FAQ | The swap of AGRS tokens from Omni to ERC-20
Frequently Asked Questions
The swap of AGRS tokens from Omni to ERC-20
Why did you create a new Agoras ERC-20 token?
We have recently deployed the ERC-20 AGRS contract on Ethereum main-net (link here:https://etherscan.io/token/0x738865301a9b7dd80dc3666dd48cf034ec42bdda). We have decided to move to ERC-20 for multiple reasons:
- Increase our community base by making our token accessible to the ERC-20 community
- List on additional exchanges: desired by the community for long, the switch to ERC-20 will give us access to additional exchanges such as Uniswap
- Provide additional secure storage options for our token holders
How many Agoras ERC-20 tokens are there?
Is the new ERC-20 token transitional?
Yes, the ERC-20 based AGRS will be a transitional token, like the Omni based AGRS. Once Tau main-net is live, you'll be able to switch them to main-net-based AGRS.
Will the ERC-20 token be listed on additional exchanges?
As mentioned above, one of the reasons to move to an ERC-20 is to have more listing options. We already negotiated with multiple exchanges the listing of the new ERC-20 token. At least some of these exchanges will also support the token swap.
How can I convert my Omni based Agoras tokens to Ethereum based Agoras tokens, and when?
A few exchanges will soon announce the ability to swap the tokens on their platform. You will be able to swap the Omni based tokens with the new ERC-20 based tokens at a fixed 1:1 ratio. Once the swap is complete, you will only be able to trade the ERC-20 based Agoras tokens via the exchanges, and not the Omni based Agoras tokens.
Do I need to go through a KYC process to get the ERC-20 tokens?
You will need to create an account on the exchanges and follow their KYC process. If you already have an account with the exchange, you might not be required to go through the KYC process again. You should follow the exchange policy and procedure.
When could US holders participate in the swap?
The swap will be managed by the exchanges and based on their KYC policies. Once AGRS is listed on US-based exchanges, US holders will be able to participate in the swap, subject to the policies and procedures of these exchanges and US regulation.
What will happen to my Omni based Agoras tokens if I do not want to convert to ERC-20?
You can choose to keep them in your Omni wallet. You will be able, from time to time, to switch the tokens to the ERC-20 tokens (or the main-net-based AGRS tokens in the future). To reiterate the former statement, if you choose to keep your Omni tokens, you will not lose your right to claim the future main-net-based AGRS tokens.
Will I still be entitled to receive my 15% bonus for the tokens initially purchased?
The 15% bonus only applies to Agoras holders with Omni based tokens, who did not move their tokens since August 1, 2017. There are two scenarios:
Holders who locked their tokens during the pre-sale: If your tokens have been locked (there are ~12 million locked tokens held by IDNI), you have already received the 15% discount, in the form of a discount on the pre-sale price. Note that you will not be able to swap the AGRS Omni tokens to ERC-20 tokens, as your tokens will remain locked
Holders who did not lock their tokens during the pre-sale: If you decided not to lock your omni-based AGRS tokens and did not move them since August 1, 2017, you are entitled to a 15% bonus upon the release of the main-net. Make sure not to swap your existing tokens to ERC-20, as it will be considered as relinquishing your bonus rights
Do not swap if you intend to keep the 15% bonus as this will be considered as moving your tokens.
What will happen to the Omni-based Agoras tokens exchanged with the ERC-20 tokens?
The Omni based tokens will be burnt. Eventually, only holders who wish to obtain the 15% bonus will own the Omni based tokens, until the launch of the main-net.
Will that impact the Agoras price?
No. Once the swap officially starts, the Omni based tokens will not be tradable against BTC or USDC/USDT. We will list the ERC-20 tokens on existing and new exchanges, so holders could only trade the ERC-20 tokens on exchanges.*
*As mentioned above, the Omni-based AGRS tokens will remain listed only to swap against the ERC-20 AGRS. Once traded, holders can trade the ERC-20 AGRS tokens against BTC/USDC/USDT.
If IDNI holds my tokens since the pre-sale, what do I need to do?
Nothing. Your tokens will be transitioned to the main-net-based AGRS upon completion. You already received the 15% bonus, in the form of a discount on the pre-sale price.