Swapping PLENTY and WRAP for PLY
A total of 400 million PLY or 40% of the total supply is allocated for this initial migration - 32% for
PLENTYholders and 8% for
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 PLYand
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.
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.
You can make multiple migrations from the same Tezos address. The vested tokens simply add up.