Update Regarding V3 POLX Token Contract

First off, we hope everyone is having a great week. It’s been a busy start to the year, but also a very solid one. We’d like to pass along a few updates regarding the POLX token contract.

As you know, Kucoin’s support of the V3 token is a priority to Polylastic. In an effort to ensure support and optimal management of the POLX token on their platform, we have decided to make some minor changes to the tokenomics and ownership of the contract. Some of these changes have been previously mentioned (namely the removal taxes). All changes include:

• Reconfiguring redistribution tax to zero
• Reconfiguring burn tax to zero
• Reconfiguring auto-liquidity tax to zero
• Renouncing ownership of the POLX V3 contract

Why were taxes removed and will we benefit from the new tokenomics?

It is very difficult for exchanges to support tokens with taxes. We also concluded that without the taxes, we could reward holders more efficiently with LP and POLX staking modules. Additionally, removing the burn function allows us to do burn events and maintain better control over the supply. This way, burns will be bigger and done at sensible intervals.

Why is ownership being renounced and what does that mean for Polylastic?

The POLX V3 contract has reconfigurable taxes, which is a pretty common function. The complication is that because taxes can be changed by the contract owner, aside from trust and the word of Polylastic, it is difficult to reassure that taxes will not be changed at any point after we are live on Kucoin. In an effort to erase any possible doubts, we have decided to renounce ownership of the V3 POLX token contract. This was not asked of us by Kucoin, but instead, we decided to be proactive and show good faith. What this means is that no one will ever be able to make changes to the contract.

To be clear, renouncing ownership does not change anything other than disallowing the contract to be changed by anyone.

To conclude, all of the aforementioned changes are positive ones as we move forward and enter into Polylastic’s most exciting chapter yet. We also want to acknowledge that the community has been very flexible and supportive of our efforts, and we truly appreciate you all. Thank you and stay tuned.