Crypto Quill

Gate.io, a leading cryptocurrency exchange platform, has announced that it will support the token migration of $SOULS, the native token of The Unfettered Ecosystem. The decision comes after the project suffered a hacking incident that compromised its smart contract. The token swap will be done in a 1:1 ratio with a new ID, and users of Gate.io who hold $SOULS will not have to take any action from their side.

What is The Unfettered Ecosystem?

The Unfettered Ecosystem is a decentralized platform that aims to empower creators and consumers of digital content. It allows users to create, share, and monetize their content using blockchain technology and non-fungible tokens (NFTs). The platform also features a marketplace, a social network, and a governance system.

The Unfettered Ecosystem uses $SOULS as its utility token, which is used for various purposes such as paying fees, rewarding creators, and participating in governance. The token has a total supply of 10 billion and follows the ERC-20 standard.

What happened to $SOULS?

On March 7, 2024, The Unfettered Ecosystem announced that its smart contract was hacked by an unknown attacker, who exploited a vulnerability and drained 2.5 billion $SOULS from the contract. The hacker then proceeded to dump the stolen tokens on various exchanges, causing the price of $SOULS to plummet by over 90%.

The Unfettered team quickly responded to the incident and contacted the affected exchanges to freeze the hacker’s accounts and prevent further damage. The team also decided to migrate the remaining $SOULS to a new smart contract with enhanced security measures and a new ID. The token swap will be conducted in a 1:1 ratio, meaning that each old $SOULS will be exchanged for one new $SOULS.

How will Gate.io support the token migration?

Gate.io, one of the exchanges that listed $SOULS, has announced its support for the token migration. The exchange platform has disabled the deposits and withdrawals of $SOULS until the migration process is completed. A tentative timeline for the migration has not been shared yet, but Gate.io will make an announcement through its official channels such as its website and social media.

Users of Gate.io who hold $SOULS will not have to do anything from their side, as the exchange platform will handle the swap services automatically. Users can continue to trade $SOULS on Gate.io, as the trading activities are not affected by the migration. However, Gate.io will no longer support the old $SOULS, and only the new $SOULS will be available after the migration.

What are the benefits of the token migration?

The token migration is expected to bring several benefits to the $SOULS holders and the Unfettered community. First, the migration will restore the security and integrity of the $SOULS token, which was compromised by the hacking incident. Second, the migration will reduce the total supply of $SOULS by 25%, as the stolen tokens will be burned and not replaced. This will increase the scarcity and value of the remaining $SOULS. Third, the migration will enable the Unfettered team to implement new features and improvements to the $SOULS token and the Unfettered platform, such as cross-chain compatibility, staking, and governance.

The Unfettered team has expressed its gratitude to the $SOULS holders and the Gate.io team for their support and cooperation during this difficult time. The team has also assured the community that it will continue to work hard to deliver its vision and mission of creating a decentralized and unfettered ecosystem for digital content.