Damn it feels good to be back running with the bulls. The two year bear market was brutal, but enduring that was all worth it to be back in a bullish cryptocurrency market. Nothing compares.
What’s great about a bullish cryptocurrency market is that it reinvigorates the raw energy and innovation that this ecosystem is known for. Sure, there’s a lot of rubbish that comes and goes in a bull market, but the end result is numerous powerful crypto projects that could play a key part in our lives in the future. Just look at the great projects the 2017 bull run has brought us.
Today we’re going to take a look at Tixl and how they’ve embraced the renewed market conditions with open arms.
It’s so obvious it’s barely worth mentioning, but Ethereum is leading the charge. Decentralized Finance (DeFi) is the talk of the town right now, and the bulk of DeFi is hosted on Ethereum. Therefore, the Ethereum network is the place to be at the moment.
As a result, the Tixl team announced in June the decision to partially transition MTXLT (TXL after the token split) over to Ethereum, with the aim of benefiting from the very strong Ethereum ecosystem. Tixl began life on the Binance Chain, and the Tixl team has been very complimentary about Binance Chain and acknowledged the key role it’s played in their development thus far.
The Ethereum ecosystem has continued to grow. Liquidity protocols like Uniswap or (semi)-decentralized exchanges like IDEX have become more popular.Tixl
The switch is being designed to keep some tokens on Binance Chain while moving a portion of the tokens over to Ethereum. This way, MTXLT (TXL after the token split) holders will be able to choose which network they are going to operate on. This will be achieved by incrementally burning specific amounts of BEP2 tokens while at the same time minting a corresponding amount of ERC20 tokens on Ethereum. The total supply will thus stay the same.
This move to Ethereum has also introduced a partnership with Ferrum, which provides Tixl holders a token bridge between Ethereum and Binance Chain.
Now that Tixl is going to be on Ethereum, it’s time to take advantage of everything the booming Ethereum network has to offer. But first…
MTXLT -> TXL
The MTXLT token is going to be rebranded to TXL. This has been the plan all along. The intention has always been to rebrand the token to TXL once mainnet launches. However, now that there is a partial move to Ethereum about to happen, this is probably the best time to rebrand.
The aim of the jump to Ethereum is to introduce Tixl to a whole new audience. There’s a whole lot going on with Ethereum right now and Tixl wants to be a part of it. Logically it doesn’t make sense to introduce new people to MTXLT with a plan to rebrand in the short term.
Therefore, from a branding perspective it makes more sense to rebrand the token to TXL now, so that all the new people that hear about Tixl don’t get confused in the future. In essence, this is the most frictionless way to go about the name change based on current circumstances.
Along with the name change will come a decimal change, which will modify the overall supply of Tixl. The proportions will remain the same. The token split will be at a 1:1,000 ratio so if you own 1 MTXLT now, you will get 1,000 TXL. The swap will be facilitated by a token bridge.
This new supply system was carefully pondered by the team to have the best psychological impact on the market. It’s well known that cryptocurrencies that appear ‘cheaper’ are more appealing psychologically. People prefer to look at the price rather than market cap.
For example, buying 1 MTXLT now would cost ~$120, but after the switch 1 TXL will be $0.12 – it seems much more accessible. However, if you hold $120 in MTXLT, you will still get $120 in TXL because the bridge will give you 1,000 TXL.
It’s worth noting that the Tixl team will be scrubbing all mention of MTXLT online, which includes existing exchange listings. There will then be a big effort to drive TXL listings once the rebrand is complete. This brings us on to the next topic.
Uniswap is where most cryptocurrency investors are hanging out right now. As a result, Tixl wants to be a part of it. Once the TXL rebrand is done and Tixl is properly on Ethereum, they are going to list TXL on Uniswap. This is targeted for early September.
The team is hopeful that the rebrand and Uniswap listing will introduce a whole new audience to Tixl and continue the existing Tixl price trend.
Tixl price performance
Tixl has been performing extremely well recently. Early investors are satisfied, but eager for more. The overall consensus seems to be that the move to Ethereum and listing on Uniswap will help garner the additional attention needed to keep up momentum.
Tactically the move to Ethereum makes sense. It gives Tixl the opportunity to get in-front of a whole new audience, which could be very powerful. Coupled with the Uniswap listing, it will be interesting to see where this goes.
Furthermore, it seems like the right decision to rebrand the token ahead of this big change. It would be too confusing to new investors, or even just people interested in Tixl, to rebrand shortly after making the partial move to Ethereum.
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.