aABI & pABI
The Abachi ecosystem prior to launch is denoted by two tokens. aABI and pABI.
These are unlocked tokens which will be redeemable 1:1 when the Staking platform launches against ABI tokens. Initial supply: 117300
The pABI tokens are locked and vest over a period of three years. They are unlocked linearly every quarter. Total issuance of pABI is 2x initial supply and set to 385,000. pABI was sold to early investors in the project and will not provide any backing to the treasury. On unlock, the pABI holder has two options: 1. Redeem pABI for ABI. To do this, they must lock the backing value of ABI into the Abachi treasury. e.g. if the Backing Value of Abachi is $20, they must lock $20 into the treasury to redeem this for an ABI. 2. Sell the pABI to Abachi for the backing price. This will drive the overall treasury to decrease, however these tokens are then burnt and no ABI token will be issued from them, permanently removing them from the supply.
There are some other considerations for pABI holders.
- 1.There is no rebase while the token is locked. The backing value is assumed to go up if the OHM value is going up with respect to the rebases and ohm held in treasury.
- 2.There are no governance rights to pABI token holders. They may be dropped an NFT for participation and voice in governance to distribute the governance of the platform as it increases security, but the tokens themselves hold no such power.