Migration
Last updated
Last updated
re.al and the RWA token will launch in the coming weeks.
As part of this process, TNGBL token holders and locked TNGBL token holders (3,3+) will have the option to migrate to the RWA token, the governance token for re.al.
There are 2 types of TNGBL tokens, locked TNGBL (3,3+ NFT) and unlocked TNGBL. The migration process will be similar for both tokens.
Users who migrate their 3,3+ NFT will receive a veRWA NFT with an identical locked balance. Users who migrate TNGBL tokens will receive RWA tokens at a 1-to-1 value.
The lock lengths will remain the same through the migration. I.e if you have a TNGBL 3,3+ NFT on Polygon with 34 months remaining on the lock, you will receive a veRWA NFT on re.al with 34 months remaining on the lock.
The TNGBL token total and the end of the lock period will be the amount of RWA locked into the new veRWA. For example, a 3,3+ NFT with 1,000 TNGBL due at the end of the lock will migrate to a veRWA NFT with 1,000 RWA locked into the position.
Please familiarize yourself with the veRWA tokenomics prior to migration as they differ from TNGBL 3,3+.
Users will never be forced to migrate and can migrate over to RWA at any point.
Keep in mind revenue share will no longer distribute to TNGBL and TNGBL liquidity provided by the protocol will be removed to fund RWA liquidity on re.al.
The migration UI will be kept up indefinitely, unless a governance vote to close migration is passed, which can only be done after the final TNGBL locks have fully vested.
This ecosystem takes advantage of LayerZero v1 to facilitate cross-chain messaging. The CrossChainMigrator contract will spark the migration by taking the current state of the migrated asset and transferring that state over to the new contracts on Real Chain.
The CrossChainMigrator will send a message to the LayerZero endpoint on Polygon to then be passed by their Relayer over to Real Chain where the message will be passed to the RealReceiver contract.
