The Path To Unification
Today we announce the launch of the Rainbow Road Service, bringing us closer to the unification of the Rainbow Road and DEX platforms. The Rainbow Road Service complements the current Rainbow Road infrastructure to provide a complete picture into the Archly ecosystem. The ability to surface data, such as the total supply of Arc across all chains or on each individual chain, giving our community a higher level of insight into Archly. As a result allowing for better decision making. Having access to more data also helps improve the overall experience from a technical perspective too. For example, when a token is listed on the Rainbow Road using the lock-unlock mode, information about how many tokens are available on the destination chain will be able to be accessed instantly to let users know with confidence that their transfer will be successful.
There is now a Info page on the website that will provide information about the circulating supply, total supply, and whether a chain has emissions enabled. Overtime we will integrate more data points that will decrease load times across the site, enhance pricing data for all tokens, and eventually enable advanced scenarios like multi-hop transfers over the Rainbow Road. And this is only the beginning. True to the ethos of Archly, we will continue to iterate and refine the Archly ecosystem as we execute our vision to make operating across any chain a seamless experience for everyone.
Another area to unify in the Archly is within our community. Upon the shutting down of the Arc converters, there emerged a small group of the Archly Fam that missed the deadline to convert their Archly v1 assets to v2. At Archly we always aim to be as inclusive as possible. With that in mind, we would like to announce the Second Chance conversion period. This will be an opportunity for those members of our community to convert their v1 assets to v2. This conversion will be a progressive N:1 conversion to veArc locked for 4 years. The initial rate of conversion will be 10:1. That means for every 10 v1 Arc (including locked v1 Arc in a v1 veArc), the holder will get 1 v2 Arc locked for 4 years in a v2 veArc. To encourage early conversion, the ratio will double every week at the flip of the epoch (Thursday’s at UTC midnight). To illustrate how the progression of the ratio works, after the first week of Second Chance conversion, the ratio will increase to 20:1, then to 40:1, then 80:1, and so on. The team will set aside around 29M v2 Arc of the team’s Arc reserves to fund the Second Chance conversion. So that means there will be no new Arc minted for this conversion. Any v2 Arc not used during the Second Chance conversion will be reclaimed by the team. The Second Chance conversion will start on April 4th, 2024 at 00:00 UTC and will end when the supply of the 29M v2 Arc is exhausted or on May 30th, 2024 at 00:00 UTC at the latest.
That’s all for now. . .
About Archly
Archly works to empower any user on any chain to engage in seamless cross-chain experiences using our DEX and Rainbow Road protocols. Our mission is to provide an abstraction layer of infrastructure across any chain on which projects can build upon to power any scenario in a reliable, secure, and consistent environment.
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