A lot has happened this week at OPEN from our API Documentation going live enabling application backends to sync with the blockchain, to our Token Swap announcement for the OPEN Chain token. We are really proud of the progress we have made thus far, and grateful to have our community support us all the way there.
Throughout each of these announcements, we have tried our hardest to be accessible to our community and to listen to their feedback. We have engaged in discussions with our community members, opened up an AMA, and took the feedback we received into serious consideration.
The conclusion is that we are going to change our swap structure to make sure our early investors feel equitable and we are still able to show our appreciation to the community for supporting OPEN Chain.
What we will be doing is twofold. To begin with, we will ensure all of our investors have a 2:1 swap bonus for their entire amount of tokens, both vested and unvested. The deal for people just buying on an exchange will remain the same as before, if you buy before snapshot one and HODL, you get a 2:1 swap bonus, and the extra you buy and HOLD before snapshot two and HODL, you get a 1.75:1 swap bonus, etc.
For the more technically minded, the token economics will be described in this paragraph. The rest of the token supply will finally have a swap bonus amount equivalent to the final circulating supply swap ratio. For example, if the total circulating supply increases 1.3* after the vested investors and exchange buyers realize their bonus, the rest of the token supply will increase by 1.3* as well. This is to provide the opportunity for people that believe in OPEN Chain early to become a larger part of the project. This ensures that no presale investors are diluted, but we are still giving the rest of our community the opportunity to be involved.
We hope this makes everyone equally excited for the future of OPEN Chain! It’s happening right before us as we are crushing our roadmap. You can view our API documentation here and our post about it here.
Stay tuned for our future updates (hint: the bounty will be one of them)!