MUSA Chain FAQs Answered!
In this article we will address FAQs and we will keep this article up to date with most recent FAQs answered.
1. What is MUSA Chain?
MUSA Chain is the rebranded name for POMv2 chain addressed in
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2. What is $MUSA coin?
$MUSA will be the native currency of #MUSACHAIN. Equivalent to how $ETH is the native currency of Ethereum chain
3. What happens to $POM token on Ethereum Chain post MUSA chain main-net goes live?
The ERC20 Pomeranian token ($POM) will continue to exist and function on the Ethereum chain. A bridge will allow users to transfer the $POM token to the MusaChain coin ($MUSA). As a reminder, a cryptocurrency token is a digital unit of value that represents an asset or utility. Unlike coins, tokens do not have their own blockchain and are issued within existing networks. Coins are used for transaction validation and usually result in a much higher value.
4. How would I convert my $POM to $MUSA?
Once MusaChain is ready for public use, you will be able to use a bridge developed by our team to bridge $POM into $MUSA. When bridging $POM (token) from Ethereum to the MusaChain, the user receives $MUSA (coin) at a 1:1 ratio and conversely from MusaChain to Ethereum. As users bridge the token to utilize MusaChain, the bridged $POM ERC20 token will lock within the bridge mechanism. Therefore, as supply changes on one chain, both Ethereum side and MusaChain side will adapt to the change in circulation; the value of the crypto does not severely fluctuate, maintaining a strong value. Initially, some traders may attempt an arbitrage. Arbitrage is a strategy in which investors buy a cryptocurrency on one exchange, and then quickly sell it on another exchange for a higher price. These techniques happen with other blockchain’s coin, but the arbitrage ability will be short-lived and become riskier as the blockchain stabilizes. The price of the $POM ERC20 will be proportional to the MusaChain coin ($MUSA). As the price of $POM increases, the price of $MUSA will proportionally increase.
5. Why hold $POM? Is there any benefits for holding $MUSA as compared to holding $POM ?
The benefits to holding $POM on the Ethereum chain shall continue for ease of access as well as corresponding benefits to $MUSA. There are several planned benefits for $POM holders. From a development perspective, there will be unique utilities that are specific to MusaChain and others to Ethereum. Those differences and benefits will be revealed. Unfortunately, details cannot be fully disclosed until those features are ready for release.
In summary, only the Pomeranian blockchain name has been branded from POMv2 to MUSA. The Ethereum chain $POM token on the Ethereum chain will continue to exist as $POM. POMv2 was always a codename for the Pomeranian blockchain project in order to prevent any malicious intent from competitors.
MusaChain will be the new standard for blockchain technology
6. When will MUSA Chain launch for public?
The exact date is yet to be announced! As per roadmap we will be focusing on ensuring blockchain and bridge are completely safe to use before we release to public. The two major steps for doing that are hackathon and blockchain audit. Once we have done thorough testing and auditing we will launch it for public use. Roadmap can be found here https://www.pomeranian.dev/