ROX Allocation & Vesting
Document last updated: May 3rd 2023
The FEG project has migrated to a new contract based on SmartDeFi and as such, the decision was taken to merge the old ROX tokens into the new FEG token. This means that all investors who are currently holding old ROX tokens will migrate and receive the new FEG tokens in exchange for their ROX !
FEG team will release a migration tool that ROX holders can use for easy migration. More info will follow after the tool is finished and tested, so at this very moment you CANNOT migrate your ROX, please wait until everything's ready and the vesting plan is implemented.
All ROX holders will be able to migrate and claim their new FEG tokens over a vesting period, in 10% batches, as the project uses the time to accumulate the necessary funds to inject into the liquidity pool. The vesting plan is as follows: - 10% of user holdings will be released aproximately every 3 months - the vesting period will probably last for 2.5 years, or could be shorter, it all depends on how fast we manage to gather funds for liquidity, so all time frames presented here are tentative
The first scheduled release of vested tokens is tentative based on liquidity recovery. The original plan was to have the first release three months after trading started on the new FEG token, however repayment of the LP loan takes precedence, so we'll begin gathering liquidity for ROX after we're done repaying the LP loan.
A full schedule of vested tokens release (exact dates will be finalized when the vesting contract is launched):
Unlock date (TBD)
A: The ratio between ROX tokens and FEG V2 tokens depends on the network (i.e., BSC or ETH).
· BSC → 1 ROX = 3,812,101.67910245 FEG V2
· ETH → 1 ROX = 3,412,864.15305551 FEG V2
* Note: These ratios are based on the new total supply of 100 billion FEG V2 tokens.
You can use https://calc.fegtoken.com/ or click on the link below. You do not need to connect your wallet; enter your public wallet address.
A: Manual Migration. ROX token holders will access the migration tool, allowing for a 10% claim every quarter (as explained above).
* Note: You will NOT incur the 1% transfer tax, but you must pay a gas fee for the migration. Gas fees are required when doing transactions on the blockchain and must be paid in native coins.
A: We determined the ratio using May 15, 2022's opening price for both FEG and ROX. We took that data and derived the value of ROX and FEG by dividing the number of native coins (ETH or BNB) paid by the number of tokens (FEG or ROX) received. We determined how much FEG one ROX yields by dividing the native coin value for one ROX by the native coin value of one FEG. Simply put, this value represents the amount of FEG you would have been able to buy for the same price of one ROX.
ROX: 0x1a0e998a173ef8b395513f85a44b5abd8db2c9f7a79daf19f477165015843504 FEG: 0x190b55b45916e4c79a98d061d2edd16c8cf67f119fa3544e0273e6f6b6ee1cd0
ROX 0x883c756fe5be2182b5e45f80286f8d4c7e2eea23eebe1e15ea53d66932aee026 FEG: 0x0f58396870514f4419ed542dfada345b299971a43f186f1bfc6ea8d29c838bd5 * Note: On May 15, ONLY one ROX ETH transaction – Was used as the open price.
A: Using pre-exploit variables for both tokens was deemed the most logical, essentially allowing a ‘snapshot’ where both tokens experienced the same market conditions before either exploit occurred. Although ROX would have experienced the same market conditions as FEG post-exploit, we didn’t want to speculate on price and circulating supply. We preferred to use raw data from the blockchain rather than an arbitrary figure.
A: We chose not to use this method for two primary reasons:
While ROX benefited from having two LPs, asset backing and market LP, FEG only had a market LP. Hence, using LPs in determining the ratio was unfair because FEG could not reap the same benefits afforded to ROX using asset-backing technology.
The amount of total LP for ROX BSC was roughly 2.23x greater than FEG BSC. The entire LP for FEG ETH was roughly 1.42x greater than ROX ETH. Using these metrics, ROX BSC holders owned 69% of the new FEG V2 supply, and ROX ETH holders owned 41% of the new FEG V2 supply. Aside from the considerable ownership discrepancy across the chains, diluting FEG holders that much would be unfair and put the project at risk.
· BSC LPs → ROX = 5672 BNB; FEG = 2544 BNB
· ETH LPs → ROX = 425 ETH; FEG = 604 ETH
A: There are two supplies to consider. The total supply and the circulating supply.
A factor of 1 million will be used to reduce the Total Circulating Supply. The total supply and the user's holdings will be reduced 1:1, meaning the user's percentage of ownership will remain the same.
Since ROX tokens will have a vesting schedule, there is no immediate impact on the percentage you own of the circulating supply. Once tokens begin vesting, FEG holders will see a slight decrease in ownership of the circulating supply.
A: The FEG allocated for ROX holders will be vested for 30 months, with quarterly vesting periods. The first vesting period will occur three months after the day of migration. This vesting schedule protects our investors and the project’s current liquidity. It provides us enough time to generate funds to replace the stolen liquidity, ensuring we have a full LP before releasing new tokens into the circulating supply.
A: This depends on several factors, such as the circulating supply of FEG at the time of migration, the circulating supply of FEG at the time of vesting periods, and your holdings at the time of each vesting period.
Let’s say we burned another quadrillion on each chain before migration. That equates to 59.7% of tokens burned on BSC and 60.57% on ETH. ROX holders would own 8.6157% and 7.9652% of the circulating supply for BSC and ETH, respectively. Hypothetically, if the circulating supply before the vesting period and your bag size remained the same, your percentage of the circulating supply would decrease by less than 1% each vesting period (every three months).
% Decrease from Previous Vesting Period (BSC)
% Decrease from Previous Vesting Period (ETH)
* Note: This is a hypothetical worst-case scenario assuming we burn another quadrillion on each chain, you keep the same amount of FEG tokens, and the circulating supply of FEG remains constant. More than likely, these percentages will differ and be slightly lower.