We started ZelaaPayAE to build a transformational blockchain powered payments ecosystem for the Middle East, in the beginning we built ZPAE on top of Ethereum to sail this ship. However, as we started experimenting with our line of products – we experienced a lag in terms of consumer payment transactions.
The Ethereum blockchain went evidently slow in terms of transaction confirmations and beyond acceptable/manageable transaction fees. ZelaaPayAE was and is committed to building transactional utilities and these hinderances from Ethereum were turning our use-cases obsolete. Therefore, we partnered with Tron to bring ZPAE to the fast and negligible transaction fee blockchain and use it to power ZPAE centric transactions across Middle East.
Now with this dual chain, there is definitely a mis-management in terms of high spreads across multiple exchanges where ZPAE is listed and we faced major liquidity issues as well, having said that – there were couple exchanges which also weren’t able to implement the dual-chain properly due to lack of technical infrastructure to run the same.
As we move forward, implementing dual-chain on upcoming exchanges is also causing major delays in terms of both extra commercials and expenditures and at the same time more time consumption to integrate both and deploy on exchange frameworks.
Considering these pressing issues and concerns, we have decided to 100% migration to Tron and turn ZPAE back to a single chain, ZPAE TRC20. All existing exchanges have started receiving communication from us about this change and we have started rounds of technical discussions about this migration with core teams.
To existing token holders of ZPAE ERC20, we will be providing initially a 1:1 swap
(Eg; if you hold 100 ZPAE ERC20 you will receive 100 ZPAE TRC20). Once the 1:1 swap is completed, there will be an individual rewards mechanism to compensate and deliver in equality an airdrop to all the swapped and new TRC20 holders. The method for this swap will be shared in a couple days with the holders, as we are testing the protocol for it as of now.
Another concern to accelerate this swap is the ZPAE TRC20 funds locked in the Lockable smart contract (https://tronscan.org/#/contract/TCpoUuTYYBcXbwEjmsKnS58VAV56sw3faP), the unlock schedule is as below:
As per this schedule, we will not be able to provide a swap for 350,000,000 ZPAE ERC20 existing supply until 7th June 2021, which is beyond all our existing timelines.
Therefore we have agreed to make a decision to mint 350,000,000 ZPAE TRC20 today i.e 10/12/2020 to be used to facilitate this swap for the holders.
In order to NOT affect the supply, we have also decided to burn 400,000,000 ZPAE TRC20 from the Lockable contract as and when it becomes available to unlock. This will be strictly done to keep the final supply at 1,000,000,000 at all times and the public will be notified of all the burns when they occur.
As for Firdaos, it will also be undergoing the migration and will be changed to function purely on TRC20 protocol.
These decisions have been taken internally with all the advisors and partners to bring ZPAE back on track in terms of differential values and for us to be able to fast-track all developments and to support us deliver as per the project roadmap.