When we began building PackagePortal back in 2019, our original design relied upon smart contracts and tokens to function. Over the years, we've observed many of the perils associated therein, and sought ways for our ecosystem to adapt in an ever shifting landscape where fungible tokens are concerned. But with each passing day, it becomes more clear that whether we use a different base chain altogether, or expand interoperability across chains, we'd still face many concerns.
It's evident that alt-coins come laden with regulatory uncertainty and user skepticism, and have been stigmatized by insufferable amounts of fraud. Additionally, the fees necessary, and the experience required to safely interact with multiple smart contracts &/or networks, is not conducive to global adoption by the commonplace user.
Bitcoin however, has the broadest reach and technical support of any network in existence, and is even accepted and integrated by sovereign countries on a national level. Bitcoin is the obvious choice for storing value. But until now, the technology to build on top of Bitcoin was primarily limited to the Lightning Network and was confined by its capabilities and restrictions.
Recently however, Ordinal Theory was introduced to the Bitcoin Network via the Taproot update, opening a massive door for our evolutionary process. This new method of inscribing data to individual Sats, creates the ingredients needed for a full migration of our existing platform, to the Bitcoin network. These Ordinals make it so that Sats can replace tokens by storing particular bits of data right in the asset itself.
Migrating the ecosystem to Bitcoin can immediately address some of our primary concerns around fungible tokens, namely:
Ordinal Theory presents the opportunity to transfer the value generation of this protocol directly to the Bitcoin Network and its participants, making the choice to migrate obvious. BTC remains to be the one sure-footed step for those blazing new trails in this space. So we've redesigned our tokenomics to facilitate the transition in a way that protects those who have held and supported PORT til now. As NiftySats grows, PORT becomes more scarce, and holders have the option to:
Our aim is to ensure the longterm success of this platform and grow it into a widely used tool for commercial use. We strongly believe that an incentivized consumer engagement tool can be widely used by marketing and retention teams for products of all types. However, the challenges listed above, and the isolation of siloed Layer1s, threatens our growth potential and longterm success. So migrating as much of the ecosystem to the trusted and secure Bitcoin Network is a prudent and obvious next step.
We've always held strong convictions that Bitcoin will become in effect, digital gold, and transform the financial landscape. The value of a distributed network with a public and immutable monetary policy will inevitably be appreciated and sought after world-wide. We believed this from the beginning, however as previously mentioned, the tools to build on Bitcoin didn't exist then. But they exist now!
Due to ongoing regulatory threats and pressure from U.S. agencies, PackagePortal Staking rewards must come to an end. Reward accrual therefore ceases with the release of NiftySats. Effective immediately, users are able to instantly unstake token balances and any existing rewards without penalty.
Token holders are the autonomous controllers of their digital property, that’s what makes blockchain technology so powerful. Crypto enables financial sovereignty and independence; as such, we do not intend to sway, convince, or otherwise lead users to act against their own intuition or investment strategy.
By staking PORT, users were putting their tokens to use in order to increase their overall balance. As this service comes to a close objectively, there exists four options for what to do next with your increased stack. After claiming rewards and removing your stake, you can:
Users who believe in the PackagePortal platform (now NiftySats) benefit most by obtaining Ordinals. By owning these inscribed Sats, the holder is able to share in the success and fees generated by the platform, and secure a piece of history in Bitcoin’s first 1 million inscriptions. And although we no longer directly offer LP incentives, the decentralized exchanges that support PORT do offer various incentives. Adding liquidity to those pools could present a desirable addition to your investment strategy. Lastly, those users who may not want to make the transition to Ordinals, are free to swap their tokens at any time. However, in order to minimize exposure to liquidity constraints, it may be prudent to delay and monitor market conditions until supply/demand metrics present a scenario conducive to your trade appetite.
When PORT was created, there was a 10M max supply (of which on 3.3M is circulating). With the launch of NiftySats, half of the total supply (5M) is to be immediately destroyed, leaving a new total supply of 5M. Each Ordinal claim requires 10k PORT to be burned, either at the contract level in a signed transaction, or by converting Bitcoin from marketplace sales into PORT to be subsequently burned. The result is an inverse correlation between PORT's Supply and NiftySats Supply.
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