Gate Supports Scallop (SCLP) Migration to E Money Network (EMYC)

According to the E Money Network (EMYC) project team, Scallop (SCLP) tokens will be migrated to E Money Network (EMYC) at a ratio of 1 SCLP : 1 EMYC, based on a snapshot taken on November 22, 8:00 UTC. Gate will support this migration and will provide seamless token swap services for users. If you currently hold Scallop (SCLP) on Gate, no action is required on your part.

Details:

1. Gate will disable new margin borrowing and crypto loan services for Scallop (SCLP) before November 21, 2024, 08:00 UTC.
2. Starting from November 22, 2024, 02:00 UTC, Gate will suspend the deposit, withdrawal, and trading services for Scallop (SCLP), including SCLP_USDT and SCLP_ETH spot trading pairs, quant grid trading, Simple Earn, liquidity mining, and margin trading.
3. Users with ongoing Scallop (SCLP) quant grid trading should adjust your trading strategies beforehand. Otherwise, the trades will be terminated automatically before November 22, 2024, 02:00 UTC.
4. Users with assets in Simple Earn may manually redeem them in advance. Otherwise, the assets will be liquidated before November 22, 2024, 02:00 UTC.
5. Users who have provided liquidity for Scallop (SCLP) in the liquidity mining market should withdraw the liquidity in advance. Otherwise the liquidity will be automatically redeemed before November 22, 2024, 02:00 UTC.
6. Users with outstanding Scallop (SCLP) loans in the margin trading market should repay the loans in advance. Otherwise, the loan will be settled automatically before November 22, 2024, 02:00 UTC.

After the migration, SCLP holders will receive 12% of their converted tokens immediately, with the remaining balance distributed over six months at 14.66% monthly. Gate will assist users by airdropping the tokens based on the snapshot on a monthly basis. Following this migration, the token supply will increase from 80,000,000 to 400,000,000. This change in tokenomics may lead to significant price fluctuations for EMYC. Users are advised to carefully manage risks. It is important to note that Gate will no longer support the old Scallop (SCLP) token. The listing date for the new token will be announced separately after Gate completes the listing review.

Official Source: https://blog.emoney.io/announcements/paving-the-way-for-usdemyc

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Gate Team
Nov 21th, 2024