As previously stated, following the official launch of ONUS Chain (Mainnet), all ONUS Tokens will be converted into ONUS Coins to expand utility, improve decentralization, and security.
The specific conversion plan is as follows:
- At 04:00 AM UTC on November 11, 2022, ONUS Chain officially launched Mainnet. The entire amount of ONUS Tokens circulating in the ONUS app will automatically be converted into ONUS Coins (ONUS Chain).
- To guarantees users’ right, ONUS will temporarily close the On-chain withdrawal transactions for ONUS Tokens during the integration (starting from 06:00 AM UTC on November 10, 2022). In addition, the liquidity of ONUS on the sub-chains (BSC, ETH) will be transferred to the ONUS application and extended to the ONUS Chain.
- Users can still deposit ONUS from other wallets/exchanges to the ONUS application via BEP20, ERC20, KRC20 networks, and this amount will automatically convert into ONUS Coin.
ONUS encourages people to transfer ONUS Tokens from other wallets/exchanges to ONUS apps and ONUS Chain to be automatically converted into ONUS Coin.
About ONUS Coin
ONUS is the native token on the ONUS Chain. ONUS is used to secure the network through validators’ staking, governance, payments, and transaction fees. ONUS acts as both a utility token and a governance token of the ONUS ecosystem.
ONUS Coin’s Use Cases
- Network security: Validators need to deposit a large amount of ONUS Coin to have the right to validate transactions to ensure the accuracy, transparency and security of the ONUS Chain.
- Payment of transaction fees: ONUS is used to pay transaction fees, smart contract deployment fees, or new network creation fees.
- On-chain Governance: ONUS Holders can propose and vote on significant changes to the ONUS Chain network.
ONUS Coin tokenomics details: https://docs.onuschain.io/onus-coin/tokenomics.