# Migration

With the advent of the new [plenty.network](https://plenty.network) that comprises improved Plenty DEX and EVM-bridge (taken over from [wrap protocol](https://www.benderlabs.io/wrap)), 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.

{% hint style="success" %}
There is **no end date** for migrating to PLY. You may swap your tokens at will once the exchange begins. Refer to the [scenarios](#migration-scenarios) listed below to understand how the migration would work for different time frames.
{% endhint %}

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**

<details>

<summary>Migrate on the day exchange starts</summary>

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.**

</details>

<details>

<summary>Migrate a few days after the exchange starts, but before the vesting ends</summary>

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**.

</details>

<details>

<summary>Migrate after the end of vesting</summary>

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.

</details>

{% hint style="info" %}
You can make multiple migrations from the same Tezos address. The vested tokens simply add up.
{% endhint %}


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