Merit Circle Token Swap, Redenomination and Rebranding to Beam

The Merit Circle token $MC is migrating to $BEAM as a result of the acceptance of both MIP-28 and MIP-29. This migration has been initiated by the DAO to better align with the current activities and practices within the Merit Circle ecosystem.

How to migrate your $MC to $BEAM?

The migration process has been made in a simple and straightforward manner. You head over to our website, connect your wallet and press a button to migrate. After approval, your $MC tokens are immediately converted into $BEAM tokens and you're all set.

Migration date: 26th of October 2023

To start your migration, we invite you to the only official website:

meritcircle.io/migrate

NOTE: The migration page is not live right now but will go live on the 26th of October.

Please ensure that you only follow the official links in this article.

Beam Token Migration Tutorial

Step 1 — Head over to the official migration website

We invite you to head over to meritcircle.io/migrate to initiate your migration process. Always double check and verify that you are interacting with a trustworthy source.

Step 2 — Connect your wallet

Connect your wallet on the migration page using any of your preferred wallet providers that hold your $MC tokens.

Step 3 — Press the 'migrate' button

After connecting your wallet, the migration page will detect the amount of MC you are currently holding. Here you will also see the number of BEAM tokens you will receive after the migration.

To proceed with the migration, press the 'Migrate' button and verify the transaction using the wallet of your preference. After the blockchain (Ethereum or BSC) has verified the transaction, your MC tokens will be burned and you will receive the BEAM tokens in your wallet.

How much $BEAM is 1 $MC worth?

The conversion rate is 1:100. Meaning every $MC you convert gives you 100 $BEAM tokens.

How long is the migration period open?

As per MIP-29, the migration period will last for a minimum of 12 months starting from the date the migration commenced, being the 26th of October. After this period, conversion won't be possible anymore. Such a time period will provide every MC and eMC holder today the opportunity to migrate (note that eMC holders would first have to convert their eMC into MC

What utility will the BEAM token have?

The BEAM token will become the native token of the Beam network, and is intended to have the same utility as the MC token currently has. The utility is multifold, and currently comprises of:

Layer-1 token on Beam networks (validating and securing such networks), being the fuel of blockchain gaming and other activities on Beam networks.
Governance (both of certain smart contract systems and the DAO treasury).

Consequently, the BEAM token will be the focal point for coordination and incentivization within the Beam / Merit Circle ecosystem.

$BEAM on Ethereum: https://etherscan.io/address/0x62d0a8458ed7719fdaf978fe5929c6d342b0bfce

$BEAM on Binance Smart Chain: https://bscscan.com/address/0x62d0a8458ed7719fdaf978fe5929c6d342b0bfce