It's official! The stake-weighted Poll is now closed. ICYMI: we ran the first-ever LEO POWER stake-weighted poll on the INLEO Polls Platform this past week.
The Poll Ended on Sunday Night at Midnight EST. 93 total votes were cast by LEO POWER holders.
It was nearly unanimously in favor of passing the proposal to merge CUB/pCUB into LEO by allowing holders to convert those tokens into LEO as we enter this new incredible era for the LEO Token Economy and reshape our DeFi branch of INLEO.
The Results
- Approve: 6,045,402 LEO POWER
- Do Not Approve: 27,289 LEO POWER
6M LEO POWER to 27k. Like I said, pretty unanimous. If you remove any official stake and consider only community-held LEO POWER, then the voter turnout was ~59%.
Of this 59% voter turnout, 99.5% voted in favor of Approving the Proposal and only 0.5% voted in favor of not approving it.
What Happens Now?
Now that the proposal has been approved, it's time to move forward with the conversion event.
Before we even get started let's just address the elephant in the room: there are going to be MILLIONS of questions about this. There are just so many edge cases and unique circumstances.
There is absolutely no way we could write a blog post that specifically covers every single possible variation or edge case imaginable.
This event is a one-time thing. I'm not saying it's going to be buttery smooth. I can almost guarantee there will be people who need specific 1-on-1 attention while others are able to click 2 buttons and be totally okay.
This is fine. Like I said, it's a one-time event. We get through the manual headache of this all and then finally make it to the other side where we will never have to do this all again.
So please... bear with us. Bear with the team. Try to be nice to the team as they help guide this situation. Many of us will be looking at tickets, comments and threads trying to help you guys as much as possible.
Feel free to be mean to Khal but be nice to everyone else. They're ONLY there to help you.
Okay, now that that is out of the way.
The execution of this proposal will be dictated here in broad strokes. This is purposeful. We are using broad strokes to define what happens next as there will be so many unique edge cases that must be handled manually.
Conversion Event
The Conversion Event is officially live as of now. You can start converting your CUB or pCUB into LEO.
The window will be open for 30 days. You only have the next 30 days to convert your CUB/pCUB to LEO. After the 30 day window is closed, you will no longer be able to convert.
Snapshots & Amounts
As stated in the last post and AMAs, etc. the snapshot took place at the same time as the proposal announcement. This was done to prevent gamification of the snapshot through price manipulation of CUB/pCUB/LEO by bad actors.
- The current market cap of CUB is $95,477 and there are 30,980,263 CUB tokens in existence.
- The current market cap of POLYCUB is $78,853 and there are 7,274,323 POLYCUB tokens in existence.
- The current market cap of LEO is $2,033,287 and there are 17,680,764.5 LEO in tokens existence.
- The airdrop is $1 for $1. So this means the 100% max potential airdrop is $174,330 worth of LEO.
- At current prices, this is 1,515,913 MAX LEO that could be minted and airdropped to CUB/POLYCUB holders. Less than 8.5% of the circulating supply/MCAP of LEO.
KEEP IN MIND. This is also a MAX potential. I think it's safe to assume we won't see 100% of CUB/POLYCUB turned in. There are plenty of inactive CUB/POLYCUB holders, people who are uninterested and also people who just aren't even a part of the INLEO/HIVE ecosystems anymore.
I would expect somewhere in the range of 50-70% to actually claim this airdrop by burning their tokens. That puts our figure in the 757,956 LEO to 1,061,139 LEO range.
How to Convert
THIS IS VERY IMPORTANT. PLEASE READ CAREFULLY. If you fail to properly follow these steps, your funds could be lost and your airdrop will not be valid.
To convert liquid CUB/POLYCUB to LEO:
- Send a 0.00001 BNB (or 0.00001 MATIC) TX to the Null Address with Your Hive Username in the Memo Field
- Send CUB or pCUB to the Null wallet on BSC or Polygon
Two simple steps but HIGHLY important that you do it properly. READ CAREFULLY.
IT IS VERY IMPORTANT THAT YOU INCLUDE YOUR USERNAME WITH PROPER FORMATTING (LOWERCASE) IN THE MEMO.
Step 1). Enable "Show hex data"
I'll use Metamask for this example.
Again, you MUST have a memo included in this TX. Failing to do so will result in a loss of your assets with no ability to recover them or get the airdrop of LEO tokens on Hive.
To include a memo using Metamask, go to "Advanced" settings and turn "Show Hex Data" on.
Step 2). Sending to the Null Wallet WITH MEMO
The null wallet address on both BSC & Polygon is the same: "0x000000000000000000000000000000000000dead"
This will be your recipient address for the transaction.
Then, start a send transaction of BNB (or MATIC) and include your Hive username (in all lowercase) in the Hex data field.
QUADRUPLE CHECK that you have both the receiver address (0x000000000000000000000000000000000000dead) and the MEMO field (your Hive username) properly filled out. Failing to follow these 2 steps properly will result in a loss of funds.
Your transaction should look like this (we put leofinance here as our username. Make sure to write your own Hive username with the correct formatting. Failing to do this correctly will result in a loss of funds and no airdrop):
Step 3). Send CUB or pCUB to the Null Address
Now it's time to burn your CUB or pCUB. I imagine this will be an interesting feeling as it will likely feel like you are just destroying money. To burn, send your CUB (or pCUB) all in one single transaction to "0x000000000000000000000000000000000000dead". We ask that you please try to send them in 1 transaction to ensure the airdrop goes smoothly. If you send multiple transactions, there may be turbulence.
If you properly followed all of these steps, then you are effectively burning each $1 of CUB (or pCUB) for $1 worth of LEO. For you, there is no change in value.
After the conversion, you will be holding LEO in place of the CUB/pCUB stake you used to have. This week will discuss many of the future opportunities of LEO and why we ultimately made all of these decisions and put it to a DAO vote.
All done!
You're now done with your part of the conversion. Throughout the conversion phase (starting today and lasting the next 30 days), we will be processing conversions from CUB/pCUB to LEO.
Every Friday, an airdrop will go out for that week's conversions. So for example, if you burn your CUB today, then this coming Friday you will receive 100% of your $1 for $1 LEO airdrop. If another user burns their CUB this Saturday, then they will receive their airdrop next Friday.
The LEO will be airdropped as Liquid LEO to your Hive Wallet Address.
The airdrops happen every Friday for the next 4 Fridays. Once the 30 day snapshot window is closed, nobody will be able to convert CUB/pCUB into LEO anymore. This is a one-time deal.
More Guides
A Video Guide will get released soon to make the process clearer. There's only 3 steps above but they require that you follow them with 100% accuracy. Any mistake can lead to a loss of funds or ineligibility for the airdrop.
Please follow the steps very carefully.
If the community would like to make any step-by-step tutorials, that would also be greatly appreciated! We'll make sure to vote them up and give them exposure.
Q&A
A few people have been DM'ing around questions and asking in various places, so we collected some of the top ones here to answer succinctly and publicly.
What Are the Incentives for Providing Liquidity to the wLEO-CACAO Pool?
We've been working on a very exciting incentives model for the WLEO-CACAO pool. It will be an entirely new version of the WLEO-ETH Geyser that we have on Uniswap. The pool on Maya has some better technology and will allow us to directly auto-compound rewards into the WLEO-CACAO LP Positions. We'll release more information on this when the WLEO-CACAO pool goes live but we anticipate the incentives between these rewards + the native LP Trading Fee rewards to be quite high (possibly the highest on Maya).
Has the Price Snapshot for the CUB, pCUB -> LEO Conversion Happened Yet?
As stated above in the post: yes. It happened when the proposal was announced to avoid any potential market manipulation.
What Rules is the Snapshot Based on?
It's very simple and laid out both in this post and the previous one about the Proposal. You turn $1 worth of CUB/pCUB into $1 worth of LEO during the Conversion Phase (starting today and lasting 30 days).
How Long Will the Window to Convert CUB/pCUB to LEO Be Open?
30 days.
What if Someone Misses the Window to Convert?
They will not be able to convert after the 30 day window (closes April 18th, 2024).
What Happens to CUB/pCUB After This Event? What About the Other Tokens/Assets on Those Protocols?
Nothing different happens. Those tokens and assets will continue existing. We've built a model with CUB/pCUB that actually generates a small amount of revenue each month. We're not completely sunsetting these models but we won't be developing further. CUB/pCUB/Assets will continue to exist on those chains and the supply of CUB/pCUB will continue to slowly burn. We expect those tokens to eventually burn nearly their entire supply at some point in the distant future.
After the window however, the era of CUB/pCUB will be coming to an end as a front-row player in the LeoVerse.
