EsBIT to BIT Vesting Period
Convert your esBIT to BIT Tokens
Overview
If you are an early user, you have been granted Bitonite EsBIT tokens that you can convert to BIT tokens. These EsBIT tokens are snapshots for our community.
EsBIT - BIT Flexible Vesting
The flexible vesting option we provide allows you to always have access to your deposited BIT tokens. This implies that you can leave the vesting period at any time to use your BIT tokens for other purposes.
Vesting Period
Once you have deposited your BIT tokens into the flexible vesting system, you will have the opportunity to claim 1/365 of your EsBIT token holdings in BIT tokens daily. This process will continue until you either end your vesting period early or convert all EsBIT tokens to BIT tokens. You have the option to either deposit the same amount of EsBIT tokens into BIT tokens for the flexible vesting system or a smaller amount.
If you decide to cancel your flexible vesting early, the remaining EsBIT holdings will be permanently burned. This regulation only applies to the amount of EsBIT that you wanted to convert to BIT. To illustrate this with an example: Let's say you have 10,000 EsBIT and have contributed 5,000 BIT to vesting. If you now cancel the vesting, only 5,000 EsBIT will be burned, while the remaining 5,000 EsBIT will be retained.
Example:
User has 10,000 esBIT
User buys 10,000 BIT to convert esBIT to BIT
User wants to cancel flexible vesting after 6 months
User can claim 15,000 BIT and the remaining 5,000 esBIT will be burnt.
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