Migration from CHSB to BORG, another step towards DeFi for Swissborg

SwissBorg has embarked on a major change since the launch of its application by migrating its native CHSB token to BORG. The move is designed to strengthen the Swiss startup's position in decentralized finance (DeFi). The migration will start on October 17, 2023, and could take up to 5 days.

Migration from CHSB to BORG, another step towards DeFi for Swissborg

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The benefits of this migration

The new BORG token will be based on the OpenZeppelin ERC-20 standard on Ethereum, strengthening its security and making it more robust. OpenZeppelin is a company founded in 2015 that simplifies the development of secure smart-contracts by providing open source tools, such as an API, framework and smart-contract standards in Solidity.

To improve scalability and efficiency, BORG will be compatible with other chains. This multi-chain compatibility will become effective in the fourth quarter of 2023.

As part of the migration from CHSB to BORG, Swissborg aims to bring real value to CHSB holders. Expected in Q4 2023 or Q1 2024, the team plans to do this by enabling BORG to generate a direct return from the DeFi ecosystem. This return will be generated by the active participation of CHSB holders in this ecosystem.

Token offer and Premium benefit unchanged

  1. The migration from CHSB to BORG will not change the total supply of tokens, which remains at 1 billion (minus tokens already burned), guaranteeing consistency of token value and scarcity across the ecosystem. The CHSB:BORG ratio will remain at 1:1. In addition, SwissBorg's Premium membership benefits will remain intact, preserving all the advantages associated with these accounts.
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Action to be taken by CHSB owners

If your CHSBs are already in the SwissBorg application, no action needs to be taken by the user. All CHSB held in the application (Premium or Vaults account) will be automatically converted to BORG.

For those holding CHSBs outside the application, you have two options: transfer them to the application for automatic migration. The transfer must be made before October 17, when migration begins. If you own CHSBs but do not have the application, or if you hold your CHSBs on a hardware wallet, Swissborg has developed a website dedicated to the migration to BORG. Swissborg will provide more information on the on-chain migration afterwards.

Conclusion

  1. This move reiterates Swissborg's commitment to the transparency, security and decentralization that are at the heart of their vision. It will also further include the Swissborg community in the innovative projects of this Swiss cryptocurrency platform in action since 2017.
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Source: https://swissborg.com/blog/embracing-defi-the-chsb-to-borg-migration-at-swissborg

Warning: any type of investment involves risk. Do your own due diligence and research. Do not invest more than your objectives or financial means allow.

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