Autonio has an important announcement today, one that has been overwhelmingly received by the DAO as a positive decision and step forward for the team and the project. While developing for Smartdex the past few months, the team worked on designing and building a new way to deal with swapping tokens cross-chain, unlike anything we’ve seen in the space before.
After months of researching, building and collaborating with other teams and projects in the space, we realized that we have something special in our hands.
As a result of this, the Autonio team has started work on a new project called Magpie: a non-custodial, chain-agnostic, liquidity aggregation protocol that can facilitate cross-chain swaps, without the need to bridge any assets, while allowing interaction with the most popular DeFi apps. Think Wise, but for crypto. Magpie Protocol can connect chains that run on different protocols such as Avalanche and Ethereum, no longer limited by 3rd party aggregators or other similar protocols. As a result of this, much of the team is migrating to the new project to give it as much support as possible.
Why are we migrating?
The team is migrating as they, along with the DAO, believe it is the best option available financially, for the team & project, as well as for NIOX holders & stakers. As a project that has been around for as long as Autonio has, it can be very difficult to procure support to continue payments for 15+ employees, an AI research division, and continued development on all of Autonios products. Simply put, companies and firms that support a project want the opportunity to earn a return, and we cannot give them vested tokens like in an ICO (initial coin offering). This causes a lot of issues in procuring support and by migrating the team to a new project, we are able to continue development, secure much more funding, provide proper opportunities for supporters, create a large liquidity pool for the token, and provide a place for NIOX holders in the new project.
What will happen to NIOX?
In short, NIOX will still be around as the DAO takes over development and control of Autonio. BUT, if you would like to join the team in this new endeavor, ALL NIOX token holders will be able to burn their NIOX to mint Magpie’s token FLY. Details on this will be published at a later date but if you’re in the DAO, or just a holder of NIOX, there will be five different swap levels that you can burn to mint. For holders that do swap, Magpie will be launching its token in Q4 of 2022, using its supporters, as well as a well known outside marketing agency to help promote and market the project, as well as providing liquidity pools and farms.
What happens if someone doesn’t want to swap?
Then that user simply doesn’t use the smart contract interface to burn NIOX to mint FLY, simple as that. Autonio as a project will be in the hands of the DAO, who behind the scenes have come up with many of the ideas that have been implemented throughout the years. The DAO will take over social media, development, treasury, pre-sales, etc. For those who choose not to swap, the NIOX token will still be used for staking, DAO membership benefits, future staking benefits, and more. As those that burn-to-mint their tokens to FLY, the NIOX circulating supply will drastically decrease.
How do I swap my NIOX for FLY?
Later in the year there will be a smart contract in which holders of NIOX will be able to choose a swap level/vesting period ranging from no vesting period to multi-year vesting and burn their NIOX, and in return, they will receive FLY.
Stay tuned for more information and specifics on both Magpie and Autonios future.