We are pleased to be able to finally announce the details for the upcoming Genesis token swap as well as confirmation of our rebrand.
Please make sure that you are fully aware of how the token swap will work to ensure that you receive your new tokens. If your current Genesis tokens are already in your wallet, you will not need to do anything else.
Later this month, we’ll have an update blog for July which will include more details on the marketplace as well as some new screenshots.
In June’s update post, we revealed our plans to rebrand Genesis and put some of our suggestions to a vote. While we only received a small number of votes, we’re pleased that the winner of the poll was our preferred choice, Storex.
Once the token swap has been completed, Genesis will be known as Storex with the new token being STRX.
As we outlined in our post last month, we feel that the name Genesis is not unique and is used by too many other projects. Not only that, but we feel that the name doesn’t translate as well to an e-commerce marketplace in the same way Storex does. By having a unique name, it will essentially allow us to stand out from the crowd and will give us the freedom we need to start growing the Storex brand within the cryptocurrency community and beyond.
The rebrand will officially take place in August to coincide with the swap to the new token. We will therefore be changing the names of all of our social media profiles, Telegram as well as releasing a new website.
The token swap will officially take place on August 1, however, everyone must ensure that their current Genesis coins are in their Ethereum wallet by July 30. On July 31, we will take a screengrab of all wallet balances, which we will then send the new token to on August 1.
Genesis currently has a supply of 16 million tokens. As agreed by the community, this will be reduced greatly to just 2 million tokens, making us one of the projects with the smallest supply of tokens.
The token swap will be conducted at a 10:1 ratio. For every 10 Genesis coins you hold, you will receive 1 STRX token.
For example, if you currently have 1000 Genesis Coins, you will receive 100 STRX tokens.
This will mean that 1.6 million out of the 2 million new STRX tokens will be distributed to the community right away. The remaining 400,000 tokens will be used primarily within the marketplace ecosystem including for incentives such cashback schemes and voting initiatives. They will also be distributed in airdrops (which everyone can enter, even existing hodlers), bounties, giveaways and competitions.
- Make sure your Genesis coins are in your wallet and not on an exchange by July 30.
- Screengrab of wallet balances will be taken on July 31.
- New token will be sent to your wallet from August 1.
Any tokens that are left on an exchange and not moved to a wallet will not be included in the swap as we can only record balances of individual wallets.
Up until July 30, you can still trade Genesis coins on our current exchanges. That means that if you want to accumulate more Genesis coins ahead of the swap, you can. The important thing is to make sure that any tokens you do trade on an exchange are moved to your Ethereum wallet before July 31.
In short, if your wallet address appears under the Holders tab for Genesis on Etherscan, you will receive your new STRX tokens on August 1.