Update: Migration portal is closed. If you need help with migration, please send an email to [email protected].
Purpose:
The purpose of the document is to migrate $ROSN tokens to the new $ROSX token.
Background:
On January 10, 2023, we announced the introduction of RoseonX, a new Gamified Derivatives Decentralized Exchange. After witnessing the collapse of big platforms such as FTX, DeFi protocols like LUNA, BlockFi, Celcius, and many others, we saw an opportunity to fill a gap in the market by expanding our Dapp-based ecosystem with a Perp DEX.
RoseonX will bring more utility to our native token and give power back to our community through a fair governance model. We will also be migrating our entire ecosystem to Arbitrum, the fastest DeFi chain with a thriving community. With any new platform expansion, we will need more funding to support the DAO, marketing, development, and growth efforts. The introduction of a new token ($ROSX) with new tokenomics will help us address these needs without the need for VC funding and provide the project with long-term sustainability.
Check the RoseonX Whitepaper v2 for more details on the new DEX.
ROSX Tokenomics
Migration Overview
Migration Timeline
All trading on CEXes and DEXes for $ROSN will suspend on March 28 at 9:00 AM (UTC) and migration will happen on April 5 at 9:00 AM (UTC)
Migration Summary (Updated April 18, 2023)
- March 28, 2023, 9:00AM (UTC) All CEX/DEX trading will suspend for $ROSN token
- April 5, 2023, 9:00 AM (UTC) is the official migration date and time.
- The token swap ratio is 1 $ROSN for 1 $ROSX.
- Tokens held in RoseonApp including tokens being staked, farmed, unstaked will be swapped automatically. You DO NOT need to do anything in the RoseonApp.
- After in-app migration is completed (9 AM UTC on April 5), you cannot transfer ROSN to RoseonApp for automatic migration anymore (https://t.me/Roseon/470281/516998). Kindly migrate through our Migration Portal instead.
- The deadline for the Migration is 9 AM UTC May 31st.
- Tokens held in CEXs (Kucoin, Gate, MEXC) you must withdraw your $ROSN tokens, you can store them in your RoseonApp wallet or MM wallet. Centralized Exchanges will cease trading of $ROSN token on March 28.
- Tokens held in Metamask wallet, you will need to use the Migration Portal to manually swap your tokens.
- LP tokens on PancakeSwap need to be removed manually from LP before March 28th 9:00 AM (UTC). If you have LP tokens in RoseonApp, please withdraw the LP tokens from the App, and remove your liquidity manually on PancakeSwap.
Migration Guide For MetaMask Wallet Users
Please follow the following steps to migrate your $ROSN tokens to $ROSX through our Migration Portal (migrate.roseon.world)
1. Go to the migration portal: migrate.roseon.world
2. Connect to your Meta Mask wallet
3. Enter the amount of $ROSN to convert
4. Convert $ROSN to $ROSX
5. Your migration was successful.
Add the new token to your Metamask wallet to view your $ROSX balance.
ROSX Token Contract: 0xd6c0156E85deCdF2983c7A2c4A3015eD268d6f8A
Migration FAQ
1. How will the migration work with ROSN staked in RoseonApp?
All of ROSN (staked or unstaked) in RoseonApp will be migrated automatically.
2. Are ROSN in exchanges and external wallets migrated automatically?
Only $ROSN in RoseonApp will be migrated automatically. For $ROSN tokens held on CEXs such as Kucoin, Gate and MEXC, you will need to send your tokens to the the RoseonApp for auto migration or send them to your own MM wallet for manual migration using the migration portal.
Kindly note that you cannot transfer ROSN to RoseonApp for automatic migration after in-app migration is completed (9 AM UTC April 5).
3. What is the conversion rate?
ROSN will be migrated to ROSX at the ratio 1:1.
4. What is the migration portal link?
It’s migrate.roseon.world, but it’s not live yet. Kindly follow our social channels to get updated as soon as possible
⏩ Twitter @RoseonExchange
5. When will the migration take place?
April 5, 2023. Check our Twitter page for up-to-date details.
6. What happens if I miss the migration and $ROSN was delisted?
CEXes will suspend $ROSN trading but you have 2 months to withdraw your tokens from the exchanges. Our Migration Portal will be available until 9 AM UTC of May 1st, so we encourage all of our ROSN holders to complete their migrations before the deadline to avoid any potential inconvenience.
7. Why increase total supply?
#1 With expanded line of products, we need funding to support the expansion of our ecosystem, the funds are for rewards, marketing, liquidity, DAO and future tier 1 investors, specifically exchanges.
#2 The circulating supply remains the same. The supply increase does not have an immediate impact, they are slowly released into circulation. Current supply remains the same and therefore price and market cap stays the same. But the new DEX provides revenue opportunities and brings fire back to the project.
8. What are ROSX’s utilities?
ROSX’s utilities can be found at RoseonX Whitepaper.
9. Where can I read the Whitepaper for RoseonX?
Here is the link: https://roseon.gitbook.io/roseon-whitepaper-2.0/
Risk Warning
Trading cryptocurrencies or other digital assets is a highly risky activity. Please be sure to do your own research and be aware of the associated risks.
About Roseon
Roseon brings crypto adoption through user experience and gamification. Roseon currently has two products: RoseonX, a gamified perp DEX and RoseonApp, a one-stop mobile crypto app. Roseon is the entire ecosystem covering Roseon’s developments in simplifying our users’ crypto journey. Our one-stop solution to all crypto needs is accessible via mobile or web. Our intuitive but user-friendly UI eases the adoption of newcomers to our ecosystem.
Learn more about us: Website | Twitter | Whitepaper | Telegram | Facebook
Related Articles
Getting Started with Rox Chain Testnet
Welcome to Stage 1 of the Rox Chain Incentivized Testnet! This guide will help you start trading on RoseonX, an AI-powered Perpetual DEX running on Rox Chain – The First Layer 3 Chain Built for On-Chain AI Inference.
Introducing Rox Chain
In the ever-evolving world of blockchain technology, innovation continues to push the boundaries of what’s possible. Enter Rox Chain, an exciting new development in the Roseon ecosystem that promises to bring enhanced scalability, efficiency, and functionality to decentralized applications and services.
DePIN Light Node Coming to Roseon App
Get ready for an exciting new addition to the RoseonApp! Next week, on September 24th, we’ll be launching the DePIN Light Node, accompanied by a brand-new XP system, bringing DePIN participation and earning chances to your fingertips.