Paxos Standard (PAX) rebranding and necessary action

[duc]

Hi folks,

Update: the rebranding doesn’t affect shielded PAX in Incognito, we also updated the token name, symbol and pSymbol for Pax Dollar, you should see it on the app by now.

As you may know, according to a blog post on the official Paxos site, Paxos Standard (PAX) is rebranding as Pax Dollar (USDP). It also said that an updated USDP smart contract will go live on August 31, 2021.

Unfortunately, we couldn’t find any further information about the smart contract update as well as how they will manage to migrate funds from the current token contract to a new one (in case they have to do it). Since we’re not sure how the update will be done (a.k.a will the new logic be deployed to a separate contract and the current contract will call the new logic through a proxy? Or people have to move funds to a completely new token contract), the best way to avoid any loss for your funds in PAX coins is to unshield them to your personal wallet.

You can shield USDP coins into Incognito again once we have a clearer understanding of the rebranding, we will make another post about this then.

Sorry for the inconvenience and thanks for your understanding!

[abduraman]

Hey everyone,

Finally I’ve found out how to contact Paxos team Here is its response:

I checked out the contract address too. Yes, they say true It is the same. So my decision is not to unshield. FYI.

[duc]

yes, they just updated the token name, symbol and keep token contract the same, so everyone doesn’t need to unshield. We also updated the token name, symbol and pSymbol for Pax Dollar, you should see it on the app by now. Thank you.