Today we’re releasing the much anticipated OVR Token Swapper, it will finally be possible to convert Managed OVR Tokens into Decentralized OVR Tokens and vice-versa.
In order to limit selling pressure from Treasure Hunt tokens for the first few months, the amount of Managed OVR Tokens swappable per account per month, will be limited to 100 OVR minus transfer fees (paid in OVR). In the near future, we’ll make the swapper totally unlimited allowing seamless bridging between managed and decentralized OVR tokens.
The total amount of managed tokens that will be potentially swapped during the first month is 130,000. Considering the current amount of collateral on the IBCO market only, if all of the managed tokens get swapped and then sold at the same time, the theoretical maximum price impact is 2.5%.
Currently, only tokens from TH 2.0 are swappable. Tokens from TH 1.0 can still be used to participate in TH 2.0 (basically transferring balances to TH 2.0 by playing), or they can be used to purchase OVRLands (up to a maximum of 500 OVR monthly). We’ll also consider unlocking direct swap of the TH1.0 tokens in the coming months.
We’re currently working on transferring the entire OVR infrastructure to L2, this will reduce the transfer costs from managed to decentralized OVR tokens significantly. Our aim is to dramatically enhance user experience by making transfers instantaneous, and allowing participants to retain even more value.