During the AMA COO Russ explained the new token migration, here’s what he said:
In Short:
- V2 migration scheduled for May 30th, 2022;
- 12- 24 hour halt in trading of V1 Saitama on all CEXs and DEXs prior to migration
- YOU DONT HAVE TO DO ANYTHING TO ACCEPT V2 TOKENS
- V1 Saitama held on CEXs will be automatically converted to V2 Saitama
- V1 Saitama held in wallets (cold and hot) will be airdropped V2 tokens as follows:
If you hold:
- 1T V1 Saitama – You will receive 1M V2 Saitama
- 100B V1 Saitama – You will receive 100K V2 Saitama
- 10B V1 Saitama – You will receive 10K V2 Saitama
- 1B V1 Saitama – You will receive 1K V2 Saitama
- V1 Saitama will become worthless after V2 migration is complete
- May have to manually add V2 contract address to view V2 Saitama in wallet; but you can verify receiving tokens by checking your wallet on Etherscan
In Full:
Saitama is migrating to V2! Are you ready? Here’s a (long) survival guide to help you understand the V2 migration and navigate through all the FUD.
Hi again! Fabulous-Net-96 here! They also call me Rochie Mochi and you can chat with me or any Saitama Wolf Guide or Moderator on our Official Saitama Discord if you have any more questions or concerns!
You: “Okay so what’s all this V2 Business about?”
V1 Saitama, in its current token contract and tokenomics, was taken over by the current Saitama developers last year by Russ Armand and his development team. The V1 contract was renounced last year, but unfortunately, the current Saitama team was bound and restricted by that V1 contract’s limitations.
Enter the V2 Contract and V2 Migration!
V2 Migration – Saitama is migrating to a V2 contract for long term sustainability
- CEXs are more likely to understand our V2 tokenomics
- Too many zeros in V1
- Understanding Thousands and Millions vs. Billions and Trillions
- More control by the Devs in the V2 Saitama Token contract
- Becoming less of a meme token (we already got rid of Inu)
V2 Token:
- 100B Total Circulating Supply – 57% Burned; ~43 B in new circulating supply
- Every 1B V1 Saitama = 1K of V2 Saitama
- Multi-Signature Wallet
- Added Security
- Multi Devs Involved with Big Decisions
- New Tokenomics
- 1.25% Burn
- 1.75% Project Funding
- 1% Distributions
- 1% Liquidity
You: “Cool. Whatever. So when’s all of this happening?
V2 Saitama migration is scheduled for May 30th, 2022.
You: “Nice. Sounds easy enough.”
However:
There will be a 12 to 24 hour halt in SAITAMA TRADING ON ALL CEXs and DEXs PRIOR TO V2 MIGRATION
You: “What’s that mean?”
It means NO ONE WILL BE ABLE TO BUY, SELL TRADE, SWAP OR MOVE THEIR SAITAMA AT THAT TIME.
You: “Okay. So?”
I can already envision that a lot of people will panic and wonder from May 29th, 2022 to May 30th, 2022, why they can’t do anything with their Saitama and why the price of their Saitama WILL APPEARlike it has gone to zero. They’ll say phrases like:
“I can’t move my Saitama! I can’t sell it, I can’t buy it, what the hell is going on?! Help!”
“Why has my Saitama gone down to Zero?!
“Why do the charts show that Saitama just has ONE HUGE RED CANDLE, and WHY IS IT constantly dropping?! OMG, IS SAITAMA A RUG PULL?! I KNEW IT! WHY DID I EVER TRUST RUSS?! F********CK!”
These are common questions and phrases you will hear leading up to Saitama V2 Migration. Mostly the last one. Cause you know, it is easier to Blame Russ (lol).
But not to worry, I’m here to help!
Halting trading 12 – 24 hours prior to migration will do a couple of things:
First, Saitama devs will take a “snapshot” of all the Saitama Holders wallets holding V1 Saitama and based on those numbers, every wallet will be airdropped an equivalent number of V2 Saitama.
- For every 1B of V1 Saitama held in a wallet, they will be airdropped an equivalent of 1K V2 Saitama.
