CRPT and CHO Token Merge: Explained

Sep 02, 2024
15:09
2 min reading

Choise.com team

Greetings! Following our recent announcement, we would like to provide detailed information about the CRPT and CHO token merge process. In this update, you'll find a step-by-step guide, details on the actions you need to take, and the alternatives available to you.

For more information on the reasons behind the decision to merge CRPT and CHO tokens and all the benefits it offers to token owners, please read here.

CRPT-CHO Token Swap Event: Now Live on Choise.com App

The CRPT-CHO token swap is now available in our Choise.com app, starting today and lasting for six months. During this period, you can exchange your CRPT tokens for CHO tokens at any time, with added bonuses. However, please note that this swap can only be performed once during the entire period. After the 6-month swap event ends, CRPT token support in the Choise.com app will be discontinued.

All calculations have been prepared, and interest accounts have been closed with full accrual of the due income for the entire period.

How to Swap in the Choise.com App: Step-by-Step Guide

Log in to your account in the Choise.com app (make sure you are using the latest version, which can be downloaded here: Google Play, App Store).
On the dashboard, find the bright CRPT to CHO swap event banner and click on it.
Follow all the steps in the swap event flow until completion.

Bonus Details: How is it Calculated?

On 28 August 2024, after all CRPT interest accounts were closed, a snapshot of all CRPT balances was taken at 14:00 (UTC) to calculate the bonus.

After completing the swap, you'll receive two types of CHO deposits: a main deposit and a bonus deposit.

Main Deposit: This is the result of exchanging CRPT for CHO at a rate of 1 CRPT = 1.05 CHO, plus an additional 10%. The entire amount will be locked for 3 months.
Bonus Deposit: This ranges from 20% to 100%, depending on the year of your first transaction with the CRPT token in the Choise.com App. The older your first transaction, the higher the bonus. The bonus will be locked for 6 months, followed by an 18-month vesting period. The calculations are as follows:

Customers who made their first CRPT transaction before 2021 will receive a bonus equal to 100% of their balance at the snapshot time.
Customers who made their first CRPT transaction in 2021 will receive a bonus of 50% of their balance at the snapshot time.
Customers who made their first CRPT transaction in 2022 or 2023 will receive a bonus of 20% of their balance at the snapshot time.
Customers who made their first CRPT transaction in 2024 will not receive a bonus, but they will still get a 10% increase on the main deposit.

Example:

The client made their first transaction with CRPT in 2021. The client is entitled to a 50% bonus. At the time of the snapshot, the client's balance in the Choise.com App was 200 CRPT.

After completing the SWAP, the client will have two deposits:

Main Deposit: 200 CRPT * 1.05 exchange rate + 10% = 231 CHO with a lockup period of 3 months.
Bonus Deposit: 200 CRPT * 1.05 exchange rate * 50% bonus = 105 CHO with a lockup period of 6 months and a vesting period of 18 months.

Bonus Deposit Condition

To prevent excessive market pressure on the CHO token, a condition has been set for the bonus deposit to ensure it remains secure during the lockup and vesting periods.

To retain the full bonus deposit during its lockup and vesting periods, your CHO balance from the main deposit must not decrease by more than 50%. After the 3-month lockup, you may use up to 50% of the main deposit, but the remaining balance must stay intact. If your balance falls below this threshold at any time, your entire bonus deposit will be forfeited.

Other Options: Opting Out of the Swap

If you choose not to participate in the swap, you can simply exchange your CRPT tokens through the basic exchange feature for CHO tokens. You can then withdraw them to an external wallet or exchange them for any other cryptocurrency. In this case, the exchange will be made without any additional bonuses.

Top Exchanges Participating in the Token Merge

Three top exchanges—HTX, KuCoin, and Gate.io—have already announced their support for the CRPT and CHO token merge on their platforms:

These exchanges will soon conduct a one-time automatic swap of all CRPT tokens for CHO on their platforms at a rate of 1 CRPT = 1.05 CHO, without any additional bonuses. CHO token will then become available for trading on the mentioned exchanges.

We've designed the process to be as convenient as possible for everyone involved and hope everything goes smoothly. If you have any questions or run into any issues, please don't hesitate to contact our customer support team.