It's official! The stake-weighted Poll is now closed. ICYMI: we ran the first-ever LEO POWER stake-weighted poll on the INLEO Polls Platform this past week.
The Poll Ended on Sunday Night at Midnight EST. 93 total votes were cast by LEO POWER holders.
It was nearly unanimously in favor of passing the proposal to merge CUB/pCUB into LEO by allowing holders to convert those tokens into LEO as we enter this new incredible era for the LEO Token Economy and reshape our DeFi branch of INLEO.
The Results
- Approve: 6,045,402 LEO POWER
- Do Not Approve: 27,289 LEO POWER
6M LEO POWER to 27k. Like I said, pretty unanimous. If you remove any official stake and consider only community-held LEO POWER, then the voter turnout was ~59%.
Of this 59% voter turnout, 99.5% voted in favor of Approving the Proposal and only 0.5% voted in favor of not approving it.
What Happens Now?
Now that the proposal has been approved, it's time to move forward with the conversion event.
Before we even get started let's just address the elephant in the room: there are going to be MILLIONS of questions about this. There are just so many edge cases and unique circumstances.
There is absolutely no way we could write a blog post that specifically covers every single possible variation or edge case imaginable.
This event is a one-time thing. I'm not saying it's going to be buttery smooth. I can almost guarantee there will be people who need specific 1-on-1 attention while others are able to click 2 buttons and be totally okay.
This is fine. Like I said, it's a one-time event. We get through the manual headache of this all and then finally make it to the other side where we will never have to do this all again.
So please... bear with us. Bear with the team. Try to be nice to the team as they help guide this situation. Many of us will be looking at tickets, comments and threads trying to help you guys as much as possible.
Feel free to be mean to Khal but be nice to everyone else. They're ONLY there to help you.
Okay, now that that is out of the way.
The execution of this proposal will be dictated here in broad strokes. This is purposeful. We are using broad strokes to define what happens next as there will be so many unique edge cases that must be handled manually.
Conversion Event
The Conversion Event is officially live as of now. You can start converting your CUB or pCUB into LEO.
The window will be open for 30 days. You only have the next 30 days to convert your CUB/pCUB to LEO. After the 30 day window is closed, you will no longer be able to convert.
Snapshots & Amounts
As stated in the last post and AMAs, etc. the snapshot took place at the same time as the proposal announcement. This was done to prevent gamification of the snapshot through price manipulation of CUB/pCUB/LEO by bad actors.
- The current market cap of CUB is $95,477 and there are 30,980,263 CUB tokens in existence.
- The current market cap of POLYCUB is $78,853 and there are 7,274,323 POLYCUB tokens in existence.
- The current market cap of LEO is $2,033,287 and there are 17,680,764.5 LEO in tokens existence.
- The airdrop is $1 for $1. So this means the 100% max potential airdrop is $174,330 worth of LEO.
- At current prices, this is 1,515,913 MAX LEO that could be minted and airdropped to CUB/POLYCUB holders. Less than 8.5% of the circulating supply/MCAP of LEO.
KEEP IN MIND. This is also a MAX potential. I think it's safe to assume we won't see 100% of CUB/POLYCUB turned in. There are plenty of inactive CUB/POLYCUB holders, people who are uninterested and also people who just aren't even a part of the INLEO/HIVE ecosystems anymore.
I would expect somewhere in the range of 50-70% to actually claim this airdrop by burning their tokens. That puts our figure in the 757,956 LEO to 1,061,139 LEO range.
How to Convert
THIS IS VERY IMPORTANT. PLEASE READ CAREFULLY. If you fail to properly follow these steps, your funds could be lost and your airdrop will not be valid.
To convert liquid CUB/POLYCUB to LEO:
- Send a 0.00001 BNB (or 0.00001 MATIC) TX to the Null Address with Your Hive Username in the Memo Field
- Send CUB or pCUB to the Null wallet on BSC or Polygon
Two simple steps but HIGHLY important that you do it properly. READ CAREFULLY.
IT IS VERY IMPORTANT THAT YOU INCLUDE YOUR USERNAME WITH PROPER FORMATTING (LOWERCASE) IN THE MEMO.
Step 1). Enable "Show hex data"
I'll use Metamask for this example.
Again, you MUST have a memo included in this TX. Failing to do so will result in a loss of your assets with no ability to recover them or get the airdrop of LEO tokens on Hive.
To include a memo using Metamask, go to "Advanced" settings and turn "Show Hex Data" on.
Step 2). Sending to the Null Wallet WITH MEMO
The null wallet address on both BSC & Polygon is the same: "0x000000000000000000000000000000000000dead"
This will be your recipient address for the transaction.
Then, start a send transaction of BNB (or MATIC) and include your Hive username (in all lowercase) in the Hex data field.
QUADRUPLE CHECK that you have both the receiver address (0x000000000000000000000000000000000000dead) and the MEMO field (your Hive username) properly filled out. Failing to follow these 2 steps properly will result in a loss of funds.
