.png%3Falt%3Dmedia%26token%3Db99e8959-e878-443d-8a12-43e0cca9283e)
.png%3Falt%3Dmedia%26token%3Db99e8959-e878-443d-8a12-43e0cca9283e)
FAQ on Migration of BAPT
This page comprehensively addresses all commonly asked questions related to the transfer of $BAPT from the Binance Smart Chain to the Aptos Chain. Additional queries may be included in due course.
When BAPT was introduced, the Aptos chain’s main network had already been released a week prior to our launch. Despite being a very young blockchain, it had received much acclaim for its vision. However, two pivotal factors led to the selection of Binance Smart Chain (BSC) as the launch platform:
- The smart contracts on Aptos did not support fee-on-transfer tokens.
- Binance had a much larger user base, enabling us to achieve greater reach and potentially migrate users to Aptos.
Over time, however, the name “Baby Aptos” has become less fitting on Binance Smart Chain (BSC) than on the Aptos chain, where BAPT is essentially the closest relative to the main APT coin. By migrating, the project can realize its full potential by integrating the BAPT community into an ecosystem of like-minded communities and developers. This will enable us to stay true to our roots, not only as the first Aptos reward token on the entire chain but also by contributing to the necessary development for the widespread adoption of Aptos.
BAPT will undergo a complete migration to the Aptos blockchain, transferring the entirety of its supply and liquidity to Aptos. Currently, BAPT will only be tradeable on Aptos. If there is sufficient demand in the future, we will explore the possibility of a partial migration back to BSC via a cross-chain bridge.
We are in the process of developing a bridge that will enable BAPT holders on Binance Smart Chain to transfer their BSC BAPT by connecting their wallets to the bridge. To receive BAPT on the Aptos network, it is necessary to create a wallet that is compatible with Aptos, since wallets such as Metamask do not support Aptos addresses. If you have not yet established an Aptos-compatible wallet, you can refer to our instructional guide, or watch our instructional videos YouTube.
We endeavor to ensure that users are not required to purchase APT for the migration by utilizing treasury funds to cover gas fees. However, we cannot guarantee that this will always be possible. In such an event, it may be necessary to obtain a small amount of APT to facilitate the gas bridge. The cost of gas fees on the Aptos platform is nominal, thus this transaction should not be costly. To ensure adequate coverage for both bridge and staking fees, we recommend possessing a minimum of 1 APT, which is currently valued at $12.
You may refer to our comprehensive bridging tutorial for transferring APT to your Aptos wallet, which can be accessed here.
The bridging process can be completed within a few minutes, provided that holders adhere to specific preparations prior to initiation. As previously mentioned, holders are required to transfer tokens to the bridge and subsequently receive them on an Aptos-compatible wallet. To expedite this process and streamline it, please take the following steps:
- Set up an Aptos-compatible wallet.
- Refer to our guides for instructions on how to deposit APT into your wallet. We recommend obtaining sufficient APT to cover the gas fees for bridging BAPT and also depositing them in the APT reward staking pool. 1 APT should suffice.
- Familiarize yourself with the information provided in this Migration FAQ.
- Once notified, proceed to unstake your tokens from the staking pools on BSC subsequent to the removal of the unstaking fee.
- Await instructions for entering the token bridge.
Following the migration, BAPT will only be available for trading on BAPTSWAP.
In due course, the Wolves of Aptos will replace the cherished Key Collection, although the Wolves may not be available simultaneously with the DEX. Until the Wolves are launched, the NFT keys can continue to be held on BSC. The staking pool will remain functional until the new collection is introduced, enabling you to persist in accumulating additional BAPT.
No. Pre-migration, token holders received BUSD or auto-compounded BAPT reflections as rewards for holding their tokens or staking them, respectively. Post-migration, passive income can be generated only through staking BAPT in the designated pool. On the migration day, new rewards will be issued in the form of Aptos Coin (APT), the native token of the Aptos chain, making BAPT the very first Aptos reward token on the chain!
The migration offers several benefits for all token holders as we embark on developing the very first reward token on the Aptos chain. Our DEX, BAPTSWAP, is not only the first but also the only platform for launching and trading fee-on-transfer tokens, which will make it a pioneering entity on the Aptos chain. In essence, BAPTSWAP heralds a new DeFi era on Aptos! Like other DEXs, a maintenance fee is built into every transaction, set at 0.3% for BAPTSWAP. From every buy and sell, 2/3 of the fee automatically goes to LP providers, with the remaining 1/3 channelled into the project’s treasury. This treasury will be utilized to support the project through initiatives such as BAPT buybacks, competitions, giveaways, among others. The generated revenue will be prioritized towards rewarding holders of both BAPT and the NFT collection, Wolves of Aptos.
