According to DeGate’s White Paper, a total of 4% (40 million) of DG tokens was set aside for the token redemption event for KEY holders. KEY token is a governance token for users of BIHU and MYKEY. This strategic move was implemented in order to attract existing users of MYKEY and BIHU, as well as to rapidly expand DeGate users so as to build a strong community. The expected launch of the token redemption platform will be in late April, facilitating the token redemption for users.
The exchange will be divided into two distinct phases. The details are as follows;
20 million tokens
Before the official launch of DeGate, users can head to the token redemption platform to process the redemption of KEY/DG tokens. After the official launch of DeGate, users can log in to DeGate website to claim the DG tokens.
20 million tokens
Phase 2 of DG tokens will start immediately after the completion of the Phase 1. The redemption details of Phase 2 will involve a proposal voting process which will be determined by DG holders. Please go to voting link to participate in the proposal voting. DeGate Home DAO will determine the token redemption details of Phase 2 (2% of DG tokens) after the 14-day voting period ends.
Voting Link: Snapshot
KEY holders can participate in the DG token redemption in a few ways as detailed below,
→ ETH network
→ EOS network
→ internal transfer from BIHU accounts (including locked tokens)
When KEY holders interact on the token redemption platform, they are able to transfer any number of KEY tokens to participate in each redemption period. KEY holders need not exchange all their tokens in one single sitting. Any balance of KEY tokens can be rolled over for participation in subsequent redemption periods. However, please note that all remaining KEY tokens will be automatically converted into DG tokens in the last redemption period.
The DG/KEY exchange rate will be as follows;
= the total amount of DG tokens to be distributed in the current redemption period / the total amount of KEY tokens included in the current redemption period.
For example: There are a total of 20 million DG tokens distributed in Phase 1; if 10 billion KEY tokens are participating in Phase 1, then the amount of DG token that can be exchanged for each KEY token is equivalent to 0.002DG (20 million/10 billion)
After the official launch of DeGate, log into your DeGate account to claim the allocated DG tokens.
All KEY token submissions done after the deadline of the last period will not be able to participate in the DG token redemption event.
For more information and updates, do join the DeGate discord community.