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
Alice holds 1000 PLENTY (would work similar for WRAP, with a different rate).
Alice swaps 1000 PLENTY for 500 PLY at an example rate of 0.5 PLY / PLENTY.
250 PLENTY (50%) gets swapped for PLY.
The other 50% of the allocated PLY can be unlocked in two ways:
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.
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.