With an average daily trading volume of $1 million, the fee structure has the potential to generate up to $3,000 daily, with $2,000 allocated to LP providers and $1,000 to the Treasury. Monthly (30 days), this translates to $60,000 for LP providers and $30,000 for the Treasury. For comparison, on a random day, PancakeSwap had $180 million in 24-hour trading volume on BSC, which, if they had used our fee structure, would have generated $540,000 in 24 hours, with $360,000 going to LP providers and $180,000 into the Treasury.
Since its main net launch in October 2022, Aptos has garnered significant attention as a project with the potential to rival even Solana. Our extensive research into the Aptos ecosystem has identified a critical missing link that has attracted widespread inquiries: how to launch tokens with fees. The native language, Move, used by Aptos does not support deploying smart contracts to facilitate fees from trading volume. This lack of functionality currently limits the ability to launch tokens that support treasury fees, rewards, reflections, or burn mechanisms. Consequently, there is high demand for a simple structure on the Aptos chain, but developers cannot currently fulfil this need. BAPTSWAP will address this issue by allowing individuals to launch such tokens, making it the only DEX on the Aptos chain to offer this capability. We anticipate that this unique offering will drive mass adoption of this promising blockchain.
Our team has an ambitious roadmap for our project on Aptos. Our immediate objective is to migrate BAPT onto our proprietary DEX router, alongside BAPTSWAP, on March 3, 2023. Upon launch, BAPTSWAP will provide users with a range of essential features and services, including:
- Token Launchpad for fee-on-transfer supported tokens: BAPTSWAP will be the first and only platform on the entire Aptos chain that permits developers to launch tokens with fees. To minimize fraud on the DEX, we have implemented several security measures, such as setting a maximum tax limit of 15%/15% per token launch.
- Staking Pools: We recognize the need to maximize the potential of our DEX. Thus, we will allocate all tokens deployed on BAPTSWAP their staking pools, enabling users to earn APT rewards for holding and staking their tokens. Additionally, if a token has rewards enabled, the APT will be sent to the staking pools, rewarding the first to stake. The staking pools will be free to enter and leave, with different sorting options available, such as “hot tokens” and “most value staked,” etc.
- LP Farms: Like any DEX, users will be able to provide liquidity to different pairs. The LP Farms will allow LP providers to earn a share of 2/3 of the fees generated for the DEX volume. Yield Farms will also enable users to earn BAPT while supporting BAPTSWAP by staking LP Tokens on featured pairs.
- Swap: BAPTSWAP will be the only place on the entire Aptos chain that supports fee-on-transfer tokens trading. The Swap page will feature essential information for traders, such as trading fees, lock duration, etc., making it easier for users to assess the safety of the tokens.
While we will implement measures to minimize the number of scams launched, users must conduct their own research (DYOR) before purchasing any tokens launched on BAPTSWAP. Our team cannot guarantee the good intentions of all users utilizing the DEX.
As part of our ongoing development, we have a comprehensive roadmap with several key initiatives to improve the functionality and security of our platform. While these plans may evolve over time, some of the keynotes for our future development include:
- Token Locker: We recognize the importance of ensuring tokens launched on our platform have the necessary tools to thrive. To facilitate this, we are committed to lowering the barriers to entry for users looking to launch and utilize our DEX. Our token locker feature will allow LP to be locked, thereby preventing rug pulls and scams. To incentivize greater security for each token, we will offer the Token Locker for free to those who lock the LP for a longer timeframe, while smaller locks will require a nominal service fee.
- Launchpad for Fundraising: To cater to diverse user bases within the DeFi ecosystem, we plan to introduce a launchpad feature that will allow project owners to raise funds through token sales, including presales, fair launch presales, and more. This will enable more projects to access funding and grow their user base while leveraging our secure platform.
- Lottery: In addition to these features, we also plan to introduce a lottery system that will enable users to bet BAPT tokens for a chance to win a larger prize pool each week. This will add an element of fun and excitement to our platform, while providing users with additional opportunities to earn rewards.
Our ultimate goal is to upgrade our DEX to the latest and highest standards, making BAPTSWAP the most secure and significant DEX on Aptos, potentially even cross-chain.
