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Token Swap SNAPSHOT #1 DETAILS

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Hey OPEN Community!

Over the past few months, OPEN has received overwhelming support from the community and we would like to give something back to our loyal supporters. This is why we are setting the stage for the first ever OPEN Token Swap – a program designed to reward additional tokens to OPEN holders and community members for their continued support.

Therefore, we are excited to be officially announcing our first Token Swap snapshot occuring June 25th at 12:00 PM PST. This will be our first snapshot, so everyone that has registered their wallet at this link by Sunday, June 24th, at 11:59 PM PST will receive a 2 for 1 bonus on the OPEN tokens held in their wallet from the time of the snapshot to the OPEN Swap event. The structure will be as follows:

  1. Let’s assume you currently have 1,000 OPEN tokens in your wallet.
  2. You have until Sunday, June 24th, at 11:59 PM PST to acquire more tokens and register your wallet at this link. Let’s assume you choose to get 500 more OPEN.
  3. Our snapshot will occur next Monday, June 25th, at 12:00 PM PST where we will be saving the balance of OPEN tokens in the registered wallets.
  4. At the time of the Token Swap event, the tokens that have been left HODL’d in these wallets since the snapshot will receive a 2:1 bonus during the swap events.
  5. In this example, when the actual Token Swap occurs, you will receive 3,000 new OPEN Chain protocol tokens for the 1500 OPEN tokens that were registered and HODL’d.

This is not a one-time event. We will be doing follow-on snapshots after the next two distributions, but the bonus amounts will be much lower – 1.75:1 and 1.5:1. It is important to note that the earlier you begin holding OPEN tokens the bigger the bonus you will receive.

This will be a high level program designed to reward our amazing community and thank you for supporting us to where we are today.

In late August, we will be issuing a new Token Contract for the OPEN Chain token. This is the new token that will be swapped with the existing OPEN Platform token. This token will be used to power all OPEN Scaffolds and other features that are live on Ethereum. In fact, our Scaffold generator is live right now and lets developers accept crypto as payment, but currently needs to be activated with the OPEN token.

This is only the beginning of what OPEN will be accomplishing with OPEN Chain. Be on the lookout for more exciting announcements by our team in the near future! We will always aim to give back to our supporters and passionate community members that believe in the revolution OPEN is bringing about.

We are happy to announce some technical updates today as well as the much anticipated bounty program details. We’ve already been blowing past our technical timeline so far!

If you haven’t already, check out previous technical updates on our blog. Here are just a few:

OPEN Developer Team Intro

OPEN Releases Kotlin based Scaffold Generator and Public GitHub

OPEN Chain Technical Roadmap and Update

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