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Switching to OORT Mainnet_ Here’s How to Convert Your Testnet Tokens
January 15, 2024

Switching to OORT Mainnet? Here’s How to Convert Your Testnet Tokens

Convert CCN and CCNA to $OORT

OORT is on track for its Token Generation Event (TGE) and is set to have its mainnet token available on Centralized Exchanges (CEXs) on Jan 15, 2024 at 12 PM UTC.

Before the official launch of its mainnet, OORT’s community has engaged in three phases of testnets: Dome-A, Huygens, and Ascraeus, with Dome-A now concluded.

Presently, the community is utilizing two testnet tokens: CCN in Huygens and CCNA in Ascraeus. OORT has committed to the community that all testnet tokens, both CCN and CCNA, will be swapped for mainnet tokens (OORT) on a one-to-one basis. This article provides various strategies for converting OORT testnet tokens to mainnet tokens.

CCN to OORT Conversion

Token holders can start converting CCN to OORT no later than the CEX token listing date. Three different methods are available:

1. Genesis Witness Staking

Witness Nodes

To become a witness node, an individual must deposit 200,000 CCN tokens as collateral, ensuring node performance and reliability. After the six-month lock-in period, they will receive 200,000 OORT tokens in return.

Staking

Individuals can stake in pools initiated by witness nodes. Each staking pool has a maximum capacity of 300,000 CCN tokens. These individual staking pools collectively form the genesis witness pool. Stakers’ funds will be released gradually over a six-month period. Within one week following the end of each month, they can convert up to one-sixth of their staked CCN into OORT.

2. CCN to OORT Conversion Pool

The second way to convert CCN to mainnet tokens involves a designated pool with a set daily conversion quota for CCN to OORT exchanges. Let’s explore how this process unfolds

  1. 1:1 Exchange Ratio: Users can exchange CCN for OORT at a 1:1 ratio through the staking pool, which operates exchanges once daily.
  2. Operational Schedule and Limits: The foundation sets a daily limit for the amount of OORT that can be exchanged, based on its market liquidity. The staking pool is open each day from 12 PM UTC to 9 AM UTC. After 9 AM UTC, the pool closes, and the system calculates awards based on users' stake proportions.
  3. Allocation Based on Contribution: Similar to the earlier method, the daily quota is distributed among stakers proportionally. For instance, if you’ve staked 1,000 CCN in a pool of 100,000 CCN, you hold a 1% exchange quota. If the OORT exchange limit for the day is 20,000, 200 of your CCN will be converted to OORT, with the remaining 800 CCN returned to your staking wallet.
  4. Returning Unconverted CCN: Any CCN not exchanged during the day will be returned to the staker's wallet.
  5. Adjustable Daily Quota: Reflecting the market liquidity of OORT, the daily quota may vary. This approach ensures proportional fairness for all CCN token holders.
  6. Reopening for Staking: The staking pool reopens at 12 PM UTC the following day, allowing users to stake anew.

3. Discord Lottery

For CCN holders with smaller stakes, we’ve devised a Discord lottery system as an alternative conversion route. This approach ensures fairness and equal opportunity for all members. Here’s how you can participate:

Initiating Conversion: Each day, members enter the command “/conversion 0xxxxx” in the #ccn-oort-conversion Discord channel, indicating their CCN sending address.

Receiving a Unique Address: A bot in the channel then provides a unique address for depositing CCN tokens.Sending CCN Tokens: Participants transfer their CCN to this address.

Random Selection for Conversion: Daily, participants are chosen at random. Selected members have their CCN converted to OORT the following day, receiving the OORT at the initially specified address. Unselected members will have their CCN returned to their sending address.

Join our Discord to take advantage of this transparent, equitable conversion system. Our Discord channel’s lottery limits the amount of CCN you can convert each day, based on the day’s total available OORT and the number of participants. These limits are dynamically adjusted in line with OORT’s market liquidity, ensuring a fair process for everyone.

Expanding CCN Utility: DeFi Staking

Following the launch of the mainnet, the Huygens testnet will continue to operate, with the CCN token serving as a utility token within the OORT ecosystem until it’s fully exchanged for the mainnet token. DeFi applications will be launched after the token listing to enable CCN stakeholders to stake their tokens and earn OORT tokens as rewards. The longer the CCN tokens are staked, the higher the APY, incentivizing long-term participation and support.

CCNA to OORT Conversion

The process for converting CCNA to OORT is more straightforward. This will be available for CCNA holders by the token listing date at the latest. Participants can easily submit their CCNA tokens for conversion, after which OORT tokens will be incrementally distributed on a daily basis across a span of two weeks.

Summary

These strategies are designed to ensure that CCN holders have multiple avenues to obtain OORT tokens and remain engaged within the OORT community, leveraging their holdings for potential gains and rewards. All links and platforms will be released soon. Stay tuned.

  1. Website: www.oortech.com
  2. Twitter: https://twitter.com/oortech
  3. Telegram Announcement: https://t.me/oortech_announcements
  4. Telegram: https://t.me/oortech
  5. Discord: https://discord.com/invite/oort-decentralized-ai
  6. Whitepaper: https://oort-website.standard.us-east-1.oortech.com/OORT_light_paper-122923.pdf
  7. Github: https://github.com/oort-tech

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