If you hold:
- 1T V1 Saitama – You will receive 1M V2 Saitama
- 100B V1 Saitama – You will receive 100K V2 Saitama
- 10B V1 Saitama – You will receive 10K V2 Saitama
- 1B V1 Saitama – You will receive 1K V2 Saitama
Second, all V1 Saitama held in Centralized Exchanges (CEXs) will AUTOMATICALLY convert to V2 during this time.
Lastly,
Because the Saitama dev team is moving all the liquidity from its V1 token contract to the V2 token contract, price of V1 Saitama will go to ZERO.
This is normal. Don’t freak out. Well, you can freak out, but don’t worry**.** This is part of the migration process**.**
V2 Tokenomics will change the trading price of Saitama.
You will get LESS TOKENS, but VALUE OF THOSE TOKENS REMAINS THE SAME.
- Example
- 100B of V1 Saitama at current price of 0.0000000035; Your V1 Saitama’s value = $350
- 100K of V2 Saitama at new price of 0.0035; Your V2 Saitama’s Value = $350
You: “Wait, why am I getting less tokens? I don’t like less tokens! I want the same amount of tokens! This is BULLSH*T”
Although you are getting less tokens, I repeat, YOUR TOKENS ARE WORTH THE SAME AMOUNT OF $.
Basically think of it like this, to simplify it all, Saitama’s just removing 6 zeroes from everything.
Our circulating supply? 6 zeroes gone. 100 Quadrillion Saitama now becomes 100 Billion Saitama
Our Burn Wallet? Bye 6 zeroes. ~57 Quadrillion Saitama now becomes ~57 Billion Saitama
Our New Circulating supply after the Burn wallet. See ya 6 zeroes! ~ 43 Quadrillion now becomes 43 Billion Saitama.
The price? No more 8 zeros! We’ll start with Six Zeroes Less! 0.0000000035 becomes 0.0035.
Your wallet, with whatever amount of V1 Saitama you own, just remove 6 digits from right to left (before the decimal point) and voila! You get your new V2 Saitama amount!
Example:
Say you you own 123,456,789,101,112 of V1 Saitama
Well let’s remove the last 6 numbers shall we, to get our V2 Saitama amount. Here we go!
123456789101112 of V1 Saitama = 123,456,789 of V2 Saitama
Removing 6 zeroes (or last 6 digits before the decimal) from all the important V1 Saitama numbers, allows Saitama’s numbers to be easier to comprehend, makes us more competitive in the crypto space and establishes us a meme token no longer and more of a token with staying power.
Think of it like this.
Why would a top tier exchange want to list a token with a large circulating supply, typically some outrageous number of like 100 Quadrillion, or 1000 quintillion, or 100 dsafjklasjkl;f-illion, when a huge stigma of large circulating supply tokens is associated with memes and rug pulls?
Saitama is no longer a meme token and is NOT a rug pull.
Those large enough numbers are insane for the human mind to grasp, let alone crypto exchanges. It makes little financial sense and would cause more headaches for those top tier exchanges to list Saitama in it’s current state of V1, and one of the key reasons why Saitama is going to a V2.
You: “Okay, but how is Saitama going to fund the V2? Where’s the V2 Saitama liquidity going to come from?”
Good question! And it’s actually going to come from the deployer wallet owned by the previous owner of Saitama..
There’s about 930T of V1 Saitama in locked liquidity that will unlock around May 30th, 2022, so it’s expected that the Saitama dev team will move that unlocked liquidity from V1 into the V2 contract.
You: “Wait wait, how can we trust the Saitama dev team and the previous deployer to do the right thing and put the liquidity in V2 and not run away with all that money?”
Which all I can say is, well, we don’t know.
But that’s up to you as an investor to decide.
If you trust the devs and the original person who controls that wallet with the locked liquidity, which Russ has talked about the Saitama dev team being in constant contact with the previous owner of that wallet, then you believe they will all do the right thing.
If you don’t trust them, well, then why even invest in Saitama at all? With any of your investments, I would hope you trust those who have control over your money.
