This is the second post in our four-part series about Dock’s up-and-coming token migration. You can read the first one here. The purpose of this post is to discuss incentives, specifically the two different types, their value and how holders can claim them.
As mentioned in part one, all holders will be able to migrate either directly via Dock’s own migration service or through exchanges. As we revealed last week, all major existing Dock exchanges are supporting the migration and will be listing our new token, but more on that in our next post. For now let’s get back to incentives.
Dock will create two bonus pools of 20 million Dock tokens being allocated to the Swap Pool and 5 million to the Vesting Pool. After conducting a community vote during the migration, the original Vesting Pool incentive (which was set to 30 million Dock tokens) was reduced to 5 million tokens with 25 million tokens being set aside for future community incentives.
- The Swap Pool will be shared amongst holders that migrate within the first 5 weeks.
- The Vesting Pool will reward holders who chose to lock up 50% of their tokens.
Both pools will be available to any holders migrating within the first 5 weeks of the migration, and holders will be required to decide if they also wish to participate in the Vesting Pool.
If they opt not to participate in the Vesting Pool, they will receive a new Dock token for each ERC20 DOCK they sent as part of the migration (1:1), with their swap bonus becoming available 5 weeks after they requested the swap.
Should a holder opt to participate in the Vesting Pool, they would receive 50% of their new Dock tokens immediately while the remaining 50% would be locked. Locked tokens will be released at the conclusion of the 5 week period.
Bonus pool example
Note that this example is used for illustrative purposes only, as both bonuses are set up as pools and each holder’s bonus amount will not be known until the 5-week participation period is over.
- To help illustrate we consider a holder who has 100 tokens who participates in both swap and vesting pools.
- They would be sent 50 tokens to their Dock mainnet wallet shortly after making the migration request.
- The other 50 tokens would be locked.
- After 5 weeks, they would receive their token Swap Pool bonus. The amount of bonus tokens will be based on this holder's tokens proportionate to all of the tokens migrated during the first 5 weeks. They would also receive the remaining tokens (50 lockup + Vesting Pool bonus) 5 weeks after the holder migrated their tokens.
- In total they will receive 100 tokens plus the Swap Pool bonus and the Vesting Pool Bonus.
- If the holder chooses not to participate in the vesting bonus, they will receive 100 tokens immediately after the migration and their Swap Pool bonus 5 weeks after the migration begins.
- Any holder participating after the first 5 weeks of the migration would not be eligible for any bonus.
We hope this post provides clarity around the migration incentives. Our next post, which we’ll publish next week, will discuss the exchange process itself in more detail, specifically: the exchanges that we are working with during the migration, how to migrate directly with Dock, the token migration security audit, and user support and wallets.