ABRA locking migration vs Unlocking. What to choose?
Last updated
Last updated
Locking means that you have frozen some ABRA tokens for a certain period of time in exchange for veABRA tokens, which give voting rights.
With the launch of Cadabra 2.0, we are giving our existing lockers (in the first version of Cadabra) a choice on what to do with their locks.
We are giving a choice of two options:
Unlocking: early termination of locking period and reclaim your locked ABRA. Conditions and rules are described below.
Migration: Transfer your lock to the second version of veABRA. Conditions and rules are described below.
These options will be available on the "Lock & Earn" page for users holding veABRA v1.
You can unlock your ABRA tokens before the lock period expires. However, any rebate rewards you received at the time of locking will be deducted from the original lock amount. Received ABRA tokens will be automatically sold and converted into USDT at the current rate (sold at current liquidity in liquidity pools).
Locking on the new version of the Cadabra platform becomes a tool for obtaining additional rewards, so by taking ABRA tokens from locking, you can miss out on new opportunities and your potential yields.
More details about advantages and options to earn yield in the article.
Unlocking will be available for only two weeks from the announcement date and exclusively on the Cadabra 1.0 website
Example: If you locked 100 ABRA tokens for two years and received 31 ABRA as an instant rebate reward, unlocking will receive 69 ABRA in USDT equivalent.
Important Notes:
How can you roughly estimate how much USDT you will receive when choosing the unlock option (the formula is demonstrative for visual understanding):
[bodyABRA]: Original number of ABRA tokens locked.
[rebateABRA]: Number of ABRA received as rebate rewards.
[rateABRA]: Current ABRA exchange rate.
Formula:
UnlockedUSDT = (bodyABRA - rebateABRA) * rateABRA
It is important to understand that since ABRA tokens will be sold in existing liquidity pools, this sale itself may affect the change in the ABRA token price. Also, the average sale price of ABRA tokens may be lower than the current price of the token before the start of such a sale.
Expired locking is unlocked completely, i.e. the received rebate is not deducted.
You can manually pick up such a locking through the website and decide for yourself what to do with the received ABRA tokens.
You can migrate your veABRA v1 tokens to v2 and enjoy all the features offered by Cadabra 2.0. Migration allows you to retain all previously earned rewards and continue earning new ones through locking and voting in the updated platform.
More details about advantages and options to earn yield in the article.
Migration will be available from the announcement date with no time restrictions.
The ability to migrate will remain even after the launch of Cadabra 2.0.
Key Migration Details:
The original lock amount (bodyABRA) remains unchanged.
During migration, you will have the option to extend the lock duration to increase the number of veABRA tokens.
If the lock duration is not extended, the veABRA quantity will remain the same.
For veABRA tokens with less than 30 days of lock duration remaining (including expired locks), the new minimum lock duration will be set to 30 days upon migration.
Benefits of Locking on Cadabra 2.0:
Rewards from external protocols through participation in voting.
Rebase yield for holding veABRA.
Influence over strategy yields within the platform.
Airdrop points for additional ABRA token rewards.
Increased referral bonuses for building a team.
