✔️[ABIP-10] [RFC] Allow pABI redemption to ABI and lock

Summary

Allow swapping of pABI for ABI at 1:1 & lock for three years.

Abstract & Motivation

A few pABI holders have requested to lock their pABI allocation for the entire three years in return for not having to pay the backing per pABI.

The price of ABI is below backing currently and for pABI holders. This does not give them any incentives to provide the backing. We would like to give each pABI holder the option to convert their entire pABI allocation to ABI and have it locked for three years via a smart contract.

No changes will be made to the liquidity currently provided for pABI holders to exit at ~$1.5 (uniswap) and no changes will be made for holders who do not wish to convert the pABI, they will still be able to provide the backing and convert pABI to ABI.

This allows a lot of holders to align with the long term without the daily price action.

Methodology

To facilitate this, the team will write a small contract that takes pABI and mints new ABI and places them in a lock vault. The ABI minted will also be staked so that after the three years are up the holders will receive ABI and any stakes emissions.

Eligibility

Only whitelisted pABI holders will be eligible. Those buying at the uniswap pool or who are not on the original pABI purchasers list will not be eligible.

  • Agree
  • Disagree

0 voters

How many pABI holders are there?
Polygonscan suggests 8 (excluding contracts & deployer).
If that’s correct and the balances are correct also then they are as high as 20,000 pABI…that’s a considerable amount more than the largest ABI holder.

Why are the terms originally signed up to no longer acceptable to pABI holders?

Why is the ratio to be 1:1 when the number of pABI tokens was already ~2x the amount of ABI tokens and the APY has been drastically reduced compared to what was originally offered?

1 Like

This is a way essentially to allow longer term holders to keep holding. Otherwise the treasury needs to buy those pABI back (which we have been). If the pABI is redeemed and locked for three years, the total supply should not come as a shock as their buy back price is already very close to ABI current price (1.5).