StripperCoin Token Swap Deets

Hello to the StripperCoin community!

Since we launched our faucet and published the PastyPaper & Roadmap, we’ve been moving at warp speed. All the interest in the project has really put a fire under us to make this successful for everybody behind us. We want to thank everybody who is following the project for their support — and want you to know we’ve got some exciting plans and announcements coming soon. Infact, “exciting announcements coming soon” seems to be the perpetual state of the project right now — and we love that! While StripperCoin began as a joke — it has morphed into something really exciting! We’re working on an app, have an NFT series launching soon (as well as some collabs), and will be listed on exchanges in short order.

In lieu of all that — we wanted to make an announcement regarding the token, and the upcoming swap we will be performing. Hopefully this article will answer the majority of the questions out there. If you still have further questions you can email us at support@strippercoin.io, or join our Discord community by going to http://discord.gg/3B8ygHQ5hH

Before I begin, I would like to apologize to the community for the delay on this swap. We experienced some missed communication from DripDropz which would have allowed us to carry this swap out sooner. Then by the time we finally touched base with their team, they had new procedures for KYC in place for projects that we have to comply with before launching the new token on their platform. At the current time, we are waiting for the paperwork from DripDropz.

Why do a token swap?
Since StripperCoin was minted back in April 2021 the Cardano blockchain has had some upgrades and improvements. At the time of minting, Cardano did not allow native assets to be minted with decimals. What that means is that you would only ever be able to trade a single StripperCoin as the minimum trade. You would not be able to trade 1.25 $STRIP. For example, if StripperCoin had a value of $10 (ha, we wish!) you would not be able to purchase less than $10 worth. The next amount would be $20 for two coins, and so on. This would make it very difficult for StripperCoin to be traded with ease on exchanges. So to help raise the tradability of $STRIP we have added 3 decimal places to the coin.
The secondary reason for doing the swap is because the current policy for the token is set to “NEVER LOCK”. We did not realize this was the case until we attempted to lock it after receiving some inquiries about it. This means that if the policy keys are compromised, or a malicious developer joins the project the total supply could be changed, or the token defaced.
Both of these reasons are what made us decide a new token must be minted and swapped for all holders. Without these changes it couldn’t be easily traded on an exchange, and would be vulnerable to greed and hacks in the future. The new token will not have either such vulnerability and should instill much more confidence for holders.

Supply is 69Billion now? Or is it 69Million?
Technically 69b, but this is only because of the addition of decimal places and how Cardano recognizes native tokens. Any sites and services that conform to the latest Cardano CIP’s will show the supply at 69million. Any websites which do not conform to this will display as 69billion. This will not dilute the value of StripperCoin, and all the holders will receive a 1:1.000 airdrop.

Example:
Old StripperCoin: 69,000,000

New StripperCoin: 69,000,000.000

Showing correctly: https://cardanoscan.io/token/6954264b15bc92d6d592febeac84f14645e1ed46ca5ebb9acdb5c15f5354524950

Showing incorrectly: https://cardanoassets.com/asset155nxgqj5acff7fdhc8ranfwyl7nq4ljrks7l6w

Showing incorrectly: https://pool.pm/6954264b15bc92d6d592febeac84f14645e1ed46ca5ebb9acdb5c15f.STRIP

What’s the amount holders will get in the swap?
All holders will receive a 1:1.000 airdrop

Example:
If you previously held 13,000 StripperCoin
You will get airdropped 13,000.000 $STRIP

What will be the process for the swap?
This airdrop will be conducted 100% through DripDropz. At the end of an epoch DripDropz will pause distribution of $STRIP and take a snapshot of every wallet currently holding $STRIP. Holders will then go to dripdropz.io the next day to claim their tokens as usual. Depending on the amount of old StripperCoin you hold, you will automatically be presented with the option to claim your new StripperCoins. The process will work identically to claiming your dripz normally.
This should also be the period anybody who has LP’s with STRIP in it to pull the old tokens.

What happens to the old tokens?
Since we are only airdropping tokens through DripDropz we will have to ensure that the old tokens have no value moving forward and cannot be mistaken by others for the official $STRIP token. We will be taking a few different actions to ensure this:

1. Within 24 hours of the DripDropz airdrop beginning we will rename the old token to “DISCONTINUED STRIP”
2. We will remove the StripperCoin logo
3. Insert instructions in metadata on where/how to swap
4. After an undetermined amount of days (probably 30) we will debase the old token by adding 6 decimal places. This will change how the coin is displayed in the wallet. If you previously had 1,000,000 after this change it would show in your wallet as 1
5. We will also set up a burn address for your old tokens to be disposed of

This is our plan moving forward to ensure that StripperCoin retains value and is accessible to anybody who wants to participate. We will be announcing dates soon as we know them. Below you will find the new and old policyID for the tokens.

New PolicyID: 6954264b15bc92d6d592febeac84f14645e1ed46ca5ebb9acdb5c15f

Old PolicyID: 9c54bb728df9847b0358c84c942500646326a1b581a2b8c43689d220