UBQT Solana Token Reissue (UBQT_S)
Dear UBQT Community,
We are reaching out to inform you of an important update regarding our UBQT Utility Tokens. Based on feedback from our valued community, we have made the decision to reissue the tokens on the Solana blockchain under the name UBQT_S, ensuring a consistent total supply of 111,111,111, identical to the tokens on the XPR Network rather than 1.11B as recently issued.
Why the Reissue?
Unfortunately, some bad actors exploited our initial disbursement, negatively affecting the price and integrity of our token on Raydium.
To address this and improve our processes moving forward, we have implemented the following measures:
- Enhanced Launch Strategy: Relaunching on DEXs with improved safeguards in place.
- Liquidity Management: Using multiple wallets to better secure liquidity.
- Presale Restructuring: Revising terms to prevent misuse (with a more sustainable target).
- Checks and Balances: Introducing stricter controls to mitigate abuse.
Returning UBQT Tokens
To proceed with the transition, we ask you to return your current UBQT tokens to the following address:
AfzH7ciuZkRvxeBpVDbrPxttT2XrRwBwoJ4stGkCqfbu
(If you do not return tokens we cannot reissue you tokens on UBQT_S)
Our portal partner, Smithii, does not yet support a token burn feature, so we will follow Solana’s recommendation and use their burn-token.ts script for this process. You can find details on the token burn process here: Solana Developer Cookbook — Burn Tokens https://solana.com/developers/cookbook/tokens/burn-tokens.
We deeply regret any inconvenience this may cause and sincerely appreciate your cooperation. Full details about UBQT_S and next steps will be announced later today.
Thank you for your ongoing support and understanding as we work to strengthen our ecosystem and ensure a better experience for all.
With gratitude,
Nathan Wosnack (Founder & Co-Chair, nDAO)
MJ Phillips (Co-Chair, nDAO)
