Yes, testnet tokens CCN and CCNA can be converted to mainnet token $OORT on a one-to-one basis. OORT offers several methods for this conversion, ensuring a smooth transition from testnet to mainnet. For detailed conversion strategies and methods, read this guide.
There are three primary options for converting CCN to OORT tokens: Genesis Witness Staking, a CCN to OORT Conversion Pool, and a Discord Lottery system. Each method caters to different types of holders and ensures a fair and proportional conversion process. For a comprehensive overview of these options, visit this guide.
The conversion process for CCNA to OORT tokens is designed to be straightforward and will be available by the token listing date. CCNA holders can simply submit their tokens for conversion, with OORT tokens being incrementally distributed over a two-week period. For specific details on the conversion process and timeline, please refer to this guide.
The Early Bird Program's price protection mechanism is tailored for Dome-A miners who received CCN tokens as their returned Dome-A collateral. The process unfolds as follows:
Initial Collateral Conversion: On April 30, 2022, Dome-A miners were compensated with CCN tokens equivalent to their Dome-A collateral, using a conversion rate of 3 USDT per CCN, as CCN was not yet listed on the market.
Market Price Monitoring: Following the listing of OORT mainnet tokens on January 15, 2024, their market price is monitored over a three-month period.
Price Protection Activation: Once OORT mainnet tokens have been listed for three months, their market price will be assessed in the following manner:
- If the average market price during this period is greater than or equal to 3 USDT, Dome-A miners' initial conversion rate is deemed sufficient, and no further action is necessary.
- If the average market price falls below 3 USDT, miners will receive a refund in OORT tokens. This refund is calculated based on the difference between 70% of the average market price over the three-month period and the 3 USDT rate (70% discount is a benefit for our early supporters!). This ensures miners are compensated to match the guaranteed earnings or earn more as per the initial conversion rate.
Purpose and Benefit: This mechanism aims to shield early miners from market fluctuations. By assuring a minimum return on their collateral, it cultivates trust and confidence within the community, particularly among those who have been early backers of the project.
*Example Scenario*: Assume the average market price of OORT mainnet tokens over the first three months post-listing is 2.5 USDT.
*Example Compensation*: Since the average market price (2.5 USDT) is less than the initial conversion rate of 3 USDT, the price protection mechanism is triggered. The compensation rate is set at 70% of the average market price, which in this case is 1.75 USDT (70% of 2.5 USDT). Miners will be compensated for the difference between the initial conversion rate and 70% of the average market price. Here, the difference is 1.25 USDT (3 USDT - 1.75 USDT). Therefore, miners will receive the 1.25 USDT worth of OORT mainnet tokens as compensation.
This approach underlines the project's commitment to its early supporters, ensuring that their contributions and trust in the project are valued and protected amidst the inherent uncertainties of the cryptocurrency market.