Token->Coin transition


#1

Hi there,

How we will manage token to coin transition after mainnet launch on Exchanges?

There are examples how NOT to do it, see N***q. Their token is still on exchanges, even they have coin and mainnet. And there is no market for the actual coin! (Their price is bellow the ico, use to be 7x.)

I know we can do it better! Any ideas or official stragegy? :slight_smile:

Thanks.


#2

Hey @Martin,

We’ve forwarded your question to our dev team and we’ll let you know as soon as they respond.

Thank you for participating in the discussion.

The AE Team


#3

Hey,

I have some of my initial thoughts written down here: https://github.com/aeternity/protocol/blob/genesis-accounts/GENESIS.md


#4

Thank you Sascha,

Decreasing 1.1 ratio with limit 1 is good idea ( in reverse dutch auction) ! This will create incentives for exchanges and users to make transition faster. I would add just one thing: We must communicate it to exchanges as soon as possible before mainnet launch. So they have time to implement real AE.

Regards
.


Token How to convert
#5

Likewise, many of us do not keep tokens on exchanges because we’re opposed to central control of assets (which sort of seems the point of blockchain), there ought be a method to transition without exchanges, and ideally, one that remains open in perpetuity so those who purchase AE and forgot about them, always feel welcome and whose ERC20s are always welcome.


#6

We will have several methods, that allow us to have the token to coin conversion work until all of the tokens are exchanged. There are just some corner cases, e.g. tokens held by smart contracts after the transfer lock has set in, that might require some extra work, but it’s nothing that cannot be overcome.