A breakdown of the new launch and all the other news!
Thank you Sonarians for joining us for this very special AMA. It was our pleasure sharing with you what we have been working on behind the scenes for so long. From the reactions we saw today, it is clear that this is a lot of information to absorb in a short amount of time. With that in mind, let us go back over all of the information covered in Monday’s AMA.
- We have secured agreed upon terms for an initial funding injection from a VC group, with more to follow in the round. (Wen VC funding)
- $PING is moving to a new chain… ARBITRUM!
- In about 2 months time (final date will be announced), there will be a trading halt on BSC $PING. A snapshot will be taken of all holders, and new Arbitrum $PING will be automatically dispersed to your wallet on launch. Until the halt, trading works as normal.
- $PING will list on one or more Centralized Exchanges at the time of the Arbitrum launch. (Wen CEX listing)
- Transaction taxes will be reduced to 0% upon launching on Arbitrum.
- Included in our funding deal is a substantive marketing budget, and the new launch will be marketed before and after for maximum exposure. (Wen marketing)
- Funding also greatly increases the capacity of our development team. We have development partners waiting in the wings for a finalized deal to begin working with us. Our focus on product delivery and optimization continues at a new and improved pace and quality. (Wen 1.0, bug fixes)
- As a part of the Arbitrum launch, we will have the full support of the Arbitrum Foundation and will appear on their 900K follower Twitter spaces AMA. We have applied for a grant through the Foundation as well. Additionally, this opens up great possibilities for new relationships and partnerships, and further increases the visibility and position of Sonar within the ecosystem.
We understand that everyone has a lot of questions about the new Arbitrum token. Some details of the tokenomics are still being finalized. Once final, an explainer article will be released which will answer each question that has come up in the community. A FAQ is also in the works and will be released soon.
If you are a BSC $PING holder, you don’t need to do anything to get the Arbitrum token. We will send it to your wallet. The Arbitrum $PING will have a smaller total supply, and as a result a higher price per token. You will receive the exact USD equivalent of the Arbitrum $PING as you hold of the BSC $PING. The value will be exactly the same at the time of the BSC trading halt. You will not lose any monetary value on your tokens!
Just to really clarify what all we announced today:
- CEX listing
- Marketing campaign
- New development budget & developers
- Transaction taxes going to 0
- New launch on a very popular new chain — Arbitrum
- Direct support from the new native chain — Arbitrum
- In a grant application process
Our team has spent the last year considering the factors and conditions best suited to Sonar’s longevity, growth, and advantages to $PING holders. Arbitrum became the clear choice for us for many reasons. The technical and statistical advantages are numerous and clear.
Arbitrum is a hot new layer 2 which is built on top of Ethereum. What sets Arbitrum apart from other L2 solutions is the very high transaction speed and extremely low cost of those transactions. In fact, Arbitrum is capable of a throughput of 40,000 TPS whereas Ethereum can handle about 20. Transaction fees are about 98% less expensive compared to Ethereum. In addition to the cost and speed superiority, the network reliability is high with very little unplanned downtime.
Ethereum being the granddaddy and first-mover of DeFi still commands the largest collection of DeFi protocols as well as TVL. But as anyone who has used ETH knows, the cost and speed can be atrocious during times of high network usage. Because of this, more and more projects and protocols have opted to build on Arbitrum which solves these problems of speed and cost. Now, Sonar is one of those many projects which have decided to make Arbitrum their new home.
How does this move benefit Sonar and PING holders?
Sonar began life on the Binance Smart Chain, as it was once a very promising and burgeoning DeFi ecosystem supported by the biggest exchange in the world. However, the meltdown events of 2022 and regulatory actions of 2023 have changed the landscape drastically. The Sonar team is constantly evaluating the shifting macro conditions and adapting into the strongest and most long term position possible.
If you were house hunting, would you pick a house that was in a town with crumbling infrastructure, soaring crime, and degrading property values? Or would you want to live in a neighborhood that is exploding with activity, expansion, new buildings and business, the most affordable property taxes, and wealthy neighbors?
Arbitrum has seen incredible growth over the last year. In fact, it has grown to more TVL than all other Layer 2’s combined at nearly 70% total market share.
Active addresses and daily transactions have seen exponential increases and are in lockstep with growth in TVL. Simply put, users are flocking to Arbitrum.
In addition to the raw stats and rapid growth, Sonar will be receiving direct ecosystem support from the Arbitrum Foundation. This will include marketing opportunities such as the official Arbitrum Twitter Spaces which has over 900K followers, consideration for grants and builder accelerator programs, and introduction of new relationships with other protocols building in the space.
