Token Migration
Swap DINO to GREEN
Last updated
Swap DINO to GREEN
Last updated
To migrate DINO tokens visit:
1) Choose the migrate tab, and click approve
2) Give permission to access your DINO, and approve the transaction
3) After approving your wallet, you are now ready to migrate existing DINO to GREEN
4) Choose the amount of DINO you would like to allocate to the GREEN migration contract. Click swap, and approve the transaction
5) Under the vesting tab, you will be able to redeem vested GREEN tokens. You will see data such as the amount of your GREEN which is currently vested, unlocked and redeemable. You can also keep track of the remaining vesting period and the outstanding GREEN tokens that are redeemable in the future.
With the release of Greenhouse, comes a new token — the GREEN token. DINO token holders will be able to exchange their DINO for GREEN, via a perpetual swap pool that will never expire.
The total issuance rate will be 1 GREEN for every 100 DINO converted.
Token swappers will receive a percentage of their total GREEN allocation upfront (often referred to as a “percentage at the token generation event”(TGE)), with the remaining share of their allocation transferred to a vesting contract.
The vesting contract will employ a dynamic vesting period depending on when the DINO holder chooses to swap their DINO for GREEN. The total vesting period will be a maximum total period of 6 months from the point the token swap mechanic goes live. The vesting period will decrease per block from 6 months total vesting to no vesting over the six-month period, regardless of if you swap your DINO or not.
Conversely, the conversion percentage at TGE will begin at 10% and gradually increase per block to 100% over the same six-month period.
Sample Vesting Scenarios:
If a user converts their DINO to GREEN at the instant the swap pool goes live, they will receive 10% of their GREEN allocation upfront with the remaining 90% transferred to the vesting contract for a 6 month linear per block vest.
If a user converts their DINO to GREEN at any point after 6 months, they will receive 100% of their GREEN with no vesting.
If a user opts to convert DINO to GREEN anytime during the 6 month period they will receive an amount calculated as follows: 10% + [90% x (days elapsed / 180) ]
Essentially, users vest 15% per month (90% / 6) plus the initial 10% they receive at TGE. Please note that the total duration is estimated based on average block times on the Polygon network. It is possible that the actual vesting duration is more or less than the quoted 6 months as a result.
It is important to keep in mind that we understand implementing the vesting period may not seem ideal for DINO holders at first glance. However, given the state of DinoSwap and the massive inflation experienced by holders, this is the only way forward to attempt to reverse course and fix the inflation problem that plagued the DINO token. Simply exchanging DINO for GREEN on a 1 to 1 basis does absolutely nothing to fix any of the tokenomics issues. Preserving the value of a yield farm reward token is of utmost importance for a protocol like Greenhouse and will lead to better opportunities for collaboration across the DeFi spectrum.
Some quick guidance on the various categories of DINO token holders:
Circulating DINO token holders:
Swap your circulating DINO for GREEN at your leisure. The Swap option will remain open indefinitely.
Migration Contract: 0x2F1E0E953F9B8b5e69C33cF083063b53cC126d93
Link: https://polygonscan.com/address/0x2F1E0E953F9B8b5e69C33cF083063b53cC126d93#readContract
