Aurora Futures Token
The Aurora Futures token — AURORA_2211 — is a transferrable, liquid token that will be redeemable here on November 18, 2022 at 00:00 UTC, on a one-to-one basis for AURORA tokens. Its purpose is two-fold — allowing the broader community to access AURORA that is planned to be unlocked in November, and to ease selling pressure associated with that planned unlock. See the FAQ below for more details.
Aurora Labs team members receive an allocation of vesting AURORA tokens, which unlock linearly over time. The first year´s token, however, unlock on November 18, 2022. To minimize the impact of a sudden surge in the circulating supply of AURORA and derisk team members tax liabilities, a "futures" token has been created, called AURORA_2211 which can be exchanged for one AURORA token at 00:00 UTC on November 18, 2022.
The existence of the AURORA_2211 token provides the following benefits:
- It provides an immediate liquidity option for Aurora staff with vested AURORA
- It gives the wide community an opportunity to purchase these tokens
- As a public market will form, the price of AURORA_2211 should converge to the price of AURORA on November 18, 2022, thereby preventing a significant market event on that date due to the unlock of staff tokens.
Any Aurora staff owning vested AURORA tokens can request AURORA_2211 tokens from the company. Say a given staff requests 100 AURORA tokens. The company will deposit 100 AURORA tokens into the Aurora Futures Smart Contract, which will lock these tokens and mint an equivalent amount of AURORA_2211 tokens. These tokens will be delivered to the requesting staff, who can do with them as they like (sell them OTC, sell them on a DEX, hold onto them, etc.)
Beginning on November 18, 2022 at 00:00 UTC, these AURORA_2211 tokens can be deposited at this website, and redeemed for AURORA tokens on a one-to-one basis.
See this blog article for much more details about Aurora Futures.
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