Yup, it’s time we migrate $SYA to $Flooz
It’s our vision to provide equal financial opportunities to everyone in the world. We are creating the tools needed to onboard the next 100m people onto the blockchain.
Web3 is fascinating. It’s more than software. It’s a mindset, it’s decentralized, it’s the ownership economy and so much more. Thus, in April 2021, we decided to engage more with Web3. There is no better way to learn than by doing, so we decided to launch an experiment, our own crypto-currency dubbed $SYA (Save Your Assets). Little did we know that this experiment would bring us to where we are today. Fast forward nearly a year and we learned a lot, been through countless ups and downs, blood, sweat and tears. $SYA allowed us to build up a strong community, empower people and grow together.
As a team, community and product we are maturing. This growth requires change. Positive change. Change that will allow us to grow beyond the imaginable. The time has come to finally migrate $SYA to $Flooz.
With this article, we want to provide a transparent overview of how we will migrate and where we stand in the process.
The initial goal was to simply migrate $SYA (Binance Smart Chain) to $Flooz (Ethereum), reduce the ridiculous circulating supply, remove tokenomics and integrate the $Flooz token deeply into the Flooz ecosystem. We realized that a simple migration does not allow us to explore the full potential of Web3. In its current form, we do not have a treasury, nor proper governance and due to the $SYA smart contract, there is also little development potential to incentivize community members, designers and developers to build on top of our infrastructure.
That said, we decided to take this migration as an opportunity to think much bigger and embrace Web3 fully. We are stoked to announce that we will be launching an independent, decentralized autonomous organization, a DAO. The DAO is a association that will be headquartered in Switzerland. We have partnered up with Walderwyss, a renowned law firm to make this happen. Switzerland was our choice of country, as it is one of the most advanced countries regarding web3 and blockchain regulations and host to the crypto valley, where e.g. the Ethereum association is located.
The Flooz DAO opens a range of new opportunities for us as a team and community. It will govern the new $FLOOZ Token, have a treasury and use a governance and voting structure. By doing so, we are moving yet another step closer to the community. In that spirit, we are also committing to gradually decentralize parts of the Flooz infrastructure which includes a wide array of APIs and SDKs. At first, Flooz Inc. will serve as the main contributor developing the technical infrastructure for the DAO.
We are excited for all of this to happen. It’s worth it. But, it’s also a lot of work. We need to change the entire company structure and apply for an official ruling to be categorized as a utility token by the FINMA (official financial regulator in Switzerland) to make sure we can legally launch and operate the token. We have a strong team working on navigating the legal complexities and intricacies. Here’s an overview of the phases we need to complete to make this happen:
- Phase 1: Definition of setup, Tokenomics and Token Migration ✅
- Phase 2: Legal & tax review of proposed setup ✅
- Phase 3: Adaptation of setup and pot. application for legal rulings ✅
- Phase 4: Smart contract preperation for token migration $SYA to $FLOOZ (parallel to phase 3) 🚧
- Phase 5: Setup of the Flooz DAO Association in Switzerland legal entity
- Phase 6: Token launch & migration
We have made tremendous progress received the official classification as a Utility Token by the FINMA (financial regulator in Switzerland), as well as the final rulings from a tax perspective. This paved the way for us to set up the legal entity in Switzerland. However, due to the current market situation, we decided to move the launch date of the DAO and thus the migration of SYA to Flooz. We cannot influence the current unstable and unpredictable macroeconomic situation, thus we are pushing the migration until the markets stabilise. We are not waiting for another bull run, we just need it to stabilise. We will transparently share where we stand in the process as we are moving from one phase to another. We hope that by transparently sharing our progress, this blog post series will eventually inspire others and serve as a guideline on how to setup a DAO yourself.
Thank you all for the support and love.