The Wolves of Aptos have been designated as the official NFT collection for the project. These NFTs will provide DEX users with various advantages that allow them to engage more closely with the project. We have released a pre-release of the Wolves on BSC, called the Key Collection, which enables minters to avail themselves of some of the benefits before the official collection goes live.
The Key Collection includes a total supply of 525 keys, available in different tiers that offer increasingly better benefits. At present, minting the keys provides the following advantages:
- Discounted trading fees for buying BAPT.
- Staking to achieve a high consistant APR of BAPT, with rewards accumulating 24/7.
- Minters automatically get airdropped 25% of the price paid back into their wallets in BAPT.
- Minters will be able to convert their key into a Wolf for FREE once they are released on Aptos. The current mint price for the keys are at a 50% discount from the official minting price of the future wolves. Buy a bronze tier key, receieve a bronze tier wolf for free.
- Key holders can vote on important DAO proposals and help decide the direction of different approaches in our development.
When the Wolves of Aptos collection is released, holders will have access to the same utilities as the Keys, with additional benefits relevant to the revenue generated by the DEX and the various utilities on BAPTSWAP. The Wolves will have a fixed supply of 2222, and more detailed benefits will be announced closer to the release date.
Our primary objective is to establish our brand as a prominent player in the DeFi sector on Aptos. To achieve this, we intend to implement a robust marketing strategy that targets a wide audience. A portion of our treasury revenue will be allocated to strategic marketing initiatives. Our initial efforts will focus on engaging with the existing Aptos community to recruit project ambassadors who will help promote our vision.
Our short-term goals include launching educational programs to create awareness about our ecosystem, establishing a strong social media presence and launching marketing campaigns, and forging strategic partnerships with companies, influencers, and other crypto projects to increase adoption of BAPTSWAP on Aptos. We also plan to release our short, mid, and long-term growth plan, along with a well-structured business model.
We will also be organizing incentivizing events to attract new developers, investors, and LP providers to BAPTSWAP. Additionally, we will be conducting educational AMAs (Ask Me Anything) sessions to reach out to specific target audiences.
Our mid to long-term objectives will be unveiled after we have established a solid foundation for BAPT on Aptos.
The Aptos blockchain was just announced last year, but it’s already receiving impressive funding. Aptos accepted its first big set of investments in March 2022. Several large venture capital groups, including a16z Crypto, Multicoin Capital, Hashed, Tiger Global, Three Arrows Capital, FTX Ventures and Coinbase Ventures contributed a total of $200 million. Aptos then went on to receive another $150 million in June from FTX Ventures and Jump Crypto. Previous investors, such as a16z crypto and Multicoin Capital, have contributed to multiple rounds of funding.
Curious as to why Aptos is getting so much continuous support from venture capital firms? There are several factors contributing to Aptos' impressive ability to get funding.
- Experienced, reputable founders: One of the main factors behind Aptos' success is its founders. The co-founders of Aptos Labs have years of experience producing impressive work. Not only do they have a solid reputation for creating crypto and other projects, but they also have a collective background in venture capitalism that's helped them connect to investors.
- Unique architecture: Venture capitalists are usually on the lookout for the new and original. This is an area where the Aptos blockchain really shines: The combination of Block-STM technology, Move programming and BFT consensus sets it apart from other Layer 1 blockchains looking for funding.
- Impressive performance: Aptos really started to pick up steam after launching their testnets. Users began reporting TPS and time-to-finality rates that blew other cryptos out of the water. With the ability to process up to 160,000 TPS and finalize transactions in less than a second, Aptos has the potential to quickly outrank its competitors.
- Facebook-related background: Aptos' connection to Diem is another reason that investors feel the company is a solid bet. It’s essentially a continuation of a project that Meta/Facebook launched before pivoting to focus on their "metaverse" instead. Aptos’ origins have investors feeling confident about what the company is offering.
One of the Aptos blockchain's main competitors will be Solana, which is currently the hottest high-performance Layer 1 available. So far, both Aptos and Solana have similar levels of speed because they both rely on engines that can run computations in parallel. However, when comparing the Solana and Aptos blockchains, Aptos seems to be more reliable. Solana has been fairly prone to failure, having had notable outages and downgrades.
The Aptos blockchain adds redundancy to its network, rendering it less prone to failure. Each block in Aptos is synced with leader nodes and nearby nodes. In case the leader node fails, one of the other nodes can take over. This results in slightly more computational requirements, so Aptos' hardware needs are a little larger than Solana's. Ultimately, Aptos manages more reliability than Solana in exchange for slightly higher hardware requirements.
Last modified 6mo ago