Hydranet is transitioning to a new token following the approval of DAO vote #34. With this article, we would like to provide you with some valuable information regarding the upcoming token swap, including key dates, what’s changing, and most importantly — what (if anything) you need to do.

What do you need to do?

Token holders do not need to take any action! A snapshot of the current token distribution will be taken and all HDN token holders will receive the new HDN token through an automatic airdrop at a 1:1 ratio. If you’re holding HDN on a centralized exchange, you will receive the new automatically as well. The team is in active communication with our centralized exchanges to ensure a smooth transition.

It is important to note that this is not an additional airdrop, but a 1:1 token replacement!

Liquidity providers will need to withdraw their liquidity from the liquidity pools to prepare for the swap.

Once the token swap is completed, holders may need to import the new token contract into their wallet. Here’s a simple guide on how to do it using MetaMask.

If you’re storing HDN on a hardware wallet such as Ledger, please note that it may take some time for the update to be reflected in their applications. Rest assured, your tokens remain safe in your wallet during this period.

If you have any questions or concerns leading up to the swap, don’t hesitate to open a support ticket in the Hydranet Discord. And remember, Hydranet team members will NEVER contact you via private messages. Stay safe!

Why a new token?

Our current token has faced long-standing limitations on token analytics platforms like CoinMarketCap and various token sniffers. The warnings we have experienced on these platforms, though not reflective of Hydranet’s integrity and performance, have yielded a poor first impression among new retail and professional investors.

The existing token was deployed using a proxy contract. While proxy contracts are a common industry standard (even major tokens like ARB use them), they tend to raise suspicion on tracking platforms unless the project is already well-established (as in the case with ARB). For an emerging project like Hydranet, this has proven to be a disadvantage.

Our product is evolving fast and we are already at around 70 community testers actively trying to break it. Given our current position and momentum, the team believed now is the right time to make the transition to a new token contract. By moving to a non-proxy contract, we can eliminate these reputation barriers and present a cleaner, more trustworthy token profile, to build investor trust as we enter the next phases of our journey.

What will change with the new token?

From the holder’s perspective, not much will change. The new token will hold basic ERC-20 functionality and the maximum supply will remain at 300 million HDN.

Key dates

• April 9: Vote #34 concluded with a passing result.
• April 12: Last day to remove your Uniswap Liquidity Pools
• April 13: Deposits and withdrawals will be paused on MEXC, XT, and WhiteBit.
• April 13: Snapshot will be taken. Avoid sending tokens this day.
• April 14: Airdrop distribution of the updated HDN token. Deposits and withdrawals on centralized exchanges will reopen shortly after the airdrop.

Key takeaways

• A new Hydranet token will be created.
• HDN token holders will receive the new token through an airdrop at a 1:1 ratio
• The airdrop is automatic. Holders will not need to take any actions
• Liquidity providers on Uniswap are encouraged to remove their liquidity as soon as possible.
• The date for the HDN airdrop will be announced through Hydranet’s official accounts.

Remember, HDN token holders do not need to take any action to receive the new token. The new token will be airdropped to your wallet automatically. All information to token holders and Uniswap liquidity providers will be communicated through our official social media channels. NEVER IN PRIVATE MESSAGES. If you receive a private message about this topic, it’s a scam. Please verify any information using our social media channels.

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