FAQ $OPN migration
On Friday March 29th 2024, $OPN will begin trading and you will be able to migrate your GET to OPN.
The Guaranteed Entrance Token ($GET) is migrating to OPEN ($OPN), as part of the recent rebrand and following a successful DAO vote. This migration is part of a new chapter for the onchain ticketing revolution, supported by an ecosystem of partners, builders and investors.
Read all about OPEN’s mission to take the $85 billion ticketing industry onchain here:
Migrating $GET to $OPN
The conversion rate for GET to OPN is set at 1:1000.
This means that if you migrate 1,000 GET, you will receive 1,000,000 OPN.
On Friday March 29th 2024, OPN will begin trading and you will be able to migrate your GET for OPN.
In this blog you’ll find all the information and context for participating in this token migration. We have built a straightforward interface where you can easily migrate your GET for OPN, which we will walk through a little bit further on.
For an easy and safe migration, there are two things to keep in mind:
1.) Be very cautious to only interact with official GET / OPEN channels. Team members will never contact you directly, don’t trust links sent to you privately. If you are ever in doubt, verify specifics and links through official OPEN channels before connecting your wallet.
Always be sure that you are using the official URL to get to the GET token site: https://token.get-protocol.io/
2.) There is no rush to complete migration; you have 18 months to do so. Staking rewards will continue to flow to holders of staked GET until at least April 29th 2024.
If you are unsure about any parts of the migration process or have a question about a topic that is not covered in this blog, please resort to the official token migration channel in the OPEN Discord.
Migration period: April 16th 2024 — October 1st 2025
From April 16th onwards, you will be able to migrate your GET to OPN directly at a 1:1000 ratio.
Migrating xGET to xOPN
At any time you will be able to migrate your staked GET (xGET) for staked OPN (xOPN) at a ratio of 1:1000. The staking & unstaking rules of OPN are identical to those of GET, which you can review here. Please note that staking rewards on xOPN will not be live until at least April 29th 2024.
How to migrate your GET to OPN
We have built a straightforward interface where you can easily migrate your GET for OPN.
Here are the steps you need to take to do so:
- Go to: https://token.get-protocol.io/ and select ‘migrate’.
2. Connect your wallet.
3. Fill in the amount of staked GET (xGET) you want to migrate. If you don’t have any staked GET that you wish to migrate, you can leave this field empty and select ‘Skip and proceed’.
If you are migrating xGET, you will need to allow access to xGET first. Fill in the desired amount of xGET to migrate and select ‘Allow access to xGET.’ You will now be prompted to confirm the transaction in your wallet.
Once that transaction is confirmed, you can select proceed.
4. Now enter the amount of GET you would like to migrate to OPN. Here you will see the total amount of OPN you will receive. Hit ‘proceed’ once you are ready.
5. Review the total amount of xGET and GET you are migrating.
If everything is as you wish, hit confirm. Your selected wallet will now pop up and ask you to confirm the transaction.
6.) Congrats! You are now the proud owner of OPN! You are now part of the mission to take the ticketing industry onchain.
General migration period: April 16th 2024 — October 1st 2025
From April 16th onwards, you will be able to migrate your GET to OPN directly at a 1:1000 ratio.
Frequently asked questions
Here are various questions you might have for context around the migration, with their answers.
How many $OPN will I receive when migrating?
The conversion rate is 1:1000. This means if you migrate 100 GET you will receive 100,000 OPN.
For how long can I migrate?
The main migration period goes from April 16th 2024 until October 1st 2025.
What happens after that?
Once the migration period ends, $GET can not be migrated to $OPN anymore. There is a likelihood that some $GET will not be migrated, due to it being stuck on old exchanges, lost or various other reasons. This will cause the supply of $OPN to decrease.
What is the total supply of $OPN?
Assuming all GET will be migrated, there is a total supply of 22,926,928,000 OPN.
What are the tokenomics for $OPN?
$OPN is the fuel for all ticketing activity on OPEN’s tooling. It can also be staked to earn a percentage of the real world yield earned by every onchain ticket issued by the OPEN infrastructure. Additionally, staked OPN (xOPN) grants voting rights in The Ticketing Revolution DAO, that oversees the visibility and development of OPEN’s mission to bring the $85 billion ticketing industry onchain.
Won’t I lose value if I migrate my xGET to xOPN?
You won’t! What happens in the contract is that the xGET turns into GET first, so while migrating the xGET is withdrawn immediately with no fee. So the 1 xGET you migrate becomes 1.1 GET in the contract. Then (in the same transaction) this 1.1 GET is migrated to OPEN, resulting in 1100 OPN, which is then staked to deliver the user 1100 xOPN.
What if I still have questions?
No worries — if you are uncomfortable about migrating your GET or if you have a question that isn’t covered in this blog, just go to the official migration Discord channel for help.
Remember: Be cautious, team members will never DM you and you shouldn’t trust links you receive from any source except verified GET / OPEN channels.
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Follow the OPEN Ticketing Ecosystem:
