The state of the crypto bear market is leading a firm to try and change the narrative a little
Substratum is embarking on a token swap…
by Manoj Sharma for CNR
Update: the original title of this article wrongly stated that Substratum was day trading its holdings. This is incorrect, and we are happy to make the correction. The piece below reflects that.
For most of November and December, each passing day was bringing with it darker territory for cryptocurrencies, characterised by an ongoing decline in prices. Notwithstanding a healthier last 24 hours, many virtual currencies have become the victims of sudden sell-offs. Substratum is trying to do something about it,
Justin, a figure from the Substratum network, announced in a YouTube video that the company is planning to open doors to a token swap set that started yesterday. The company’s smart contracts will begin and the batch transactions will start over the Ethereum network.
The employees will be moving remaining Ethereum tokens in their crowdsale wallet before the batch starts. If someone’s tokens are on Binance, the switch will occur natively through the exchange. Therefore, customers don’t have to worry.
The move will occur on its own time and all older tokens will become frozen while the new tokens will be transferred into the wallets of the users.
Substratum is also moving from two decimal places to 18 decimal places to make transactions more efficient and faster. In fact, smart contracts have been audited by Quantstamp. More than 120 million old tokens have been burned so far.
The company has also a full-time trader on staff, who claims that Ethereum will continually be tested in the coming months.
Justin believes that as soon as the market become bullish again, the firm will be in a better place and will be able to create better and new products. More details can be found here.