Disclaimer: Not financial advice. Always do your own research and consult a professional finance advisor before making any investments.

On February 5th, the Vector Smart Chain Team held a momentous Spaces chat. Aptly titled “Revolution”, this chat announced the next major step forward for Vector Smart Chain. If you hold VSG on Ethereum, you will want to pay attention to what is happening. Along with the chat, this announcement was shared on the official X account…

What does this mean? It means VSC will no longer be tied down by Ethereum. The blockchain will be fully unleashed, fully its own layer 1 chain, in all respects. Yan Whittaker summed up the team’s feeling towards taking this step…

The VSC co-founders spent some time talking about the reasons behind the move, the feedback and advice they have received, and how it helps the chain. Whittaker shared an analogy of why the move is necessary…

“You’ve got a builder, he builds his house. Once his house is finished, he does not pitch a tent in his back garden and live in that, he moves into the house. Our house is built, that is our entity, it’s now time to move in. […] If we don’t take this step, it confuses people, the neighbours will look in and go: why is he living in his back garden?, he’s got a new house there, what’s going on?”

In summary, the move is designed to tackle some existing issues:

• Confusion
  Make it clear that VSC is a layer 1, not a layer 2 built on Ethereum – because of the main liquidity being on Ethereum and its reliance on it, VSC is often mistaken for a layer 2.
• Reliance on Eth
  Move the main liquidity and holders on-chain – Currently the primary base of holders and liquidity are sitting on Ethereum, not a good look for a Layer 1 designed to compete with Eth.
• Price Instability
  Pair VSG with a stable coin, USDC. Other Layer 1 blockchains are paired with a stable coins, but VSG is currently paired to ETH, which means VSG is being dictated by ETH.
• TVL & Integration Difficulties
  The liquidity becomes TVL (Total Value Locked), making it easier to get integrations and listings as this is a key figure considered by other companies.

There are also many other advantages of this step, including increased transactions and trading of the native asset on-chain as well as allowing many more people to take advantage of VSC’s features. If you want to listen to the full discussion, you can do so here.

How to Prepare

This announcement only affects those who have not yet bridged or swapped their VSG on Eth to VSG on VSC (aka “native” VSG). If all your VSG is on Vector Smart Chain already, you don’t need to do anything. So if you are part of the other group who is still holding VSG on the Eth chain, you have some options:

• Bridge via the Official Bridge
  This is the most expensive & slowest option, however it is best for large amounts of over 10m VSG. Watch a video tutorial on how to Bridge on Youtube.
• Swap to native VSG via BubbleSwap (Most Popular)
  This is the cheapest and fastest option. On Bubbleswap, you can choose ERC20 VSG from the drop-down and swap for native VSG.
• Sell & Buy on a CEX
  If the above two aren’t an option for you, you can always sell your VSG and purchase on a CEX that sells native VSG directly. Exchanges that sell native VSG include MEXC, Ascendex & LBank. However, it is important to note there will be a price difference and it is unlikely that you will be able to sell and buy at the same price – you may end up with less VSG.

When going through this process, take your time. Don’t rush. Compare the options and select the best one for you. Also keep in mind the safety tips below.

Import Tips on Safety

It is important to stay safe when handling your crypto. At times like this, when there are big changes, scammers like to take advantage of the opportunity. They will set up phishing websites that look like the real thing, create fake Telegram groups and invite you into them. They will also try to “help” you through direct messaging and will impersonate the official team to gain your trust. Please be very careful.

Always –

• Never respond to direct messages (DMs) even if they appear to be from an official team member. Block and delete these chats.
• Never click links in Twitter/X replies as they often contain phishing links and impersonators.
• Double check the URL of the websites you visit match the official links posted in the official Telegram or from the official website BEFORE you connect your wallet.
• Change your Telegram privacy settings to not allow “everybody” to add you to Telegram groups.
• Check that you are only in the official Telegram community and not a fake one.
• Remember that the official team members will never contact you.
• Check with the community if you have any concerns about something you are doing.

When is the deadline?

The transfer of liquidity from Uniswap to VSCDex will take place on March 5th. No time on the day has been specified. It is best that you do not leave bridging/swapping to native VSG to the last minute.

Where can I get help?

The place to get help with swapping/bridging is the official Telegram community. You can post your questions/issues in the “Help” channel.

What will happen to Eth VSG?

After the liquidity is removed from Uniswap, the value of VSG/ETH contract will significantly drop and trading will become very difficult. Please bridge/swap to native VSG before March 5th.

What if I missed the deadline?

If you somehow missed the announcement completely and didn’t know about this change, all is not lost. Contact the VSC team, they will, on a case-by-case basis, review your Eth VSG holdings and transactions.

How do I buy/sell native VSG after March 5th?

After March 5th, you will still be able to buy and sell on CEX’s with native VSG listed as well as on vscdex.io – the official VSC DEX. When selling on the DEX, instead of receiving ETH, you will get Wrapped USDC, which can then be bridged out.

Additional CEX/DEX options will be available in the near future and the team will continue working on easier on/off ramps, including fiat options.

This is a big step for Vector Smart Chain, and while moving your VSG may be an inconvenience, it is a necessary step that is designed to benefit all holders, enable faster growth, remove confusion and improve price stability.

I’m excited to see how VSC continues to develop after this event.

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