With the new Maya Listing for LEO, we'll be releasing our own Cross-Chain DEX Platform that will allow any user to swap on Maya and Thorchain. This new Cross-Chain DEX will generate revenue from swaps and buy LEO using that revenue.
This new model for DeFi on LEO allows us to generate a growing income stream for the LEO Token Economy without having to worry about building liquidity pools and using inflation to seed assets in those pools. This creates a net positive for the LEO token as opposed to the dated and unsuccessful designs of CUB/pCUB.
What About Locked CUB?
If you have CUB staked (locked) in the CUB Kingdom, then you should open a tech support ticket on Discord and we will assist you 1-on-1. This will require some manual help and entry. We appreciate your patience with how we work through this as it is not easy to navigate.
What About xPOLYCUB and vexPOLYCUB?
We'll be releasing another guide shortly to help with this but the process is actually quite easy. It's the same for burning POLYCUB to convert to LEO.
We recommend that you unstake the vex/xPOLYCUB back to POLYCUB and then follow the same burning process listed above.
If for some reason you can't do that, then you can simply burn the vex/xPOLYCUB to the 0xdead address and we'll be able to reverse-engineer the math.
If you are having trouble with this, please open a Discord Tech Support Ticket.
More Questions?
If you have more questions, please leave them in a comment below! Our team will be reviewing them and responding to any and all Qs while also using repeated questions for future posts.
Thank you for your patience as we work through this conversion phase.
Posted Using InLeo Alpha
CUB yeld earning rates on all farms/kingdoms on CUBDEFI have been reduced a lot (100x fold!) about 1 week ago.
Is this done intentionally?
What is a reason for that?
Or this is a bug, malfunction?
Ticket been raised to this, but you failed to answer.
This was asked, answered and answered again in @leofinance posts.
Yes.
@khaleelkazi could you provide a proper link to the answer?
What if I have xPoli?
When I go to the POLYCUB page my vexPOLYCUB has the unstake option dithered out.
Guess I will have to burn them?
Same here the unstake button is none responsive.
but it's simple so don't worry 😂
thanks nifty!
Thanks, but I can't seem to be able to unstake.. the button isn't working
tested myself using XDEFI on brave browser. Worked fine.
Hey man how did you enable memo on the Xdefi wallet . every guide i find they say the don't have it on the BSC network because it is not needed and i the wallet setting there is such option in the advance settings or in any setting of the wallet . Maybe you have an idea???
I have cub, cub-in-farm, cub-in-kingdom, polycub, xpolycub, vexpolycub, all of them on a MULTIPLE, different ETH addresses. Can all them be converted to a ONE SINGLE Hive account? Or a different Hive acct should be used for each token and each eth address ???
You should unstake on all the places, send all the liquid CUB to one address and then send that one TX to the burn address
Thanks for this guide. I tried sending BNB and Matic to the burn address given with my account name on the memo field (hex data) and the transaction failed (both on BSC and Polygon).
I did follow the steps to the dot.
I don't know if it'll make a difference, but did you try sending the transactions paying a little more than the minimum GAS fees? I remember having to do that to get transactions to go, way back when...
Thank you. I did and still not going through. Tried sending a very tiny amount without the memo and it went successfully so I think the error has something to do with the memo (Hex data) being added.
Yep, having the same error with my transactions
Yeah, it can't get through.
I get exactly the same problem. Tried many tricks - nothing helps...
Yes. I stopped trying yesterday and checked again today using a different browser, using max fee, and sending a higher amount but it still couldn't get through. It gives the same error.
Any success yet?
Unfortunately, I'm stuck with the same error.
Same problem here. Even tried putting a hyphen in front of my username to match the supported output but would not work.
Hope one of us can figure out what's wrong. Tried it again today with a different browser but it still doesn't work.
I finally got it to work by upping the gas. Had to go to .00005. Ended up being about .30 cents.
That's good. Mine kept failing, even when I tried sending 0.0009 and upping the gas fee. Uninstalled my Metamask extension and reinstalled it again but didn't solve the issue 😂
That's too bad. Sorry it won't work for you.
I'm looking forward to leaving Metamask behind and hopefully moving over to Xdefi. I've had more than one problem with MM recently.
Yeah, it puzzles me why others can and some can't😅 Could be MM settings or what.
XDEFI is good. I've also been trying OKX wallet.
What do you mean by "upping the gas" ... can't change fees on metamask and tried sending a higher amount, but didn't help ...
