In case you have not been following our Telegram channels or simply missed the news over the past few months, Sonar is moving to the Arbitrum-One ecosystem soon.
This is a relaunch of the PING token and was first announced back in August 2023; since then Sonar has already had its first AMA with Arbitrum, in case you missed that as well, you can listen to the recording here:
· Arbitrum x Sonar AMA (YouTube):
· Arbitrum x Sonar AMA (X/Twitter):
· Post AMA Telegram Voice Chat Q&A:
WHY IS THIS HAPPENING?
There’s a constellation of compelling reasons that make the move a resounding win for all of us in the Sonar community.
· VOLUME & TLV GROWTH.
Arbitrum ranks as the 3rd largest daily volume platform, competing for the 2nd spot with BNB Chain and indicating strong user engagement and adoption.
· A FLOURISHING ECOSYSTEM.
The move to Arbitrum offers access to a completely new and smart user base within a thriving ecosystem of impressive projects and potential partners for exciting new collaboration opportunities.
· DIRECT SUPPORT FROM CHAIN.
The ARB core team is actively supporting $PING’s migration process, providing expert guidance and helping us set the stage for the most successful launch.
· WAY CHEAPER GAS PRICES.
Lower gas fees on Arbitrum translate to deeper access and higher convenience for both $PING and for our ecosystem’s product suite, facilitating adoption and user acquisition.
WHAT DOES THIS ENTAIL?
First and foremost:
· In a few weeks, specifically between 01.00am UTC on 27 November 2023 and 01.00am UTC on 29 November 2023, trading for $PING on BNB Chain and Ethereum will be paused.
o Please note: We will NOT give an exact time in order to mitigate against market manipulation, simply understand that trading can halt any time during these few days.
· Immediately after the trading halt, we’re gearing up for the commencement of the Initial Coin Offering (ICO) on Arbitrum-One.
· Shortly after trading halt we will be sharing the updated tokenomics for PING on Arbitrum-One with the community.
· Upon the successful completion of the ICO, a new era begins. PING under ARB-ONE will be launched on various decentralized exchanges (DEXes) including Uniswap, as well as on multiple centralized exchanges (CEXes).
· All holders of BSC and ETH PING will AUTOMATICALLY receive an equal USD value of the newly launched $PING on the same wallet address on Arbitrum. NO efforts, NO claiming, NO stress.
· We will also release specific how-to videos about how to add the upcoming new $PING and activate Arbitrum on Metamask, Trustwallet and other wallets.
- We WILL announce when the migration starts.
- The migration will be AUTOMATIC, you don’t have to do anything besides adding the ARB chain to your wallet.
- If ANYONE sends you a DM asking you to connect to a page or perform an action “to get the new tokens” or “to be airdropped”, IT IS A SCAM.
But wait, there’s more, with this move we are also:
· Amplifying marketing through the Arbitrum ecosystem
· Starting product marketing and brand awareness campaigns gearing up to our v 1.0 product launch and beyond
· Cross ecosystem integration of new tools and services into Sonar Studio
· Collaboration with the ARB ecosystem, and the DAO for higher community engagement.
So what’s the timeline for all this?
Trading halt: specifically between 27 November 2023 and 29 November 2023, trading for $PING on BNB Chain and Ethereum will be paused.
ICO: We have decided to launch the ICO and PING on Arbitrum-One in January. This is due to the following (pretty awesome) reasons:
- December usually has less market interest and engagement as well as relatively low volume.
- Our launch will mark the new year, the year of halving, the year of Sonar x Arbitrum
- Q1 is generally a positive period for the market, especially with general positive news around ETFs expected at the time.
- This will allow us ample time to complete our preparations, from legal to marketing, CEXes, brand awareness and most importantly product updates.
Important points to remember:
· Exact Launch price and tokenomics will be provided shortly after halt
· Launch price (and your corresponding USD value) shall be determined at that time, and shall be equal or slightly higher than your halt value.
· During the period pre-halt, you have the time to ensure a larger position, whether you need to sell your PING, whether you are happy with your bag. There is ample time until halt to make this decision.
We are extremely excited about this upcoming move and Ping relaunch on Arbitrum, as well as all the awesome things we have in store for 2024 and we look forward to venturing on this next chapter in Sonar’s growth with all of you.