Strategic Token Merge between THORWallet and Vultisig
The rumors are true, Thorwallet will rebrand to Vultisig and merge its $TGT token to $VULT.
Let’s dive into the rationale, which is actually quite simple. We are able to create a win-win situation for every stakeholder involved.
Thorwallet users:
They won’t notice much of a difference except for the new Vultisig branding. Of course, Thorwallet will now offer the full Vultisig Vault experience.
$TGT holders:
- The newly released Thorwallet Pro (V3) will be rebranded to Vultisig and benefit from the momentum of the new brand and its community.
- The Vultisig team had previously raised $3.6 million in seed and recently received a $5m injection from notable VCs & individuals at a $100m FDV and plans to raise an additional substantial amount for global marketing activities further down the road.
- Signed 9 KOLs & Coinmarketcap marketing deal.
- Interests from Tier1 exchanges
- After the token merger, we will increase the cashback ratio from 50% to 70%.
- We also have two Unicorn founders (Thorchain & REN Protocol) on board to provide significant support.
- Momentum (wewe hype) & Airdrop hype.
Former Vultisig users:
- Vultisig will be immediately listed on the Apple Store and Google Play Store in over 150 countries.
- Users will have access to a combined 100,000 downloads and 20,000 monthly active users.
- All DeFi features are immediately available in a Vultisig Vault.
- Access to the best fiat gateway, including a Vultisig MasterCard and a complementary Swiss bank account.
- They will benefit from the experienced Thorwallet team, which built Thorwallet into a profitable wallet within 4 years.
The merge process:
- $TGT holders will be able to migrate their $TGT (Arbitrum) to $VULT IOU (Arbitrum).
- $TGT merges with an implied FDV of $19m, from which 65.7% is in circulation and the rest is a treasury-treasury transfer.
- The $TGT tokens in circulation (65.7%) will receive 12.5% of the $VULT (in VULT IOU) circulating supply.
- The $VULT IOU tokens can be staked for real yield (as $TGT can now).
- The $TGT to $VULT IOU merge has a 12-month time window. In the first 3 months, $TGT will be merged for $VULT IOU. After that, the conversion rate will gradually decrease to 0 over the next 9 months. The unclaimed $VULT IOU tokens (due to inactive zombie $TGT tokens) will be evenly distributed among the users who remain in the merge contract, allowing them to receive proportionally more $VULT.
- It is optional to stay in the merge contract to receive more $VULT. A user can also choose to claim their 1:1 portion and stake it for real yield. This flexibility, allowing users to decide whether to stake their $VULT IOU or remain in the merge contract for more $VULT, provides a perfect incentive to participate in the merge. It will also increase the APY for staking, as some will opt to stay in the merge contract.
- Once the chain on which $VULT will launch is determined, $VULT IOU will be exchangeable for $VULT.
How does the product suite look?
This is the fun part. Remember when you first joined the crypto space, and a friend told you to: 1) Download Coinbase to get BTC, 2) Install Metamask for your browser, and 3) Use TrustWallet for your mobile?
Well, now you can tell new crypto users to go to Vultisig. We cover it all — in the most secure and user-friendly way.
Roadmap and Next Steps
- Integration of Vultisig into Thorwallet Pro (V3) > rebranded to Vultisig
- The current Vultisig version evolves to Vultisigner
- Growth Hacking
- Vultiphone launch
- $VULT launch
- Tier1 listing
- …
We are super hyped, are you?
Vultisig Team!
