Burn to mint

The Burn-to-Mint Mechanism is a unique process that allows the WigoSwap community to burn their WIGO tokens in exchange for newly minted SNS tokens. This two-phase event is a crucial part of the early distribution model for the SNS token and offers participants a way to engage with the project in its early stages while contributing to the deflationary model of WIGO tokens.

1. What is Burn-to-Mint?

The Burn-to-Mint Mechanism enables users to burn (de-mint) their existing WIGO tokens to mint new SNS tokens. This process reduces the supply of WIGO tokens while allowing participants to acquire SNS tokens, which will power the Sonic Name Service ecosystem. The burn-to-mint event consists of two phases:

• Private Burn: In the first phase, only users who contributed to a previous burn-to-mint event are eligible to participate.

• Public Burn: In the second phase, the event opens up to all users with a Fantom wallet, allowing broader participation from the community.

2. How Burn-to-Mint Works on WigoSwap

The burn-to-mint process is hosted on WigoSwap and follows these key steps:

• Step 1: WIGO Token Burn Users contribute to the burn by sending their WIGO tokens to a designated burn-to-mint smart contract. These tokens are permanently de-minted, reducing the circulating supply of WIGO.

• Step 2: Minting SNS Tokens In return for burning WIGO, participants receive newly minted SNS tokens at a rate of 1 WIGO = 0.5 SNS. This rate applies to all participants during the burn-to-mint event.

• Burn Limits: To ensure fair participation and prevent over-contribution from a single wallet, there are the following limits per wallet:

  • Maximum Burn: 100,000 WIGO per wallet.

  • Minimum Burn: 1,000 WIGO per wallet.

3. Phases of the Burn-to-Mint Event

• Phase 1: Private Burn The private burn phase is exclusively for users who previously participated in a burn-to-mint event. This phase gives these early supporters the first opportunity to burn WIGO and receive SNS tokens before the general public.

• Phase 2: Public Burn Following the private burn, the event opens up to all users with a Fantom wallet. The public burn allows any eligible wallet holder to participate, providing broader access to SNS tokens.

4. Bonuses for Burn-to-Mint Participants

In addition to the regular burn-to-mint rate, participants can earn bonus SNS tokens based on their WigoGalaxy points. The bonus percentages are awarded as follows:

• 1% bonus for participants with 50 points or more.

• 2% bonus for participants with 100 points or more.

• 3% bonus for participants with 200 points or more.

• 4% bonus for participants with 500 points or more.

• 5% bonus for participants with 1,000 points or more.

These bonuses are designed to reward active participants in the WigoSwap ecosystem, offering additional incentives based on their engagement and prior contributions through the WigoGalaxy program.

5. Timing and Participation

The burn-to-mint event will take place before the Initial DEX Offering (IDO), making it a crucial event for early supporters of the SNS project. The exact dates and details of both the private and public burn phases will be announced soon through official SNS and WigoSwap communication channels.

6. Legal Considerations

Participants in the burn-to-mint event and the broader WigoSwap ecosystem must comply with all applicable laws and regulations. It is the responsibility of each participant to ensure their eligibility and legal compliance based on their jurisdiction. WigoSwap, SNS, and their affiliates disclaim any responsibility for violations of legal requirements by participants. Participants are encouraged to seek independent legal advice if they have any questions about their obligations or the legality of their actions.