We’re thrilled to announce a pivotal moment in TeamToken’s journey to mass adoption and $100M+ mcap—our migration to the Polygon blockchain. This transition marks a significant leap forward in our commitment to providing an unparalleled user experience, lower transaction costs, faster processing times, and a new audience focused on NFTs! As we continue to innovate and expand, Polygon’s robust capabilities will serve as the foundation for our next chapter. Read on to discover why this move is a game-changer for TeamToken and how it impacts and benefits your current holdings.
Why We’re Leaving Ethereum Behind
Although Ethereum is one of the most popular blockchains, the astronomical transaction fees and too-often-slow processing speeds have become a significant hurdle for our community. This cost factor makes our goals of mass adoption and daily engagement with our marketplace and dApp unobtainable, especially with some of the incredible improvements to usability we have planned that simply won’t work as well on Ethereum (ex: gasless transactions, instant rewards, and more). This has prompted us to look for a more efficient and user-friendly alternative.
The Advantages of Migrating to Polygon
1. Dramatically Lower Gas Fees: One of the most immediate benefits to Polygon is the drastic reduction in gas fees. On Ethereum, a simple TeamNFT transfer can often cost around $20 during peak times, and complex smart contract interactions like sending rewards to users can skyrocket to more than $50. On Polygon, these same operations can cost as little as $0.001. This means that now buying, selling, and claiming daily rewards will now come with negligible transaction costs. The protocol itself also stands to benefit, as lower operational costs mean we can distribute rewards more efficiently and introduce new features such as real-time updates after every game!
2. Blazing Fast Transactions: With the ability to process over 7,000 transactions per second, Polygon leaves Ethereum’s 27 TPS in the dust. This means quicker trades, faster reward distributions, and an overall smoother user experience. This is most important in the marketplace where if you see a TeamNFT available, you want your transaction to process before someone scoops the last one up while your transaction queues in Ethereum only to cost you needless gas.
3. Tailor-Made for Our Niche: Polygon is optimized for sectors we are deeply involved in—gaming, NFTs, and DeFi. This makes it the perfect playground for TeamToken to innovate and grow. Polygon’s existing userbase is already deeply interested in NFTs and gaming, which means we’re stepping into a community that is likely to be highly receptive to TeamToken’s offerings.
4. Seamless Transition: One of the best parts about our choice to move to Polygon is its compatibility with Ethereum. This ensures that our migration will be smooth, with minimal disruptions to our community.
5. Account Abstraction for Simplified User Onboarding: Polygon’s Account Abstraction tools simplify the complexities of blockchain accounts. This is a game-changer for us as it will allow us to attract and onboard users who are new to the Web3 and crypto space. We can’t wait to provide more details on this and how it will integrate with TeamToken to offer the ultimate user experience!
Next Steps for Our Valued Community
1. Smart Contract Deployment: Our team is updating and deploying all smart contracts on the Polygon blockchain.
2. Stable Liquidity: We will establish liquidity on Polygon at the current rate of the Ethereum chain to ensure price stability. Note that the current liquidity on Ethereum is locked for another 10 months, so that will remain tradable while we establish TeamToken on Polygon.
3. Token Bridging: Current TT holders on Ethereum will be able to seamlessly transition their tokens to Polygon without losing value. We will have a bridge that locks TT on ETH and mints TT on Polygon. The total supply on both chains will never exceed 100,000,000 combined.
4. TeamNFTs Migration: Existing TeamNFTs on Ethereum will be phased out on October 19, and new ones will be claimable on Polygon using the same wallet address that owns the Ethereum ones. Rest assured, your rewards will continue to accumulate on Ethereum and then on Polygon once you have claimed them. The TeamNFT Marketplace will transition to Polygon on the same date and all future transactions will occur on that chain.
The Future is Bright
With Polygon’s advanced capabilities and our thorough planning, we’ll be able to reach out to mainstream sports fans who are new to crypto, as well as tap into Polygon’s thriving NFT community. Another huge benefit to moving to Polygon is being able to take advantage of their partnerships. They have a great program called Polygon Ventures that supports visionary teams in the Polygon and multichain ecosystem and they are known to invest at the earliest stages across all categories in web3. We believe that TeamToken can be their first foray into the sports world and are already working on securing grants and partnerships with Polygon Ventures as we migrate to this great blockchain. This is a monumental step toward making TeamToken a household name.
Thank you for your unwavering support. We’re thrilled about this new chapter and can’t wait for you to be a part of this exciting journey.