Sep 13rd PoolinWallet Announcement on the Adjustment of Products and Services
Dear users,
The team has been working diligently in order to lift the suspension on withdrawals as soon as possible. Today, we would like to provide some phasic progress, our initiative to the liquidity issue as well as the associated product & service adjustments, and hopefully, we could hear what our community and users would like to say.
I. Issue Poolin Debt Token Series — IOU (I Owe You)-Tokens
The team has come up with the IOU-tokens scheme to minimize the impact of withdrawal suspension. The tokenomics of IOU-tokens will bring intuitive & various options and easy-to-use operations.
About IOU-Tokens
The IOU-token represents users’ certain kind of asset held in the assets account & the Multi-sig wallet account of PoolinWallet as well as the mining pool account of PoolinMiningPool. There will be six IOU-tokens issued by PoolinWallet, namely the IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC, and IOUDoge, representing users’ original holdings of BTC, ETH, USDT, LTC, ZEC, and Doge, respectively at 1:1 ratio. A snapshot on both aforementioned accounts & coins/tokens will be taken after all orders of Earn, Structured, and other Derivative products have settled in the assets account. The allocation of IOU-tokens will be carried out at 4:00 PM, September 15th, 2022, GMT+8, at which the original holdings of BTC, ETH, USDT, LTC, ZEC, and Doge in both the assets account and the mining pool account of users will be replaced with the corresponding IOU-token respectively at 1:1 ratio.
For instance, miner Darren has 2.5 BTC, 10 ETH, and 20,000 USDT held in the assets account of PoolinWallet, and 300 LTC, 100 ZEC, and 12,000 Doge in the mining poolin account of PoolinMiningPool at the time of the snapshot, in this case, James will receive a total IOU-token allocation of 2.5 IOUBTC, 10 IOUETH, and 20,000 IOUUSDT in his assets account, and 300 IOULTC, 100 IOUZEC, and 12,000 IOUDoge in his mining pool account. The number of Darren’s original holdings of coins/tokens will be set to zero after the IOU-token allocation.
The withdrawals of IOU-tokens are unlimited. Users could withdraw their IOU-tokens at any time. The withdrawal request will be approved quickly and automatically.
IOU-Token Token Information
IOU-tokens are standard ERC-20 tokens issued on the Ethereum blockchain by PoolinWallet. The token address, token symbol, and token decimal of each IOU-token will be announced in a separate announcement very soon.
Redeem IOU-Tokens
PoolinWallet will redeem users’ IOU-tokens with the ultimate goal of burning all the IOU-tokens batch by batch. The ratio of IOU-token to token will stay at 1:1 in PoolinWallet App.
In practice, PoolinWallet will offer IOU-token to token single-direction swap in the Trade function, allowing users to trade their IOUBTC to BTC, IOUETH to ETH, IOUUSDT to either USDT or USDC, IOULTC to LTC, IOUZEC to ZEC, IOUDoge to Doge, quarterly. Also, PoolinWallet is likely to increase the frequency and amount of redeem as long as the liquidity becomes available, meanwhile, users could withdraw their IOU-tokens and trade on chain or even with third parties (if available) freely.
Besides, there will be a series of regular reports sharing information on the buy-back of IOU-tokens as well as other important matters.
Trade IOU-Tokens
- IOU-tokens can be traded on chain. More information will be announced in a separate announcement.
- Purchase brand new mining rigs with IOU-token payments. The function can be found in the PoolinWallet mobile App.
- Purchase Poolin US company shares with IOU-token payments. The intro page can be found in the PoolinWallet mobile App. Feel free to reach us via support@poolin.io
- More applications are to be announced soon. Stay tuned!
Supply Liquidity to IOU-Tokens Onchain
Anyone could add liquidity to any IOU-token<>token pairs on chain. More information coming soon.
IOU-Tokens As Collateral/Margin & Repayment Alternatives of Loan
The loan service will remain functional. No changes will be made to your unexpired/uncompleted Flexi or Fixed Loan orders. However, PoolinWallet will temporarily stop making new loans to users.
- Use IOUUSDT instead of USDT to repay your Flexi/Fixed Loan orders.
- Add/Withdraw collateral of either IOUBTC or IOUETH instead of BTC or ETH in your Flexi/Fixed Loan orders.
Swap Assets to IOU-Tokens
PoolinWallet trade function will be offering seven single-direction swap pairs after the allocation of IOU-tokens, i.e., BTC<>IOUBTC, ETH<>IOUETH, USDT<>IOUUSDT, USDC<>IOUUSDT, LTC<>IOULTC, ZEC<>IOUZEC, and Doge<>IOUDoge.
Users could deposit BTC, ETH, or USDT into PoolinWallet, swap them into IOU-tokens in order to repay Loan orders, and/or respond to the margin call by adding more collateral of either IOUBTC or IOUETH.
II. Resume Withdrawals
Deposits of any coins/tokens made after September 15, 2022, GMT+8 will not be impacted by the withdrawal issue and the mechanism of IOU-tokens.
Mars Project-related tokens’ withdrawal, pBTC35A, pETH18C, Mars, and associated yields of wBTC, ETH, Mars, would not be affected.
III. The Suspension of Products and Services
Our priority, for the time being, is to resume withdrawals of as many coins/tokens as possible, meanwhile, Trade and Earn will remain ‘Out of Service’ till the withdrawal issue has been alleviated significantly. All orders including but not limited to Flexi Earn, Fixed Earn, DeFi, Options, Smart Earn, Gold Range Accrual, Bold Earn, and Dual Deposit will be settled in advance to the assets account, and deposits of new products will be suspended.
IV. Turn Your Token into Shares & Miners
Token-turnover functions would be online in one week, please see details then.
V. Others
The company now is striving for multiple solutions to solve the short-term shortage of liquidity, including seeking new investments, debt-equity swaps, and assets liquidating. We have abundant assets in hand still, short-term hardness only. The company would carefully protect small and medium investors.
Sincerely,
PoolinWallet SG
September 13rd, 2022
