[NEWS] Hashpalette announces details of PLT to APT exchange, lockup lifted

HashPalette, which announced an agreement to be acquired by Aptos Labs this month, announced on the 28th that there will be no lockup period as initially explained for the token exchange from the cryptocurrency Palette Token (PLT) to Aptos (APT).

Initially, the Aptos Foundation and HashPalette explained that Palette Tokens would also be exchanged for Aptos as part of the transition from Palette Chain to the Aptos Network. At that time, they stated that a lockup period of up to 12 months could be set.

However, in order to allow token holders to participate flexibly in the Aptos ecosystem, they decided not to implement any lockup. This will allow token holders to exchange without restrictions.

Token exchange from Palette Token to Aptos is scheduled to begin in late November this year. The exchange rate will be 0.00339139 APT per 1 PLT.

The Aptos Foundation will work with relevant cryptocurrency exchanges to provide a transparent and smooth process for token holders.

In addition, to further interact with the community, the Aptos Foundation, Aptos Labs, and Hashpalette will hold a meetup event. They plan to provide an opportunity for token holders to communicate directly with the team. Key members of the Aptos team will also participate in this event.

The swap of Palette tokens is scheduled for late November, but the start date of the exchange may be changed in consultation with cryptocurrency exchanges.

The timing of the migration of the cryptocurrency Elf Token (ELF Token) of the blockchain game "THE LAND" issued by Hashpalette to the Aptos network will be announced at a later date.

Detailed schedules and procedures will be notified to token holders in advance in consultation with cryptocurrency exchanges to support smooth exchanges.

The token exchange period will be set for a sufficient period in consultation with cryptocurrency exchanges in the future, and there will be no forced exchange in a short period of time. This addresses users' concerns that the token exchange period will end in a short time and affect their immediate tax calculations.

The Aptos Foundation and Hashpalette will work closely with relevant cryptocurrency exchanges to ensure that the exchange of Palette tokens and the migration of Elf tokens are carried out safely and efficiently. However, since not all cryptocurrency exchanges that handle Palette tokens currently handle Aptos, the method and schedule for token migration following the end of the Palette Chain may not be uniform for each cryptocurrency exchange.

Aptos developed by former "Diem" developer

Aptos is a layer-1 blockchain developed by Mo Shaikh and Avery Ching. The two previously developed Meta's token project "Diem".

Aptos' consensus algorithm is PoS (proof of stake), and the price is hovering around 1,500 yen at the time of writing. The market capitalization is approximately 770 billion yen.

Reference: Announcement
Image: Quote from the announcement

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