risk assets. Members will be able to secure quotas according to their CIFI holdings. More details regarding this feature will be released at a later date.
Future of Cifipowa and Powa X
With a marketplace currently in existence on Santa Fe, Cifipowa’s other features such as; creating of collection and items, auctioning and single item trading etc., will be integrated into Santa Fe. Cifipowa will cease to exist as all features will be integrated into Santa Fe, including the Powa X AR app which has been halted for now as all labour has been moved to Metalands and Santa Fe development.
Powa X development will commence Q3/Q4 2022, a date by which we are hoping to see many of the issues relating to mass AR adoption, such as lack of high-tech mobile devices, lack of cheap augmented reality glasses, lack of 5G deployment in most parts of the world for fast real-time download of AR experiences, and many other barriers, somewhat alleviated.
The Cifipowa and Santa Fe marketplaces using old CIFI token will remain active for a month to allow everyone enough time to remove their assets currently on sale in the respective marketplaces. Cifipowa will be shut down totally, while old Santa Fe will be removed.