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https://warpcast.com/~/channel/geny
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C O M P Ξ Z
@compez.eth
Important clarification on the GENY migration: Holding millions of tokens in the old GENY (Clanker-based) contract does NOT directly translate to holding millions in the new GENY. Why? Because: - The old GENY had an inflated supply (e.g., 100 billion total). - The new GENY will have a controlled total supply of 256 million tokens, with 44 million tokens planned to be released at the Token Generation Event (TGE). So instead of using token count, we’ll use a value-based conversion method. What matters is how much you paid, not how many tokens you got. For example, if someone bought 10 million old GENY for $5, they will receive the equivalent of $5+ value in the new token, based on the average post-launch market price — not 10 million new GENY.
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NikHd🍖
@nikhd
This is completely incorrect distribution logic. Everyone should receive the same percentage of the total issuance that they currently own. Long-term holders who have held their tokens for more than a few months can be rewarded. If I had 10 billion out of 100 billion of the old Geny, i.e. 10%, then I should receive 25.6 million out of 256 million of the new Geny.
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@compez.eth
I think you misunderstood what we meant. Because this would be a reward to encourage community in the new ecosystem, not a replacement for capital! This will be a new and official project with its own dedicated token and vision. Our goal is to reward holders of the previous project fairly in this new ecosystem not to give a full 1:1 token swap or transfer. We want to acknowledge and value past supporters without simply duplicating old token balances. This approach ensures the sustainability and health of the new project for everyone involved. If you look fairly, 25 million tokens represent the entire community’s share. Do you really believe one person should receive the whole community’s allocation? 0_o While percentage-based allocation can be fragile, value-based rewards are meant as an encouragement. In the end, you’ll keep your old Clanker tokens and have participation rewards in the new token! And yet you say this is incorrect!? :)
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NikHd🍖
@nikhd
If you plan to support both tokens and they will exist as two separate tokens with different purposes, then your statement is correct. If the purpose of the new token is the same as the old one and you plan to devalue the old geny and give all the value to the new one, then my statement is correct.
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C O M P Ξ Z
@compez.eth
You are right but! attention that as a clanker token holder, you remain the holder as long as the clanker team continues technical support. The token was only casted by me, not created or distributed by me. this is important point that you don't pay attention to! If I had distributed the 100 billion tokens, then yes, I could allocate percentages accordingly. But like you, I was just a buyer! not owner!!! Now, in our official new project, we support all holders by giving them new tokens equivalent to or even slightly more than the value they invested. Don't worry! we all work together to better future.
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