PocketBits will support the Token swap for all Aave (LEND) Hodlers to AAVE.
All you need to know about the Aave (LEND) to AAVE Token swap in brief:
The 1.3 billion LEND tokens will swap with the newly minted AAVE at 1:100 for a total of 16 million AAVE. Of the 16 million, 3 million will be issued to a new “Aave Reserve” for protocol improvements under the auspices of the community. The rest will be issued to current LEND holders.
PocketBits users that hodl LEND do not need to take any action at this time but here is some important information to take note of:
- All Deposits and Withdrawals for LEND would be disabled starting from the 12th of October 2020.
- The trading of LEND/INR would be disabled until completion of the token swap.
- All users hodling LEND will have their balances safely locked and post the successful swap will be credited with AAVE as per the distribution ratio.
- The distribution ratio for the swap would be: 100 LEND = 1 AAVE
- We will enable AAVE/INR Trading and AAVE Withdrawals after the swap is complete.
For more information on the Aave (LEND) token swap please refer to the following article by the AAVE team: