1st AGOV Migration
AGOV Migration Schedule and Policies
1) Token Migration Period The token holders participating in the migration to supply liquidity to the AGOV-ETH pair can choose the token lock-up staking period between the two options: 90 days and 180 days.
2) Criteria of Participation The amount of AGOV tokens migrated from KCT to ETH will be determined considering the current price of AGOV-ETH on Uniswap. In other words, AGOV-ETH price will become the base price of AGOV token after the token migration. AGOV-ETH AMA on Uniswap: https://bit.ly/3Slch1k
3) Format
Once AGOV(KCT) and ETH are supplied through the migration smart contract which is scheduled to be developed within August, the smart contract will provide will supply liquidity to the AGOV(ETH)-ETH pair on Uniswap.
The assets staked for liquidity supply will be locked up for 90 or 180 days and cannot be unstaked during the lock-up period. The liquidity suppliers can unstake their assets after the lock-up staking period is over.
4) Participant Selection Method
A total of 100 members will be selected to participate in the 1st token migration.
21 Legendary LLC holders can participate in the migration if they want.
Including above, a total of 100 members will be selected from among ClubRare DAO Pilot members.
ClubRare DAO Pilot members are the ones who are holding 500,000+ AGOV or 1+ Lazy Leo Club NFT in their wallets.
ClubRare DAO members who applied for the migration waves may be given the opportunity to participate as a reserve.
5) Participant Selection Period
Participants will be selected in the 4th week of August after notifying the start of the selection period.
As the selection will not be started before the notice, those who wish to participate in the migration will have time to prepare themselves in advance.
Please be advised that the AGOV token balance and ClubRare DAO tier at the time of selection, not the data in the past, are the most important selection criteria.
6) Schedule for the 2nd Token Migration
The 2nd round will be started within 2 weeks after the 1st round. The schedule can be moved up depending on the migration and bridge function development schedule.
7) Minimum Requirement for Participation
A minimum of 2 ETH and AGOV(KCT) token equivalent to the amount of ETH are required. All prices are based on AGOV-ETH pair.
e.g.) Based on Uniswap’s current AGOV-ETH AMA of $0.16, about 18,830 AGOV is required to supply 2 ETH liquidity.
Migration Rewards
1) Participation Right for Bridge service
After the launch of Bridge service, participants of the 1st wave can freely swap their Klaytn-based AGOV tokens to ETH-based AGOV tokens without supplying liquidity.
2) Lazy Leo Club (LLC) Minting
LLC NFT will be provided as a reward according to the amount and duration of ETH supplied to the liquidity.
After the LP lock-up staking period is over, the participants can mint LLC as a reward by entering the wallet addresses participated in the staking on LLC website (LLC is the VIP membership NFT for the entire ClubRare Universe which currently holds the floor price of 2.2 ETH).
Rewards for 90-day LP lock-up staking: 1 LLC + MPWR rewards will be provided for every 1 ETH participated
Rewards for 180-day LP lock-up staking: 2 LLC + MPWR rewards will be provided for every 1 ETH participated
3) NFT Rewards other than LLC Minting
Rewards for 180-day LP lock-up staking:
2 random-tiered LLC minting per every 1 ETH participated + 2 Super Rare-tiered LLC for all participants
2EA of ‘2nd WAVE of ClubRare Governance’ Accessory NFTs provided
‘2nd WAVE of ClubRare Governance’ Accessory NFT’s effect (The tier of Item NFTs will be randomly distributed)
2 ‘Item NFTs’ will be provided per 1 LLC NFT every 1 month after the LLC staking feature launch (The tier of Item NFTs will be randomly distributed)
Above Item NFT distribution will be continued between the time of LLC staking feature launch and The House product launch. Above policy is subject to change after the launch of The House product.
Above rewards can be earned only by maintaining the ‘entrance (staking)’ status of LLCs in My Room for a month.
My Room feature launch is moving forward separately from The House product launch.
Rewards for 90-day LP lock-up staking:
1 random-tiered LLC minting per every 1 ETH participated + 1 Super Rare-tiered LLC for all participants
1EA of ‘2nd WAVE of ClubRare Governance’ Accessory NFT provided
‘2nd WAVE of ClubRare Governance’ Accessory NFT’s effect (The tier of Item NFTs will be randomly distributed)
1 ‘Item NFT’ will be provided per 1 LLC NFT every 1 month after the LLC staking feature launch (The tier of Item NFTs will be randomly distributed)
Above Item NFT distribution will be continued between the time of LLC staking feature launch and The House product launch. Above policy is subject to change after the launch of The House product.
Above rewards can be earned only by maintaining the ‘entrance (staking)’ status of LLCs in My Room for a month.
My Room feature launch is moving forward separately from The House product launch.
LLC Utility information:https://t.me/ANSWER_GOVERNANCE/235549
4) MPWR Rewards
MPWR rewards equivalent to 30% APY will be provided. The APR is subject to change depending on the market situation.
5) Recommendations based on the Purpose of Token Migration
Holders do not need to swap all their KCT-based AGOV assets to ETH network in the 1st token migration. As the price of AGOV(ETH) is more than 10 times higher than AGOV(KCT), we recommend you to migrate only a portion of your assets (around 10-30%) through this LP lock-up staking event.
Participants of the 1st round can freely swap their AGOV tokens from KCT to ETH without supplying liquidity in the 2nd round, so we recommend moving the rest of your assets at that time.
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