GTON → OGXT Token Swap
As a result of the recent vote of the DAO community on the OGXT proposal, we have begun the process of gradual exchange of GTON tokens for OGXT tokens. As of March 10, 2023, the DAO-provided liquidity for GTON has been fully withdrawn from all major DEXes.
Given the feedback provided by GTON holders, we have decided to offer the options of either exchanging GTON for the OGXT token on our rollup, or for stablecoins that are currently held in the treasury.
At the time of the liquidity withdrawal, the final trading price for GTON was 22 cents per token. We have added a bonus to this price and will set the swap rate at 32 cents per GTON held, meaning that regardless of which option you choose, you will receive the same dollar value equivalent at the time of the swap.
If you choose to receive OGXT, as per the original proposal, then:
- For every 1 GTON, you will receive 4.76 OGXT, based on the 21:100 ratio of the respective token supplies (21 million for GTON and 100 million for OGXT).
- OGXT distribution will begin on April 15th, 2023, at 17:00 Dubai time (GMT+4).
- The token swap will end on June 15th, 2023, at 17:00 Dubai time (GMT+4). Please make sure to send your GTON tokens to the team's Safe address by this deadline. Instructions are provided below.
Initially, the tokens will be non-tradable, and we will provide OGXT/GCD liquidity at a later date. When the process is over, the initial trading price will be approximately 0.06722 GCD per OGXT, resulting in a dollar value of 32 cents per GTON held.
As we are launching on a new infrastructure, please note that the options for token transfers to other blockchains can be limited in the beginning. Here are the limitations we foresee:
- We are developing a reverse bridging service but it’s not yet publicly available. This means that until the bridging service is up and running, you will temporarily not be able to bridge your OGXT/GCD to BNB Chain.
- As of this moment, GCD is currently not directly tradable on BNB Chain and will remain illiquid for some time. However, we are collaborating with the Wombat exchange (and others) to establish a new stable pool for the token. GCD is an over-collateralized token, so it is unlikely to lose its USD peg, and the minter (most likely the treasury) can redeem the underlying collateral for these tokens.
- Reintegration of OGXT to LBank will require additional work: we aim to modify the listing and swap GTON for OGXT on the exchange and are currently in negotiation with the LBank team on how to proceed.
- 1.We only accept GTON tokens. If you own sGTON (staked GTON), it must be unstaked, and GTON must be received back. Please use the terminal interface to unstake your sGTON, with the command >unstake all. If you encounter any problems, use the command >help.
- 2.Send the GTON you want to exchange for OGXT to the team's Safe address on Ethereum: 0xbE70EB523398464De569A84F447576f4f169D8d9 Make note of the transaction hash and prepare an Etherscan link of the transaction for the next step.
If you choose to proceed with the swap procedure of GTON for stablecoins, note that the tentative deadline for this option is when OGXT/GCD liquidity will be added on the GTON Chain. As mentioned previously, the swap rate for the stablecoin swap is also fixed at 32 cents per GTON held. This option is subject to a full KYC process, so we ask you to create a support ticket on Discord for the team to assist you with this process.
We will make a separate announcement through standard channels with more details about the process, ensuring everyone is prepared to make a choice by the given deadline.