$PROXY Token Migration

Per the recent governance proposal and vote, Proxyswap DAO core contributors are proceeding with the migration of $PROXY from Degen Layer 3 to Base.

We considered a number of potential implementations for this token migration, ultimately deciding on the following process for the sake of simplicity, reduced smart contract risk, and to prevent "double spend" of $PROXY (i.e. a user selling $PROXY on DL3 into any remaining liquidity and receiving the new $PROXY token on Base).

Token migration will begin immediately upon the publication of this guide, and will remain open for 6 months.

The Migration End Date is February, 12th, 2025 at 12pm UTC. At this time, any unmigrated tokens will be considered 'burned' and any corresponding supply on Base will be sent to the burn address.

$PROXY token will be deployed on Base this week. Token supply will remain the same (1,000,000 tokens). Following token deployment, our documentation will be updated with the new token contract address, distribution & related vesting details on Base.

All holders who have migrated by Friday, August 16th, 2024 at 12pm UTC will receive their tokens prior to the launch of PROXY/WETH and PROXY/DEGEN liquidity pools at 1pm UTC on Friday, August 16th. Following our initial token distribution & LP launch, we will begin a Liquidity Mining campaign in partnership with rebase.finance on Base.

Subsequent token migration distributions will continue on a weekly basis until all token holders on Degen Layer 3 have migrated their $PROXY tokens, or until the Migration End Date.

To migrate your $PROXY tokens, simply send all of your tokens to the address provided below in the "Migration Guide."

The address is a multisig with three signers: proxystudio.eth, cooperray, and saxenasaheb. All three are signers on the (separate) Proxyswap DAO multisig. Following the Migration End Date, the Migration Multisig will be rendered inoperable. The signers will never transfer or transact any of the $PROXY tokens sent to this multisig.

On token re-launch on Base, DAO contributors will publish a Dune Dashboard with a snapshot of $PROXY token distribution on Degen Layer 3 on Monday, August 12th at 12pm UTC (prior to migration), a migration tracker, and $PROXY token distribution on Base to verify the accuracy and consistency of the migration process.

To migrate your $PROXY tokens from Degen Layer 3 to Base:

• send your $PROXY tokens to 0xB6a2CbCB1c0B429A0571429F376A4b8eDD8714e7 on Degen Layer 3

That is all you have to do!

• Migrate prior to 12pm UTC on Friday, August 16th, 2024 to receive your $PROXY token distribution on Base prior to launch of PROXY/WETH & PROXY/DEGEN liquidity pools.

• If you migrate after 12pm UTC on Friday, August 16th, 2024 you will receive your tokens according to the bi-weekly schedule stated above.

• Here is a sample transaction showing proxystudio.eth transferring 1 $PROXY token to 0xB6a2CbCB1c0B429A0571429F376A4b8eDD8714e7 on Degen Layer 3.

Make sure that you have access to this address on Base. If you are using a multisig to custody $PROXY tokens on Degen Layer 3, please reach out directly to proxystudio.eth for assistance. If you have any other questions, please do not hesitate to ask!