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AIP-1: Handling of ITAM Rewards

Background:

1.) ITAM was the first Grazing Range partnership which ran in April - May of 2021. These ITAM rewards were provided as extra rewards to ITAM-BNB farmers and BNB lenders. The distribution was completely different than our later Grazing Ranges. It’s not the case that users were staking explicitly to receive these rewards.
2.) Currently there are ~917k unclaimed ITAM (~USD 500k)
3.) ITAM was recently acquired and any tokens not swapped by March 31st 2022 will lose all of its utility
See excerpt below:
ITAM-to-ITAMCUBE token swap portal will close in [11:59PM UST] March 31, 2022.
“With this said, the token swap portal will close at the end of next month. If you have not yet swapped your ITAM token to ITAM CUBE token, we strongly ask you to do so as quickly as possible. For any ITAM token that has not been swapped afterwards will lose all its utility. We sincerely hope we can make it clear that Netmarble F&C will NOT support ITAM token and will NOT use ITAM token in any of its services and initiatives. Only ITAM CUBE.”
After discussions and feedback from the community, two voting choices were provided to the community:
Option1:) Convert 100% of ITAM to ITAMCUBE. Sell ITAMCUBE on MEXC to USDT. Swap USDT to ALPACA on BNB Chain. Allow for additional 12 months for claiming. Any unclaimed ALPACA will be burned. Due to number of character constraints on Snapshot, this option will be labeled as "Sell ITAMCUBE to ALPACA"
(there is now enough liquidity on MEXC to convert all ITAMCUBE amount w/ < 5% slippage which is better than trading ITAM directly on PCS.)
Option2:) Convert 100% of ITAM into ITAMCUBE. Allow for additional 12 months for claiming. Any unclaimed ITAMCUBE after 12 months will be swapped into ALPACA and burned. Due to number of character constraints on Snapshot, this option will be labeled as "Keep ITAMCUBE"

Resolution:

The community voted in favor of Option1
  • In total, there were 919,724 unclaimed ITAM (reference) which were converted to ITAMCUBE
  • ITAMCUBE were then sold into USDT on MEXC at an average price of $0.667. A total of 613,840 USDT were acquired and deposited into this address: 0x8c968582a6935ece360Bc2665979458CD4D79203
  • USDT was used to buy ALPACA over a period of 1 week from 4 March - 11 March 2022
  • A total of 1,554, 697 ALPACA were acquired
  • ALPACA is now available to claim by users
  • Users will have until 15 March 2023 to claim their rewards. Any remaining unclaimed ALPACA will be burned.

References: