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 transitioning OORT testnet tokens to mainnet tokens.
Token holders can start converting CCN to OORT no later than the CEX token listing date. Three different methods are available:
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.
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
- Daily Conversion Quota Pool: This pool specifies the total amount of CCN that can be converted to OORT each day.
- Allocation Based on Contribution: The daily quota is distributed among stakers proportionally, depending on their share in the pool. For instance, if you've staked 10% of the total pool for the day, you're entitled to convert 10% of that day's quota.
- Returning Unconverted CCN: After each day's conversion, any remaining CCN is returned to the staker.Adjustable Daily Quota: The quota for each day may vary, reflecting the market liquidity of OORT.
This method aims to provide proportional fairness for all CCN token holders. A conversion pool is established with a specific daily quota dictating how much CCN can be converted to OORT each day. During a designated period, CCN holders can stake their tokens in the pool.
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 our designated 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 community at https://discord.gg/oortech 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."
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.
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.
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.
Website: www.oortech.com
Twitter: https://twitter.com/oortech
Telegram Announcement: https://t.me/oortech_announcements
Telegram: https://t.me/oortech
Discord: https://discord.gg/oortech
Whitepaper: https://oort-website.standard.us-east-1.oortech.com/OORT_light_paper-122923.pdf
Github: https://github.com/oort-tech