A governance vote on the AVA 2.0 Proposal has passed, with the majority of the community signalling a new era for the AVA ecosystem. As part of this new era, a technical upgrade will be implemented by the AVA Foundation to swap all existing versions of the AVA token to a new AVA token on the Ethereum (ERC-20) protocol.
The AVA ecosystem has grown exponentially over the past few years. The AVA Foundation’s partnership with Travala.com has been a key driver of this growth, with Travala.com becoming firmly established as the leading web3 travel company and a main use case of the AVA token.
As the issuer of the AVA token, the AVA Foundation’s overarching mission is to create a decentralised, self-sufficient, and blockchain-based loyalty ecosystem with AVA at its core. By modernising the traditional loyalty points model and multiplying the utility of these ‘points’ within an expansive ecosystem via tokenisation, the AVA token can power a comprehensive web3 loyalty ecosystem to provide far-reaching utility.
To achieve this sustainably over the long term and at scale commensurate with the growth of the ecosystem, the AVA Foundation will expand the AVA token supply from the current 61 million to 100 million over 10 years, which will be included in the new AVA ERC-20 smart contract.
This article serves to detail the mechanics of the swap, the actions required by token holders, and both the legacy and new AVA contract addresses.
The swap date will be provided in the next announcement, along with more details on the platforms supporting the swap.
Note: for the purpose of differentiating the AVA token before and after the upgrade, the pre-upgrade AVA token will be referred to as “AVA 1.0” and the post-upgrade AVA token as “AVA 2.0” in this article. However, the token name and ticker will remain “AVA” following the token swap.
Before the Swap
Currently, the AVA 1.0 token exists as a multichain token on the BEP-2, BEP-20 and ERC-20 protocols.
After the Swap
Following the token swap, all legacy versions of the AVA 1.0 token will need to be swapped to the new AVA token on the Ethereum (ERC-20) protocol.
The new AVA 2.0 token will be issued on a 1:1 basis for existing AVA 1.0 holders. The token name will be updated from “Travala.com” to “AVA”. The ticker name will not change.
Legacy & New AVA Contract Addresses
AVA 1.0 tokens on any of the three legacy contract addresses on the BEP-2, BEP-20 and ERC-20 protocols will need to be swapped to the new AVA 2.0 ERC-20 version of the token.
This section details the legacy contract addresses and the new contract address that will take effect once the swap takes place:
Legacy Contract Addresses
Legacy BEP-2 AVA 1.0: AVA-645
Legacy ERC-20 AVA 1.0 Contract Address:
Legacy BEP-20 AVA 1.0 Contract Address:
New Contract Address
New ERC-20 AVA 2.0 Contract Address:
How the Token Swap Will Work
Depending on where token holders have their AVA tokens stored at the time of the token swap, there may be action required:
The AVA Foundation is working closely with centralised exchanges to enable AVA 1.0 tokens that are stored on centralised exchanges supporting the swap at the time of the token swap to be automatically swapped to AVA 2.0. More information will be provided in the following announcement.
DEXs, Cold Wallets & Self-custody Wallets
AVA 1.0 tokens stored in decentralised exchanges or platforms, cold wallets and self-custody wallets at the time of the token swap will require manual swapping to AVA 2.0 by token holders following the token swap date.
Swap options will be supported for a 15-month period and will include:
- Depositing AVA 1.0 tokens to any centralised exchange supporting the token swap, which will then be automatically swapped to AVA 2.0. Centralised exchanges supporting the token swap will be detailed in the following announcement.
- Depositing AVA 1.0 tokens to the platform wallet on Travala.com, which will then be swapped to AVA 2.0.
- Using a decentralised token swap tool to swap legacy AVA 1.0 tokens to AVA 2.0, the details of which will be provided in the following announcement.
Following the 15-month period, swap options on centralised exchanges, Travala.com, and third-party on-chain platforms will no longer be supported. Token holders that do not swap in this time period will need to contact the AVA Foundation directly to swap their AVA 1.0 tokens to AVA 2.0.
More Details to Follow
The implementation of this upgrade will ensure the AVA token is able to be efficient, widely supported and versatile in its utility.
The AVA Foundation appreciates the community’s support during this swap period and will continue to provide updates on the latest developments.
More details specifying the date of the token swap and the platforms supporting the swap will be provided in the next announcement.
IMPORTANT: the swap date has not yet been announced, and the AVA token is not yet available to swap. This article will be updated when the swap functionality becomes available. Beware of scammers and anyone claiming to be affiliated with the AVA token online, especially via personal messages. The team will NEVER message you first. Stay vigilant and always refer to official sources on www.avafoundation.org and AVA & Travala.com social channels.
About AVA Foundation
The AVA Foundation’s overarching mission is to create a decentralised and self-sufficient blockchain-based loyalty ecosystem with AVA at its core. The AVA token functions as the key to accessing web3 loyalty programs and provides perks to end users, such as AVA payment discounts, AVA loyalty rewards, gated access benefits, and more. AVA tokenises the concept of loyalty reward programs using blockchain technology, bringing web3 to traditional loyalty models.