Home Coins Akropolis (AKRO) Akropolis January Update: ADEL>AKRO swap, hack compensation & more | by Akropolis...

Akropolis January Update: ADEL>AKRO swap, hack compensation & more | by Akropolis | Akropolis | Jan, 2021

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AliExpress WW

Akropolis

Dear Akropolis Community,

The purpose of this update is to share further details on the swap process, hack compensation & other updates connected to both AKRO & ADEL.

ADEL<>AKRO Swap: A Recap

Motivation:

“Bring value to AKRO by bringing the community together whilst not affecting AKRO by significant dilution, and allowing the team to quickly move forward and focus on yEarn merge, integration and development.”

Guiding Principles:

Going Forward:

ADEL<>AKRO: Swap Details

— ADEL token holders willing to swap tokens will need to accept Terms & Conditions on the swap page and send ADEL to the specific ETH address specified on the swap page.

— As AKRO tokens will be under vesting, ADEL holders who swapped tokens will be receiving vAKRO token (essentially, a unit of account) which they can later swap to AKRO in accordance with vesting schedule (1/24 AKRO due will be available for swap each month).

— ADEL accrued and vested as LM rewards will also be swappable with the same 24-month vesting schedule.

— Swap instructions and UI will be published in a later update.

Snapshot Details

For the token swap, we will be taking a snapshot of all personal Ethereum addresses holding ADEL.

Important Note: The distribution of ADEL rewards will continue after the snapshot is completed — it is suspended at the moment as only ADEL distributed and/or accrued as a vested reward before Jan 6, 2021, can participate in the swap.

Hack compensation

As we shared during the last AMA, it is important to us that the users who contributed stablecoins to Delphi and have been affected by the hack are fairly compensated. In order to expedite a time to full recovery, we are contributing 50% of the hacked amount in vested AKRO tokens (vAKRO), with the remaining 50% to be accrued from future product fees. The UI walkthrough will be published in the next update.

Compensation: 50% of compensation in a form of vAKRO;

Rate: $0.012 per AKRO (price is fixed at the level just before the hack);

Vesting: 24 months (2 years), linear.

Concluding remarks

Legal Notice. Some aspects of the ADEL to AKRO token swap are still under consideration. Accordingly, the terms and scope of the anticipated token swap may change, or the swap may not occur. Please follow our announcements for further details and updates. This article is provided solely for informational purposes and nothing in this publication constitutes a promise, obligation or advice of any kind.

AliExpress WW

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