Plenty Docs
Github
  • Welcome to Plenty Docs
  • Plenty Overview
  • V3 Docs
    • Plenty V3 Introduction
      • Concentrated Liquidity
      • Fees
      • Range Orders
  • Developers
    • Plenty's Unified API
    • Plenty V3 SDK
  • V2 Docs
    • Plenty V2 Introduction
      • Understanding PLY & veNFTs
      • Understanding Gauges
      • Understanding Boosting
      • Understanding Bribes
    • Tokenomics
      • Distribution
      • Migration
      • Emissions
    • Architecture
      • Vote escrow architecture
      • Vote escrow smart contracts
      • Scenarios
    • Audit by Inference AG
  • ❓FAQ
    • What has been the traction for Plenty?
    • How to swap PLENTY & WRAP for PLY?
    • What are the differences between the ve models of Curve & Plenty V2?
  • Appendix
    • Glossary
    • Plenty V2 Launch partners
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  1. FAQ

How to swap PLENTY & WRAP for PLY?

When you currently hold PLENTY and/or WRAP tokens, you can exchange them for PLY tokens at a date to be announced and at a predetermined rate. There will be different exchange rates for both WRAP and PLENTY.

Users can claim voting rights of vesting tokens early by locking them in a vePLY NFT locker. When a user doesn't lock up PLY can be claimed over the course of two years.

A swap scenario
  1. Alice holds 1000 PLENTY (would work similar for WRAP, with a different rate).

  2. Alice swaps 1000 PLENTY for 500 PLY at an example rate of 0.5 PLY / PLENTY.

  3. 250 PLENTY (50%) gets swapped for PLY.

  4. The other 50% of the allocated PLY can be unlocked in two ways:

    1. Two year vesting: The PLY is initially locked and will keep getting unlocked at a rate of say 0.1 PLY/second (this is once again a dummy value). So, 60 seconds after the exchange, you can claim 6 PLY tokens. This can be thought of as vesting on a per-second basis and will take 2 years.

    2. Create a vePLY NFT: By creating a vePLY NFT with the 250 PLY locked for two years the tokens that are vesting become liquid. When you make such a ‘future’ claim, your remaining 250 PLY is sent to a Escrow Locker and locked for a period of time selected by Alice, and you receive a transferable NFT (that can be sold on a secondary market) representing the ownership of the underlying locked PLY.

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Last updated 1 year ago

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