Closing Project W

After looking into the market and the development of the current situation around Project W, the team behind became to the conclusion that it would be most beneficial for everybody to close the project before getting in the vault and PWT-TRX LP status. Please find the details below.

1. Background

After starting to implement different kinds of smart contracts on the Tron blockchain, we realized that the needed development power and stability, including security measurements, are much higher and upping the development cost (speed) and server environment. Additionally, after the first launch of the first vault based on the cross-blockchain of Steem and Tron, we realized that the test environment and real running environment are reacting slightly differently, which led to different bugs in the smart contract that could be dangerous for the project.

Additionally, Project W could create enough value if the swapping quantity of Steem to WST would increase over time, but the results currently showing that the demand of the community for switching WST is not high enough to keep the project running.

2. Liquidation process

We have started today the undelegation of any Steempower for a full power-down. The current Steempower is already in power-down mode. It will take about 5 weeks (undelegation and power-down) to have the whole amount in liquid Steem.

The liquid Steem will be used as soon as it is available to enable any swap requests from WST to Steem.

3. WST airdrop for PWT holders

As soon as the power-down has been fulfilled we will take a snapshot from PWT holders and Airdrop WST tokens to these holders. The WST is coming from the following resources.

1. The whole amount of liquid Steem that was transferred from the account @upvu to @projectw
2. The whole amount of Steem, SBD, and Steempower that had been created as Curation and Author reward. (Steemworld.org will be used to find the exact amount at the time of the snapshot)

There will be no 10% cutting as announced from this amount for the team. The only part that the team will keep for compensating a small part of the server costs is the swapping fee of 0.3%.

Based on the PWT snapshot the relevant WST amount will be sent to each TRX address after the snapshot. The snapshot is estimated around Christmas time 2020.

4. What I have to do?

If you have swapped Steem to WST, it is recommended to swap it back to Steem within the next 5 weeks when the liquidity on the account @projectw is filled again. We expect that you will be able to swap your whole amount latest in about 4 weeks.

5. Closing

We would like to thank everybody for your immense support for this experimental project and looking forward to see you with another project.

Your team ProjectW