With Saitama, at least you know the developers. The majority of rug pulls and scams in crypto today are done by developers who aren’t even doxxed but with Saitama, well at least we know the identities of who’s running the show, and sometimes even that isn’t enough! (Looking at you Do Kwon!)
At this point in your Saitama investment journey, if you have lost trust in these developers and still have money invested in Saitama, I am amazed you’re still here!
You: “Yeah, well, I’m down ___%, what do you think I’m going to do, sell at a loss?!”
If you’ve said the above statement, you’ve probably come to the realization that your only option is to HODL. My question to you is, for those of you who choose to FUD Saitama, why vocally scream your displeasure for the Saitama token and its development team?
If you want Saitama to rebound, so you can recoup your initial investment, you’ll do everything in your power to help the price go back up (and to me, that’s to remain positive and trust the team).
No need to FUD your investment, YOU’RE ONLY HURTING YOURSELF.
IMO, you should leave investments immediately that you don’t have faith in. You don’t trust something? Well then it’s time to leave! And try to do it quietly, if you can. It is possible to exit quietly, ya know?
You: “But what if I want to warn others about my distrust? What about so and so on *insert Twitter, Youtube, Instagram, Reddit, etc. influencer here* who says Russ and the Saitama are going to *insert some story or opinion based Saitama FUD here*? Huh? What about that? Huh?!? Huh?!?!?!”
Look, I’m not here to tell you what to do, who you should believe, what to listen to or any of that. I’m merely letting you know, from my constant tracking of everything that goes on with the Saitama token, and being an investor in the Saitama token, that Saitama and the dev team, from what I can tell, do their best to look out for the investor first.
From my own research and following the doxxed lives of the Saitama devs, if I’m not mistaken, a couple of the Saitama dev team members have quit their full time jobs to focus on Saitama to make sure Saitama succeeds. The devs, according to Russ in the most recent AMA, have also collectively put up to $20 Million USD of their own money to fund Saitama up to this point, because Saitama doesn’t currently have a marketing wallet. Ask yourself, “Why would the Saitama devs put up that much money to actively pursue Saitama to fail?”
You: “Yeah, but what about all this stuff I hear about Russ owning a Lambo and he’s using Saitama funds for his new mansion or *Insert more Saitama opinion based FUD or developer here*? Is there any truth to that?”
I don’t follow a lot of the FUD claims by many of the social media Influencers/etc. I would feel emotioanlly drained and exhausted. I would also be skeptical of words anyone, including social media influencers, preach as “just facts,” but I will say, it’s important to not invest with emotion. Many of the people who like to tell you “they know the truth” are actually vying for your attention. That includes YouTubers for clicks, Twitter influencers for retweets, and any other social media influencer for likes and shares.
With crypto, we pay with our money.
In everything else, we pay with our time.
And unlike money, time cannot be earned back. Once it’s gone, it’s gone.
So pay attention to what you pay attention to, and use your time wisely.
Do your own research, and remember to use critical thinking.
Don’t follow blindly either. Don’t even just listen to me! I don’t know anything!
As for Russ owning a Lambo, he actually has spoken about it. He admits to owning one. As for his house and mansion or whatever, I don’t think he has said anything about that in great detail, nor do I personally think he has to. I know he’s doxxed and he’s Saitama’s COO, but Russ is still allowed to live his own personal life the way he wants, just like the rest of us. The personal attacks on Russ and his family are unnecessary and don’t serve any purpose towards the progress of the Saitama token.
In fact, let’s stop all the personal attacks on people, please.
From what my own personal research tells me, Russ was a successful businessman before he got into the Saitama Token. He’s previously served in the military, he was a former firefighter, and he has a family who seems to love and support him. He said he would have retired a long time ago, but instead he’s chosen to help the Saitama community out and works actively to make it succeed. Whether you believe him is a decision you ultimately have to make for yourself.
To me, after following Russ’s Saitama’s leadership up to this point, he seems like a humble man that is just genuinely nice. If anything, he might care too much. He constantly appears on YouTube AMAs and Twitter spaces willing to answer questions from the community, usually beyond the allotted time he says he has and IMO, Russ has taken criticism fairly well from many staunch opponents in Saitama’s first year. Russ has remained an active listener of the Saitama community and its needs, which cannot be said for many other leaders in the crypto space. Take Do Kwon for example.
