Migration

Swapping PLENTY and WRAP for PLY

With the advent of the new plenty.network that comprises improved Plenty DEX and EVM-bridge (taken over from wrap protocol), existing PLENTY and WRAP holders can swap their tokens for PLY.

A total of 400 million PLY or 40% of the total supply is allocated for this initial migration - 32% for PLENTY holders and 8% for WRAP holders.

Mechanics of Migration

The migration is a 2-step process involving an initial exchange, followed by the vesting of tokens received. The exchange starts on 5th January 2023 with the swap rates being as follows:

1 PLENTY = 5.714 PLY and 1 WRAP = 3.092 PLY

50% of the PLY you receive from the exchange will be available immediately and the remaining 50% shall be vested linearly up to 5th January 2025. The vested tokens get unlocked by the second, but claims can be made only once every 24 hours.

There is no end date for migrating to PLY. You may swap your tokens at will once the exchange begins. Refer to the scenarios listed below to understand how the migration would work for different time frames.

Of the 400 million tokens allocated for migration, 200 million tokens would be available on the day the exchange starts. The remaining 200 million tokens would keep coming into circulation up to and beyond 5th January 2025.

Migration Scenarios

Migrate on the day exchange starts

If Alice exchanges 100 PLENTY for 850 PLY on the very day the exchange starts, she gets 425 PLY i.e 50% of the total immediately. The remaining 425 PLY is then vested until 5th January 2025.

Migrate a few days after the exchange starts, but before the vesting ends

If Alice exchanges 100 PLENTY for 850 PLY, 6 months after the exchange starts, she gets 425 PLY immediately. 106.25 PLY i.e the amount that would have been unlocked if exchanged on the first day, can be claimed after the first 24 hours. The remaining 318.75 PLY follows the standard vesting rule until 5th January 2025.

Migrate after the end of vesting

If Alice exchanges 100 PLENTY for 850 PLY, after 25th January 2025 she gets 425 PLY immediately. The remaining 425 PLY is claimable entirely after the first 24 hours.

You can make multiple migrations from the same Tezos address. The vested tokens simply add up.