Below the 3 default gas fees, there is an option where you can manually set the gas amount. Will take the screenshot tomorrow when I'll be on my pc. I tried increasing it including the amount I was sending but the transaction still failed.
damn, i looked again and noticed that i completely overlooked that small pen icon where the fee options are hidden behind 🤦
I'm having the same issue. Transaction fails even when I edit the priority fee to 10x the recommended rate. Does it need to be even higher than that?
Hope we can find out what we are doing wrong.
Same here ... #feedback 👆🏽
Attempted to unstake xPOLYCUB and received this error from Metamask...
This seems easy enough, if a little nerve-wracking. I'd really like to bookmark this page but (as I wrote in a #feedback thread the other day) for some reason when I click on the bookmark, it just scrolls my screen to the bottom of the article/top of the comments section without adding it to my bookmarks.
I'm looking forward to getting this done and all behind us. I can only imagine how much you guys are looking forward to the same thing. lol
So if the combined dollar value of my Cub is $1 then I will get $1 of Leo? The price of cub is $.003.
Also what about xpoly. Do we have to ulock and harvest?
Interested to see where you guys take this.
A lot of fun potential on the table.
The LEO team in the coming days
I hav xPOLYCUB staked, so should I be waiting for another guide as you said, listing some easy process ?
I think I am included in that inactive list and I suspect that's the reason why my CUB/POLYCUB disappeared from CubFinance.
Thank you for clarifying everything!
I have a question, is there an easy way to see if a user has any CUB?
I think I had sold it in the past, but I am not sure if there is any left in my wallet.
You can check if your wallet still has CUB via BSC Explorer. Just add your wallet address at the end of the URL. Or you can also view it on DeBANK (just add your wallet address at the end of the URL).
Done. Burnt my CUB. Looking forward to receiving some fresh LEO this Friday!
BTW: I had to increase the BNB fee ( went for 0.0002 ) to get the transaction to go through.
That's good to hear. Did you put any memo on the Hex data field? I increased the amount when sending but my transaction kept failing.
I did use my username as a memo, in the firs transaction. Not in the one where I sent/ burnt the CUB.
Yes, on the first step, I mean. It's not getting through for me, both on BSC and Polygon.
Weird. I got that error the first time but not the second ( with a higher fee ).
Thanks for letting me know. Will keep trying until it succeeds.😉 I tried sending the smallest amount without memo and it went through without issues, lol!
Step 2). Sending to the Null Wallet WITH MEMO This where I get stuck.. transaction keeps Failing. 0x-prefixed hex is wrong???
Try a higher BNB fee. It worked for me ( see my comment on this post )
Same here.
Like a few others here, I'm having issues with step 2. I've tried multiple times and have increased the priority fee all the way up to 10x, then even 100x the regular going rate, and my transaction continues to fail. I've quadruple-checked the instructions and I'm following everything as directed. What am I missing? 🤔
This is continuing to fail for me, with the initial 0.00001 MATIC/BNB transaction, so I've stopped there.
I managed a screen grab of the Metamask error that flashes for a fraction of a second. The error seems to be in the text string with our usernames; @khaleelkazi or @leofinance, maybe you could comment on this?
Seems like maybe the text field should not be JUST our username, but 0xusername, in my case 0xcuratorcat.leo. Although, from the error message in the screnshot, it seems like Metamask converted the format?
Either way, stuck here till I see a concrete update somewhere!
I'm getting beyond tired of this... where did my screen shot go? It shows on PeakD, but it's missing here?
I'm done for today. Cooked. Over and out...
I have the same problem with tx.
Did you solve the issue?
Nope, issue not solved... yet.
Send my tokens! Waiting LEO
https://bscscan.com/tx/0x6bcf5daa2668411d604f438fa5526763b12f37eb3b089cd086efa38255c9916d
Did you receive any yet? I haven't.
No, I haven't received anything yet.
Okay. Good to know. In that case, I will be a little more patient.
Did you get your LEO?
From bscscan I don't see your account verification in Step2.
For me step2 doesn't work
I did all the steps, I didn't detect anything strange, but I have more and more doubts about charging something.
I had to see them sold in the market for only 9 Dollars. Those who have more must be pretty pissed off.
But hey, a lesson can be learned from everything.
How many LEO do you get per VEXPOLYCUB?
@leofinance team,
Greetings for the day.
I pulled back my Hive delegation from the leo.voter account some time back but, i am still receiving LEO tokens from the leo.bounties account. Kindly look into this.
Thank you.
Wow just 30 days for this and no direct notification. Not surprised.