Your transaction should look like this (we put leofinance here as our username. Make sure to write your own Hive username with the correct formatting. Failing to do this correctly will result in a loss of funds and no airdrop):
Step 3). Send CUB or pCUB to the Null Address
Now it's time to burn your CUB or pCUB. I imagine this will be an interesting feeling as it will likely feel like you are just destroying money. To burn, send your CUB (or pCUB) all in one single transaction to "0x000000000000000000000000000000000000dead". We ask that you please try to send them in 1 transaction to ensure the airdrop goes smoothly. If you send multiple transactions, there may be turbulence.
If you properly followed all of these steps, then you are effectively burning each $1 of CUB (or pCUB) for $1 worth of LEO. For you, there is no change in value.
After the conversion, you will be holding LEO in place of the CUB/pCUB stake you used to have. This week will discuss many of the future opportunities of LEO and why we ultimately made all of these decisions and put it to a DAO vote.
All done!
You're now done with your part of the conversion. Throughout the conversion phase (starting today and lasting the next 30 days), we will be processing conversions from CUB/pCUB to LEO.
Every Friday, an airdrop will go out for that week's conversions. So for example, if you burn your CUB today, then this coming Friday you will receive 100% of your $1 for $1 LEO airdrop. If another user burns their CUB this Saturday, then they will receive their airdrop next Friday.
The LEO will be airdropped as Liquid LEO to your Hive Wallet Address.
The airdrops happen every Friday for the next 4 Fridays. Once the 30 day snapshot window is closed, nobody will be able to convert CUB/pCUB into LEO anymore. This is a one-time deal.
More Guides
A Video Guide will get released soon to make the process clearer. There's only 3 steps above but they require that you follow them with 100% accuracy. Any mistake can lead to a loss of funds or ineligibility for the airdrop.
Please follow the steps very carefully.
If the community would like to make any step-by-step tutorials, that would also be greatly appreciated! We'll make sure to vote them up and give them exposure.
Q&A
A few people have been DM'ing around questions and asking in various places, so we collected some of the top ones here to answer succinctly and publicly.
What Are the Incentives for Providing Liquidity to the wLEO-CACAO Pool?
We've been working on a very exciting incentives model for the WLEO-CACAO pool. It will be an entirely new version of the WLEO-ETH Geyser that we have on Uniswap. The pool on Maya has some better technology and will allow us to directly auto-compound rewards into the WLEO-CACAO LP Positions. We'll release more information on this when the WLEO-CACAO pool goes live but we anticipate the incentives between these rewards + the native LP Trading Fee rewards to be quite high (possibly the highest on Maya).
Has the Price Snapshot for the CUB, pCUB -> LEO Conversion Happened Yet?
As stated above in the post: yes. It happened when the proposal was announced to avoid any potential market manipulation.
What Rules is the Snapshot Based on?
It's very simple and laid out both in this post and the previous one about the Proposal. You turn $1 worth of CUB/pCUB into $1 worth of LEO during the Conversion Phase (starting today and lasting 30 days).
How Long Will the Window to Convert CUB/pCUB to LEO Be Open?
30 days.
What if Someone Misses the Window to Convert?
They will not be able to convert after the 30 day window (closes April 18th, 2024).
What Happens to CUB/pCUB After This Event? What About the Other Tokens/Assets on Those Protocols?
Nothing different happens. Those tokens and assets will continue existing. We've built a model with CUB/pCUB that actually generates a small amount of revenue each month. We're not completely sunsetting these models but we won't be developing further. CUB/pCUB/Assets will continue to exist on those chains and the supply of CUB/pCUB will continue to slowly burn. We expect those tokens to eventually burn nearly their entire supply at some point in the distant future.
After the window however, the era of CUB/pCUB will be coming to an end as a front-row player in the LeoVerse.
With the new Maya Listing for LEO, we'll be releasing our own Cross-Chain DEX Platform that will allow any user to swap on Maya and Thorchain. This new Cross-Chain DEX will generate revenue from swaps and buy LEO using that revenue.
This new model for DeFi on LEO allows us to generate a growing income stream for the LEO Token Economy without having to worry about building liquidity pools and using inflation to seed assets in those pools. This creates a net positive for the LEO token as opposed to the dated and unsuccessful designs of CUB/pCUB.
What About Locked CUB?
If you have CUB staked (locked) in the CUB Kingdom, then you should open a tech support ticket on Discord and we will assist you 1-on-1. This will require some manual help and entry. We appreciate your patience with how we work through this as it is not easy to navigate.
What About xPOLYCUB and vexPOLYCUB?
We'll be releasing another guide shortly to help with this but the process is actually quite easy. It's the same for burning POLYCUB to convert to LEO.
We recommend that you unstake the vex/xPOLYCUB back to POLYCUB and then follow the same burning process listed above.
If for some reason you can't do that, then you can simply burn the vex/xPOLYCUB to the 0xdead address and we'll be able to reverse-engineer the math.
If you are having trouble with this, please open a Discord Tech Support Ticket.
More Questions?
If you have more questions, please leave them in a comment below! Our team will be reviewing them and responding to any and all Qs while also using repeated questions for future posts.
Thank you for your patience as we work through this conversion phase.