We expect the value of the entire Arbitrum ecosystem as well as the $ARB token to appreciate considerably in the coming months and years. Despite it’s rapid growth, Arbitrum is still in very early stages and has a lot of room to grow. Sonar and Sonarians will ride this wave as more users and assets continue to come into the ecosystem. Whilst the major pairing will be paired with $ETH, $PING will also be paired with $ARB. As $ARB grows, so does $PING.
Presale opportunity for the upcoming Arbitrum launch
Did you miss the BSC presale? After filling in seconds, presalers and early holders famously made 100x returns on $PING only a few short months later. While past performance is never a guarantee of future returns, believers in the Sonar vision can all agree that a new launch presents fresh opportunity to get in on the ground floor. An opportunity that many thought, including the team, would never come around again.
All $PING holders on BSC will receive an automatic disbursement of the new Arbitrum $PING at launch. That means, that even if you are not a currently a holder or just would like to increase your bags more, by buying the BSC $PING token before the trading halt you can secure yourself what is essentially a “presale/launch price” allotment of tokens. Since transaction tax will be completely removed on relaunch, all holders will enjoy an immediate 8% gain on their holdings.
What happens next?
In a few weeks time the Sonar team will halt all trading on the BSC $PING contract. There will be no further buying and selling possible after the trading halt is in effect. There will be a clear announcement and countdown to the date with plenty of reminders to either buy, sell, or hold. Those that wish to get in the new launch at a floor price or simply add to their current bag may do so by buying the BSC $PING token before the trading halt.
As stated above, any BSC $PING holders will have the exact USD equivalent of Arbitrum $PING tokens automatically sent to their wallets. If you plan to buy more or hold your BSC $PING tokens, no further action will be necessary to receive your Arbitrum tokens. The trading halt on BSC will be permanent and the contract will be forever decommissioned as we transition to our new home on Arbitrum.
The total $PING supply on Arbitrum will be different, and will be designed to produce more “digestible” token prices to those new to crypto. You will receive the exact USD amount of the new Arbitrum $PING equivalent to each wallet’s BSC $PING holdings. The numerical amount of $PING tokens will be different, but the USD values will be the same at the time of launch.
Wen listings, wen marketing?
We have reached a deal for an initial round of funding, and we are in progress of securing additional rounds. While we cannot talk about the dollar amounts involved, we can explain how much of these funds are being allocated to the furtherance of Sonar and Sonarians.
We are currently in discussions with several different Centralized Exchanges. $PING will list on several CEX’s simultaneously at the time of the Arbitrum launch. Which CEX’s exactly will be released in a further update.
As a part of the funding package, we are allocated a marketing budget, as our investing partners wish us to be as successful as possible. Additional details of our upcoming marketing campaign will also be released in further updates. Direct ecosystem support from the Arbitrum Foundation will be included among this. Our Arbitrum launch marketing campaign will begin before and continue after launch.
Our development team will be significantly expanded as we now have access to additional top-tier talent through our funding partners. Some of the investment into Sonar will include sponsored development partners to help us build out the more exotic components of our product development plans.
Nine birds, one stone
Sonarians, this is everything you have been asking for in one fell swoop. With the first funding round coming to a close and rebirth on Arbitrum, Sonar accomplishes the following things:
- Exit of a precarious and uncertain BSC chain onto a thriving and rapidly growing new DeFi hotspot that is Arbitrum.
- Less expensive fees, faster transactions, direct access to Ethereum.
- The excitement and exposure that comes with a launch from a team with a proven track record.
- A substantial marketing budget to bring attention to the ICO and post-launch. Global press and marketing campaign. Exposure on Crypto Twitter & the ARB/ETH Telegram scene.
- Multiple CEX listings at launch.
- Support from our new native chain, Arbitrum. Sonar will appear on Twitter spaces AMA with 900K+ followers. Introductions and new partnerships with other protocols in the space. We have also applied for an Arbitrum builder grant.
- Massively accelerated and expanded development progress due to new budget and development partners. Much needed bug fixes, optimizations, as well as new features and products are on the way!
- $PING’s majority pair will be with $ETH however a portion of LP will be paired with $ARB, which we believe still has considerable upside ahead. As $ARB grows, so does $PING.
- Removal of transaction tax entirely. We have graduated to the big leagues! No more token tax!
We hope our loyal Sonarians enjoy, digest, and fully understand the potential of this exciting and massive update!
-The Sonar team