ShopNEXT

<p><strong>Hello ShopNEXT community,</strong></p><p>Today marks a massive milestone in ShopNEXT history, as our team announces the swap of the current NEXT token. The new NEXT, a loyalty token, is the core of our ecosystem and expected to capture the values created better than ever.</p><h3 id="strong-what-was-the-purpose-of-the-old-next-strong"><strong>What was the purpose of the old NEXT?</strong></h3><p>Old NEXT was designed according to the V1 business model, focusing on affiliate marketing. It was mainly used for two purposes:</p><ul><li>To upgrade the MOON membership</li><li>To reward users for shopping</li></ul><p>While the model was great at the beginning, rewarding NEXT on users’ shopping will make the token diluted over time, which causes the token inflation issue.</p><h3 id="strong-why-do-we-need-to-swap-strong"><strong>Why do we need to swap?</strong></h3><p>Recently, we have <a href="https://www.visa.com.vn/en_VN/about-visa/newsroom/press-releases/shopnext-partners-with-visa-to-launch-the-first-ever-web3-loyalty-platformthough.html" rel="noopener noreferrer nofollow">partnered with Visa</a> and repositioned ourselves as the first-ever Web3 Loyalty Platform. ShopNEXT is planning to release its new business model in December 2022. The roles of the NEXT token in the new business model are different. <strong><em>It transforms from an inflationary rewarding token to a deflationary loyalty token</em></strong>. To capture the change in business model, our tokenomics and smart contract have been substantially changed, which demands us to implement a token swap. The smart contract upgrades and token migration provide much more dynamic flexibility for our future growth and expansion.</p><h3 id="strong-what-are-the-utilities-of-the-new-next-strong"><strong>What are the utilities of the new NEXT?</strong></h3><p>As a loyalty token, the main purpose of NEXT is to upgrade the membership. Besides, NEXT can be employed as the only currency on the ShopNEXT NFT marketplace. The most interesting part is that it will also be used to pay fees in ShopNEXT <a href="https://docs.shopnext.io/whitepaper/how-to-play" rel="noopener noreferrer nofollow">gameplay</a> (for boosting and recharging NFT cards). These fees will be burned to make new NEXT a deflationary token. More details on token utilities can be found <a href="https://docs.shopnext.io/whitepaper/our-tokenomics/next-token" rel="noopener noreferrer nofollow">here</a>.</p><p>Since new NEXT will not be used to reward anymore, we will limit its total supply to 100,000,000 tokens, which means holders can swap <strong>10 old NEXT for 1 new NEXT</strong>.</p><h3 id="strong-how-to-swap-strong"><strong>How to swap?</strong></h3><p>We will announce a swap page in December, at the same time as the release of our V2 mobile app. There is no hard deadline for the migration at the moment, users can swap old NEXT anytime. However, to become MOONers, our new smart contract only understands new NEXT tokens. Thus, those who want to upgrade their membership should swap as soon as they can.</p><p>We will be working with exchanges, data sites, and other platforms to support the $NEXT migration, but there might be a transition period before the information of the new NEXT is fully updated.</p><p>We can’t wait for the swap event, and hope you are as excited as we are. More info will be coming soon, stay tuned!</p><h3 id="strong-key-takeaways-strong"><strong>Key takeaways:</strong></h3><ul><li>Swap time: TBA (in December 2022).</li><li>Swap website: TBA (in December 2022). No rush as this website will remain permanent.</li><li>Swap ratio: 10 old NEXT for 1 new NEXT</li><li>Old NEXT total supply: 1,000,000,000</li><li>New NEXT total supply: 100,000,000</li><li>Old NEXT contract: <a href="https://bscscan.com/address/0x9809e877192B510D767a94ba39a79429219a5afB" rel="noopener noreferrer nofollow">0x9809e877192B510D767a94ba39a79429219a5afB</a></li><li>New NEXT contract: TBA</li><li>New NEXT blockchain: BSC</li><li>NEXT to upgrade MOON in V2: new NEXT</li></ul>

ShopNEXT Token Swap is Coming

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ShopNEXT

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