Hello everyone, we are happy to share the long-awaited details of ADEL>AKRO voluntary swap!
Outlined below is a brief recap of the rationale behind the swap and details surrounding the swap specifics. For a more in-depth summary of the motivation behind the swap please refer to our January Update.
Everyone can begin swapping their ADEL>AKRO! Please read the “Swap Details” section and follow the “Swap Instructions” section if you would like to swap your ADEL for AKRO. Also, please remember that this is a voluntary swap and in agreeing to the Terms and Conditions you are bound to the details provided below if you choose to complete the swap.
ADEL>AKRO Voluntary Swap Recap
- Post-hack and post-Yearn merger Akropolis decided to narrow our product offerings solely to our yield generator and aggregator product suite.
- To reduce ambiguity in the value propositions of ADEL vs AKRO, we and the community proposed a voluntary swap of ADEL to AKRO tokens.
- The decision to perform the token transition as a voluntary swap (funded via Foundation tokens) ultimately came from the rationale that it would be more capital efficient and equitable compared to AKRO inflation.
- Moving forward all products created by our development team will be branded as “Akropolis” and will be governed via the AKRO token.
- Community members are not required to swap and can maintain the ADEL and Delphi ecosystem if they choose.
ADEL>AKRO Swap Details
- Eligibility: 1) ADEL accrued in rewards prior to Jan 6th, 2021; 2) ADEL held in personal Ethereum addresses and/or staked on Akropolis platform and/or used for liquidity provision via DEXes on Feb 1st, 2021; at 2400 UTC (the snapshot date/time).
- Swap rate: 1:15 (1 ADEL = 15 AKRO). The team will carve out 215M AKRO or ~5.4% of the Total Token Supply for the swap.
- Swap Duration: March — May 2021 (2 months).
- Vesting Term to Receive Swapped AKRO: 24 months (2 years); Linear.
- To swap ADEL to vAKRO (vested AKRO), please go to the swap page.
- There, you will see different swap options — what you can swap from rewards, personal wallet, stated amount, etc (based on Snapshot performed earlier).
3. To swap, you will need to accept Terms and Conditions on the swap page and confirm the transaction — each swap option will need a transaction that will swap ADEL to vAKRO.
4. After the swap transaction completes, you will receive vAKRO on your wallet. Please do add custom token to see it, here are the token details:
Contract address: 0x5593143eAE5000983bB015b2E0AC35C125B3376C
5. After the swap is completed and vesting starts (June 1st), you will be able to start claiming AKRO in exchange for vAKRO. The amount of AKRO available for claim in exchange for vAKRO will rise in accordance with the vesting terms (1/24th from full amount each month).
We’re releasing the swap in iterations — right now, you will be able to swap ADEL from your personal wallet & from staking. The swap. of vesting rewards will come in the upcoming weeks.
Thank you for reading and we look forward to building the future of Akropolis with you! As always, please feel free to reach out to us with any questions or concerns on our social channels!