Avoid Scams! Saito Token Migration is not required! You may safely keep wrapped tokens.

Today we’re happy to announce that the migration tool to mainnet has been extended to include BEP20 Saito tokens on the Binance Smart Chain. Migration is not required, and anyone interested should first familiarize themselves with the details.

When we launched Saito, the AnySwap Bridge was a reliable tool to move wrapped Saito tokens between the BSC and Ethereum networks, but has since become unreliable. We remain fully committed to supporting both the ERC20 and BEP20 Saito tokens, and while this upgrade to our migration tool does not replace the Anyswap Bridge, it does allow holders on BSC the choice to migrate to the native Saito Network.

Token migration is not required, and at this stage we only recommend it for advanced users. If you choose to migrate your tokens, be sure to double check you are not falling prey to scams – use the correct migration link: https://saito.io/migration/. Please note that migration is currently only one-way.

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Avoid Scams: Saito Migration is not mandatory – your wrapped tokens are safe to hold.

Today marks the completion of the first Saito ATR cycle, and as promised last autumn, early holders of native-chain Saito have received their first project ATR rewards. Those who have previously chosen to migrate can now see their increased balance on the explorer.

Our Token Persistence Update and Tokenomics update last autumn defined a persistence curve for minimum supported balances over time – it also marked the release of our ERC20 bridge, which has seen many dedicated Saitozens crossing onto the native chain. As a reward for early migrators, 5% APY will go to native wallets – disbursed from the project every six months.

Avoid scams! There is no need to migrate! Those insistent on doing so should double check via the Wiki and Official Telegram that they are using the correct address to bridge: https://saito.io/migration/.

We thank our community for their continued support and for taking part in the earliest periods of our revolutionary network.

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To improve user experience buying SAITO on Uniswap, liquidity is being moved to a pool with a lower fee level. Fees are moving from 1% to 0.05% in the new SAITO/ETH Uniswap V3 pool.

To maintain and improve liquidity provision on Uniswap, the project will be moving liquidity from the V2 Uniswap SAITO/ETH pair, to the V3 SAITO/ETH Uniswap Pair. This is regular maintenance and protects against end of life issues for Uniswap V2 pairs and allows the project to better target liquidity. The upgrade will be performed on January 23, 2024.

NOTE: this post is about liquidity migration on Uniswap. It has nothing to do with ERC20 token migration to Saito Mainnet. We remind all users there are no plans to force token migration and the only migration tool available remains (https://saito.io/migration). Please be careful of scammers.

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1. a majoritarian voting system, which creates
2. an economic penalty on minority opinion, which creates
3. a self-reinforcing incentive to side with the majority

Keynes intended his contest as an analogy for the stock market, but it equally describes Nakamoto Consensus, where consensus around the longest-chain also emerges through a voting mechanism that punishes anyone who disagrees with majority opinion.

Despite the obvious parallels, few academics working on “cryptoeconomics” have read Keynes, or other economists like Mancur Olson who focus explicitly on incentivizing collective action. Instead, computer scientists focus overwhelmingly on building distributed voting mechanisms.

This intellectual bias has led computer science to approach consensus as a problem that requires voting. The blindness to other approaches starts with the way academics conceptualize the problems – consider the way the Byzantine Generals Problem is invariably described with the assumption that participants must honestly or dishonestly signal their preferred courses of action. They vote and only then do they act.

This drift away from incentives towards voting mechanisms is a major intellectual hurdle in distributed systems development, because as soon as we create voting mechanisms we automatically create majoritarian attacks on them. But isn’t our goal is to avoid incentivizing collusion? Deciding how to distribute money based on majority opinion is not a workable approach.

And this is why understanding the Keynesian Beauty Contest matters. Because knowing that Satoshi designed Bitcoin as a beauty contest mechanism allows us to ask a simple question: why bother with the first step at all? Why add a voting mechanism? Why not look for a way to impose a cost-of-attack guarantee on malicious nodes that punishes attackers regardless of whether they control majority opinion?

Few people in distributed systems conceptualize the challenge this way, not trivially because many consider it an impossible problem, but there are already formally-proven methods of accomplishing exactly this. In our case, Saito Consensus does it by using “routing work” to increase the cost of producing blocks that orphan honest blocks, while also decreasing the amount of revenue attackers can earn from producing those blocks. Because of the way the payout mechanism works, attacking a routing work mechanism always costs money. Incentives impose a cost-of-attack directly of indirectly via a gameable voting mechanism.

By delivering what actually matters (the penalty and its results) without the need for a voting mechanism, routing work gives us all the benefits of the incentive structure in the Keynesian beauty contest (a self-reinforcing emergent consensus and natural incentive to cooperate) without adding the crippling majoritarian attacks. It gives us the properties that matter for distributed consensus without the technical vulnerabilities that come from adding majoritarian voting.

It will be interesting to see how long it takes computer science as a discipline to throw off its intellectual shackles. Until that happens governance will continue to add attack vectors into distributed systems. And the solution to those problems will doubtless be yet more governance. This circularity is a problem with using voting mechanisms, but not a fundamental feature of consensus design. We can do better. And in order to solve the fundamental problems we have to.

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As Binance has announced the end of life for BUSD we will be shifting liquidity on Pancakeswap to FDUSD on Friday, December 8. We will take the opportunity of the shift to upgrade to Pancakeswap V3 as well.

For community members providing liquidity on the BEP20 SAITO/BUSD pair we suggest you move liquidity onto the new pair when it is created. The Saito project will continue to guarantee minimum liquidity of USD 250K equivalent on the new SAITO/FDUSD pair.

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From a technical perspective, this shift marks the official point our hardcoded “genesis” issuance files become obsolete, replaced with a dynamic file that is re-generated from our live UTXO hashmap with each network hard-fork. In the interest of public transparency and to ensure that historical data is available for public scrutiny in the future, we have taken the step as part of our network update of ensuring token issuance files are archived and uploaded to our official Github repository with each reset. The team is continuing to monitor and test the network and integrity of these files as part of our ongoing development efforts, but is pleased to report that so far everything seems to be working perfectly.

In terms of changes that users will notice to the in-browser Saito experience, while our ERC20 token withdrawals continue to be handled manually, we are expecting to update a new application / UI-feature to the Saito Application Suite later this week that will speed up withdrawals by allowing for a greater degree of automation in the token migration process. We are hopeful this will assist us in getting withdrawal times down to about 12 hours from the 24 or so that it currently takes.

On a side-note, we should also mention that we are aware of the publicly-discussed issues with the Anyswap/Multichain ERC20 < – > BEP20 token bridge and recommend/request that users do not attempt to use the bridge until the situation is resolved. In the event of continued problems, we will work to update the aforementioned withdrawal tool to allow BEP20 tokens to be directly burnable and withdrawable to mainnet in a fashion similar to ERC20 tokens, thus avoiding need for the Anyswap bridge completely.

Beyond the changes that token persistence brings to the network and the application suite, there are questions of how it should affect tokenomics questions and what changes – if any – we should be making across the our Dawn of Persistence era. In order to address these questions, and present our own thoughts, the team will be having an update on Saito tokenomics at the end of September that will provide more detailed clarity on how we expect the token persistence curve to look, as well as update to the token distribution schedule to help incentivize on-chain migration as the threshold falls.

On a closing note, we remind readers that the entire crypto space is plagued with scams and to assume by default that anyone who contacts you with claims about migration is a scammer. If you’re not sure what is legitimate, please join the community on our Official Telegram Chat at https://t.me/SaitoIo.

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