Panaroma Token is proud to announce that our team has recently redeployed the token contract with several important updates. Our developers have worked tirelessly to create a first-of-its-kind utility token with a unique burning mechanism that will benefit users and investors alike. In this blog post, we will discuss each of the updates that we have implemented, as well as the benefits that they will provide to the community.
- Smart Contract Audited with Certik
The first update that we are excited to share is that our smart contract has been audited by Certik. Certik is a leading provider of blockchain security services and is trusted by many top blockchain projects in the industry. This audit ensures that our smart contract is secure and free from vulnerabilities that could be exploited by bad actors.
We take the security of our users’ funds very seriously, and this audit is just one of the many steps that we have taken to ensure that Panaroma Token is a safe and secure investment.
The second update that we have implemented is a revision to our tokenomics. Specifically, we have updated the maximum supply of Panaroma Token to 500 million, with a maximum burn limit of 500,000 tokens.
The decision to limit the maximum supply of Panaroma Token was made in order to prevent inflation and maintain the token’s value over time. This will also help to ensure that early investors in the project are rewarded for their support by preventing dilution of their holdings.
The maximum burn limit of 500,000 tokens will ensure that the supply of Panaroma Token is reduced over time, increasing its scarcity and potentially increasing its value. By implementing a controlled burn mechanism, we aim to create a deflationary token that rewards long-term investors and encourages hodling.
Unique Burning Mechanism
The most significant update to Panaroma Token is the implementation of a unique burning mechanism that we believe will set us apart from other utility tokens in the industry. This mechanism is designed to create a hyper deflationary token that benefits both long-term holders and users of the token.
The burning mechanism works by automatically burning a percentage of the total supply of Panaroma Token at certain supply caps. When the supply reaches these caps, a predetermined percentage of the tokens in circulation will be burned, effectively reducing the supply of the token.
This burning mechanism has been designed to be fair to all holders of Panaroma Token, as the percentage burned will be the same for all users. Additionally, the burn rate has been set at a controlled rate to ensure that users do not have to pay high burn fees at each supply cap trigger.
The halving mechanism for burning has been defined with below values –
500 Million To 250 Million – 1.00 %
250 Million To 125 Million- 0.80 %
125 Million To 62.50 Million- 0.50 %
62.50 Million To 500 Thousand- 0.20 %
By implementing a deflationary mechanism, we aim to increase the value of Panaroma Token over time, making it a potentially lucrative investment for early adopters and long-term holders.
Revised Token Holdings
Another update that we have implemented is a revision to the allocation of tokens to various parties. Specifically, we have revised the holdings of Founder Tokens, Investor Tokens, Advisor Tokens, Team Tokens, Private Sale Tokens, and Public Sale Tokens.
The revised holdings will ensure that all parties involved in the project are fairly compensated for their contributions, while also ensuring that the maximum supply of Panaroma Token is not exceeded.
Transparency through Public Function
In an effort to increase transparency and accountability, Panaroma Token has added a public function to view the address holders of Founder Tokens, Investor Tokens, Advisor Tokens, and Team Tokens. This allows token holders to verify the token allocation and ensure that there is no foul play or mismanagement of funds.
The public function can be accessed through the blockchain explorer and provides a complete view of the token allocation for each category. This ensures that the token holders have complete visibility into the token allocation and can hold the team accountable for the allocation and distribution of tokens.
Multi Chain Token
Certainly, we are proud to announce that the Panaroma Token is now a Multi Chain Token, as the Token smart contract has been deployed on 4 different chains – Ethereum, Polygon, Arbitrum, and Optimism. One of the benefits of deploying on multiple chains is that it increases the accessibility of the token to a broader audience. This means that anyone who wants to invest in Panaroma Token can now do so on their preferred blockchain, which can lead to greater adoption and higher trading volume.
Another significant benefit of having the same contract address across all blockchains is that it creates a cross-chain possibility for investors. This means that users can hold the same token on different chains and trade them interchangeably, without having to worry about converting them to another form of the token. This makes it easier for investors to diversify their portfolios across different chains, without the hassle of managing multiple assets.
Moreover, multi-chain deployment also enhances the security of the token. In the event that one chain suffers a security breach, the tokens on other chains remain unaffected, which mitigates the risk of loss for investors. Additionally, it increases the decentralization of the token as it is not tied to a single chain, reducing the potential for centralization-related issues.
In conclusion, deploying the Panaroma Token on multiple chains with the same contract address is a significant step towards creating a more inclusive, secure, and decentralized ecosystem. We believe that this will benefit the entire community by increasing accessibility, providing more investment opportunities, and enhancing the security and stability of the token. We are excited about the potential that this new feature brings to the community, and we look forward to seeing the positive impact it will have in the future.
It is important to note that Panaroma Token has been redeployed with a new smart contract address. The old contract address is 0xa60E0DF948708764F5397e556973a520Db378598, and the new contract address is 0x4e5E55bAeEf3bc747D22123cE4ADE3661c916a3e.
We want to assure our users that there has been no single token issued in the old contract, and neither has any transaction been done. Therefore, all users who hold Panaroma Tokens should ensure that they update their wallets with the new contract address. This will allow them to continue using their tokens without any issues.
In order to do this, users should add the new contract address to their wallets and check that their Panaroma Tokens are displayed correctly. This process may differ depending on the type of wallet being used, so we recommend that users consult their wallet provider for guidance on how to add a new token contract.
We urge all users to be cautious when transferring or trading their Panaroma Tokens and to double-check that they are using the correct contract address. This will help to prevent any issues that may arise from using the old contract address.
We are confident that these updates will provide a better experience for our users and help to ensure the long-term growth and success of Panaroma Token. We look forward to continuing to work on new and innovative ways to improve our platform and token for our community.
The redeployment of Panaroma Token with the new updates brings in a whole new era of possibilities for the project. With a smart contract audited by Certik, tokenomics designed for the long-term growth of the project, and a hyper deflationary burning mechanism, the project is poised for success in the highly competitive cryptocurrency market.
The addition of transparency through the public function and revised token allocation ensures that the token distribution is fair and transparent, and aligns with the long-term goals of the project. The team is committed to building a strong and sustainable ecosystem that benefits all stakeholders and creates value for the token holders.
With the new updates, Panaroma Token is set to become a leading utility token that will revolutionize the way we interact with the blockchain and the cryptocurrency market. The future looks bright for Panaroma Token, and the team is excited to embark on this journey with the support of the community.