For those unfamiliar, Do Kwon was the man behind TerraForm Labs and the network token Luna, which caused a $40B USD crash earlier this month. Do Kwon as a leader, at least to me, has often displayed his arrogance including how he was repeatedly warned about potential flaws in his Luna token, but chose to ignore those warnings and do nothing. He’s also openly taunted billionaires on Twitter to attack his Luna token and made wagers that they would fail in doing so. It’s no surprise that by choosing not to acknowledge his own failures, he has lost those bets.
You: “Alright. Whatever. So what now? How do I get my V2 Saitama? Do I have to do anything?”
NOPE. You don’t have to do anything to ACCEPT the V2 Saitama.
- V1 Saitama automatically converts to V2 on all CEXs (BitMart, LBank, OKX, Gate.iO, HotBit, etc.)
- V2 Saitama will be airdropped FOR FREE to all V1 Saitama held in cold or hot wallets (Metamask, Coinbase Wallet, Trust, Ledger, Trezor, etc.)
BUT, to VIEW the tokens in certain wallets, you may have to manually add the new V2 token contract to your wallet (which isn’t publicly known yet)
You: “So should I buy more Saitama now? Or wait until V2 Migration is complete?”
This is a common question I hear with regard to V2 migration.
Personally, I would buy more V1 Saitama prior to the V2 migration, but that’s just because the taxes are slightly lower in V1 Saitama (4% in V1; 5% in V2). I’m also an impatient person, and want everything now. Perhaps you’re the same?
You: “So what will happen with the price as soon as V2 migration is complete?”
Another tough question to answer and one I don’t quite know the answer to. Other cryptocurrencies migrating to a new contract, from my research online, has produced mixed results in the immediate short term. Some were negative while other tokens have had more positive results.
Ultimately, it will depend on how everyone reacts to the new change, as well as a crypto market looking to receive the V2 news. If the V2 contract allows Saitama to be listed on top tier exchanges, this could spell great news Saitama investors have desperately been waiting for.
Russ even tweeted, immediately after revealing news of Saitama’s new tokenomics and migration to a V2 contract, that he was contacted by top tier exchanges saying that they welcomed the new changes.
So, all things point towards positive sentiment, but we’ll all just have to wait and see what happens on or around May 30th, 2022 with the planned V2 Migration.
You: “Call me a skeptic, but doesn’t Saitama have a terrible record with meeting previous deadlines? Everytime I think Saitama is going to release something on time, they don’t deliver. What makes this any different?
Another solid point that I can’t argue with. Saitama has missed previous deadlines by promising things to be done by certain dates (to be fair, many of those missed deadlines weren’t ALL Saitama’s fault, but they’ve admitted fault and vowed to make things right moving forward). Saitama has gotten better lately, however, by being less vocal about deadlines and being more about delivery, so I personally find it interesting Saitama setting a date for this V2 migration to be complete on May 30, 2022.
But from what I can tell, Russ has said the Saitama dev team has been working in the background on migrating to a V2 for weeks, and they were awfully quiet, even for them, leading up to the V2 migration announcement.
On top of that, Saitama revealed they were working with a team in India, even buying out a CEX to help with the new influx of Saitama investors, so I have a feeling this time will be different.
We shall see! *fingers crossed*
You: “I dunno. I’m still skeptical. But I guess all I can do is wait.”
Yeah pretty much, unfortunately. It’s all a waiting game at this point. We just have to wait, and see where V2 takes us. if people are still concerned or have more questions, feel free to reach out to me, or any of the moderators on Reddit, or find me on our Official Saitama Discord, or any of the other wolf guides, as we will be there to help everyone through the V2 migration process and beyond.
TLDR: V2 migration will be scary, but don’t fret, it’s all for the best. The FUD will try to scare you so don’t invest with emotion cause the majority of the FUD is baseless. New V2 token contract will make it easier for CEXs to list Saitama, and will make it easier for the average investor to understand Saitama. V2 Migration is set for May 30th, 2022, and barring any delays, we should see positive price movement with Saitama.
