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Token Swap Update

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Hello OPEN Community,

We would like to provide a token swap progress update and highlight the final steps to complete the swap process.

After the last token swap distribution, we worked hard to fix bug related issues identified by the community. Given the complexity of the swap and the number of valid and invalid community feedback points received, a new token contract will be deployed for token swap distribution. We respect our community’s concerns and want to ensure that everyone receives the correct amount of tokens.

Before executing the token swap distribution with a new token contract, we have executed a testnet distribution that simulates exactly what the actual distribution will be. The testnet distribution explorer can be accessed at the link below where token swap results can be searched and reviewed. The testnet distribution results will be the same as the actual distribution unless issues are identified. An extensive amount of time and resources were required to conduct the most approximate distribution possible given the large number of wallet addresses involved. While searching distribution results on the testnet distribution explorer, please only take into account the latest OPEN Chain token transaction when reviewing wallet balances. The token contract for this testnet distribution is 0x1cec3510df65a5665e5fd72851b03f46421a472a.

 

https://ropsten.etherscan.io

 

We want to provide community members the opportunity to check the testnet distribution results and report issues, if any, so that remaining corrections can be made if needed and appropriate. To report issues, please first refer to the token swap calculation explanation section below and then fill out this Google form by February 21, at 11:59 PM PST:

 

https://goo.gl/forms/0OpGMf5qVFN2xm0D3

 

We will review the form responses and make necessary corrections, if any, as promptly as possible so that the token swap distribution can be done and the new token contract can be unpaused.

Although only less than 1% of token holders submitted a form response previously, we noticed many of those were not legitimate, as the calculations individuals provided were not accurate. Please keep in mind that simply submitting a form and expecting to receive additional tokens is not fair to the rest of the OPEN community. If you do have a legitimate concern about your balance, please explain in detail what your token balance should be and why.

Additionally, please keep in mind how complex the swap process is. 60,000+ addresses are run through an automatic script containing dozens of cases, accounting for vesting, when tokens were moved, and snapshot balances. Our goal is to make this process as objective as possible, decreasing human error and bias. Please see our explanation below to calculate your balance before submitting a form response. As mentioned in our previous blog post and in an effort to be thorough, a token pool will still be set aside after final distribution to make any necessary corrections if needed. Details on the token pool will be provided.

An explanation of the token swap calculation process can be found below. Please refer to this explanation before submitting a form response:

Those that registered for the first snapshot will receive a 2:1 bonus on the OPEN tokens held in their wallet from the time of the snapshot to the final Round 3 Snapshot. The structure is as follows:

  • Let’s assume you have 1,000 OPEN tokens in your wallet when you registered for the first snapshot.
  • At the time of the Token Swap event, the tokens that have been held in the wallet since the snapshot will receive a 2:1 bonus during the swap event.
  • In this example, when the actual Token Swap occurs, you will receive 2,000 new OPEN Chain protocol tokens for the 1,000 OPEN tokens that were registered and held all the way through to the Round 3 Snapshot.

Follow-on snapshots to Round 1 occurred at Round 2 Snapshot, for a 1.75:1 bonus, and at Round 3 Snapshot, for a 1.5:1 bonus. Additional tokens added between each snapshot will receive the corresponding snapshot’s bonus on the additional amount of tokens. For example:

  • Let’s assume you have 1,000 OPEN tokens in your wallet when your registered for the first snapshot.
  • Let’s say you also registered for Round 2 Snapshot (Round2Reg) and added an additional 500 OPEN tokens before Round 2 Snapshot, and these were all held through to the Round 3 Random Snapshot. Then, the token total would be (1000*2)+(1500-1000)*1.75= 2,875 tokens, as the additional 500 tokens would receive the 1.75x Bonus.
  • If you also registered for the Round 3 Snapshot and added additional tokens since the previous snapshot you registered for, you will similarly receive a 1.5x bonus on those additional tokens. For example, if the individual from the previous example added an additional 300 OPEN tokens in between Round 2 and Round 3 Snapshot, and held all the tokens through to the Round 3 Random Snapshot. This individual would receive (1000*2)+(1500-1000)*1.75+(1800-1500)*1.5= 3,325 tokens, as the additional 300 tokens would receive the 1.5x bonus.

In general, registrations for subsequent snapshots only affect token total if there were additional tokens added from the previous snapshots. For example, a registration for the 2nd or 3rd snapshot does not affect the token total if the individual simply had 1,000 tokens from their first registration held the entire time. They would receive a (2*1000=2,000) tokens, as those initial 1,000 tokens would simply receive the first bonus they registered for – the 2x bonus.

If additional tokens were added but there were no additional snapshot registrations, these tokens will simply be added to the total at a 1:1 swap. For example: Let’s say an individual registered 1,000 tokens for the first snapshot, and added an additional 500 tokens to have a total of 1,500 tokens at Round 3 Random, but they did not register for any of the other snapshots in-between. They would receive [(1,000*2) + (1500-1000)*1]=2,500 tokens.

Bonuses are only given on tokens that were held through to the Round 3 Snapshot. For example if an individual had 1,000 OPEN Tokens registered for the first snapshot, but they only held 300 tokens until the Round 3 snapshot, they will only receive the 2:1 bonus on the 300 tokens. Therefore, even if an individual added additional tokens in between snapshots, but then a latter snapshot shows a lowered token amount, the lower amount will be the one receiving the bonus instead of the previously larger amount that was registered.

Random snapshots were implemented in between each of the snapshots. Individuals were informed that they must hold and that random snapshots were being implemented; therefore, in each of the rounds, the lesser of the values between the Round’s Snapshot value and the Round’s Random Snapshot value is used.  

Thank you for your patience as the token swap process concludes. Please stay tuned for further updates.

 

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