Disclaimer: Not financial advice. Always do your own research and consult a professional finance advisor before making any investments.
In exciting news today, the VSC team announced that another project is migrating from Solana to Vector Smart Chain (VSC). Bank of Sol (BoS), currently operating on the Solana blockchain, is preparing for transition to its new identity—Bank of Vector (BoV).
“We have made a significant decision for the good of BoS and its investors. We will be migrating to Vector Smart Chain.”
Josh (Bank of Sol)
This marks the third utility-driven project to migrate from Solana to VSC, following in the footsteps of XetaAI and BESC LLC—projects that have cited VSC’s supportive community and strong growth potential as deciding factors.
What is Bank of Vector?
Bank of Vector is a decentralized finance (DeFi) ecosystem designed to bridge the gap between digital assets and real-world spending. Its platform aims to make crypto truly usable in daily life for everyday expenses.
While a full breakdown of what BoV is bringing will be featured in a future article, here’s what BoV has rolled out:
- Digital Crypto Debit Card (No-KYC)
- Physical Crypto Debit Card (KYC)
- BOVBridge – Privacy-Focused Multi-Chain Bridge Bot.
- BANK Token – BoV’s Rewards token.
- Fusion Buy Bot – The Rolls Royce of buy bots.
- BoV Liquid NFTs – Value increasing NFTs.
Why the Move?
The decision to leave Solana was not made lightly. While Solana has significant popularity, one issue is its focus on short-term, speculative investments, driven by memecoins. Despite months of efforts, Bank of Sol has struggled to gain traction and build long-term value on Solana.
“The current challenge on Solana is the short term mentality and a culture that isn’t used to building utilities or business. “
Josh (Bank of Sol)
The BoS Team has spent some time considering the pros and cons of the move, observing projects like BESC to see how they fared on the new chain. Ultimately, the team decided the move would benefit current BoS investors and provide a bigger opportunity for BoS to grow their utilities on Vector Smart Chain.
“Vector is a younger chain with like minded investors who are far more supportive of a project that has produced as much as we have in a few short months”
Josh (Bank of Sol)
Migration Process
The process of migrating to VSC will begin after trading is paused on $BANK, Friday 9pm UTC (5pm EST). The general migration process will loosely follow an order like this:
- Trading End
Trading of $BANK ends on Friday 9pm UTC (5pm EST). - Snapshot
BANK holder snapshot will be taken. - Old Token Collection
Holders will be required to send their tokens into a collection wallet. - Liquidity Removed
Liquidity is removed from $BANK on Solana. - New Contract
A new $BANK contract is created on VSC. - Airdrop
1:1 Token airdrop distribution to previous holders. - Liquidity Added
Liquidity added to $BANK on VSC. - Trading Starts
Trading of BANK-VSG commences.
If you have any questions or need help, you can reach out on their Telegram.
What’s Next?
Following the successful migration, the Bank of Vector team plans to update their suite of utilities to support VSC and relaunch their website under the new branding. The team has also hinted at several new utilities currently in development.
At VSCWire, we’re thrilled to see more adoption from existing projects and look forward to the growth of Bank of Vector.
To learn more about Bank of Vector, visit the links below.
Links
Source(s)
- Telegram Announcement (28/05)
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