What is ePing?
- ePing is the Ethereum equivalent of PING. The tokenomics and tax structure of ePing is identical to PING. The two tokens also share the same supply of 4 Billion. No new tokens will ever be created.
- ePing will launch on the Ethereum chain October 28th at 3PM UTC. The starting price will be slightly lower than the BSC side at the time of launch.
- The Sonar Ethereum bridge will allow for the transfer back and forth of PING and ePing from BSC to Ethereum chains and back.
- The transfer of tokens from a wallet to the bridge is considered a transaction and is subject to the 10% tax. The token amount bridged over will reflect the 10% tax.
- When using the bridge, there are network fees associated with each respective blockchain. The user is responsible for the gas fees associated with their transaction.
What is the purpose of expanding to Ethereum?
- Access to premier DeFi protocols which only exist on Ethereum. Sonar is currently exploring passive income options such as staking and providing collateral in yield pools.
- The Sonar ecosystem is now accessible to a much wider range of investors. Some Ethereum investors prefer to stay on Ethereum only and choose not to explore other blockchains. Having the ePing token available on Ethereum provides an access point to these types of investors.
- Sonar is directly connected to the biggest and most diverse DeFi blockchain, ready to scale and grow as Ethereum does.
Are the price of ePing and PING pegged in a 1:1 fashion?
- While the tokens share the same 4B supply, the liquidity pools and thus prices will be separate. It is possible that price differences will arise from time to time but will be balanced out through arbitrage (users moving tokens back and forth).
- We encourage PING holders to take advantage of arbitrage opportunities but be mindful of the health and balance of each side. Remember that overzealous selling on one side harms the ecosystem as a whole. Use arbitrage but be mindful.
Why are the gas fees on Ethereum so much higher?
- This is a network feature that is outside of Sonar’s control. Ethereum is gaining in popularity every day, and as a result experiences high amounts of network congestion which results in pricier gas fees than BSC sees. Ethereum is currently implementing a 2.0 scaling solution which could possibly fix the fee problem, but that is still some months away.
- Before attempting to bridge or arbitrage please make sure you have a good understanding of all the fees involved, and if a transaction is worth the costs of doing so. While the bridge charges the gas fee, it does not go into our pocket. It is a network fee being passed on to the user.