The transition to the new Seeds Currency Family

Conversion process

It is important to note that ALL the existing Seeds (also called legacy Seeds or genesis Seeds) will be honoured in this new model and will be converted to fit into the new Seeds currency Family.

Original Seeds Tokenomics available here

All existing Seeds will be progressively converted to new Market Seeds following the process described below:

At Horizon 1:

• We invite legacy liquid Seeds token holders to plant their Seeds as a first step of the transition to the new SEEDS currency family.

• Important: The "Unplanting" feature is disabled

Execution steps

Step 0. Nothing happens, everything in token.seeds (legacy) is exactly as it is right now.

Step 1. The new multi-layer world design is announced (Seeds Tokenomics 2.0 + communication). This will be seeds.seeds.

Step 2. The "Unplanting" feature is disabled. The transition process for legacy Seeds is defined to be via planting. At any point in time, anyone with legacy Seeds can plant them (just like they can do now). The history of their planting is recorded on the blockchain, so we know how long each of their legacy Seeds has been planted.

At Horizon 2:

• All legacy Liquid Seeds tokens that are planted are automatically converted into new Market Seeds (1:1). These new Market Seeds remain planted.

• A small percentage of the planted Market Seeds will then be unplanted as a reward for early adopters. The percentage is based on when genesis Seeds were planted (some have been planted months ago, this needs to be rewarded) as well as on a pro-rata basis. More discussion required on the calculations.

• The Seeds Commons Market Seeds Collaborative sale ("cosale") can start.

Execution steps

Step 3. When the creation of the new Market Seeds in the multi-layer world begins (seeds.seeds), there will be a date announced for the initial migration. On that date, a new Market Seed will be automatically created and planted in the new world in each person's account for each planted legacy Seed (1:1), and those planted legacy Seeds will all be burned.

At the end of this transition moment, the number of the new Market Seeds in existence will be exactly the same as the number of previously planted legacy Seeds, and all those legacy Seeds will be burned. There will be zero liquid Market Seeds at this stage.

Step 4. At this point, a certain percentage (small-ish) of these newly created and planted Market Seeds will be unplanted and made liquid. The percentage to be made liquid will be decided as part of the design of the new Market Seeds.

The Market Seeds to be made liquid will be mathematically allocated in a fair way, giving an increased amount based on how long the legacy Seeds had been planted. Thus there is a benefit to planting more legacy Seeds and planting them for a longer time. We can work out the formula easily and clearly.

Perhaps there will also be an additional (small-ish) unplanting of some of these, on a pro-rata basis. These configuration percentages would need to be agreed to as part of the details of design of the transition.

Step 5. The SEEDS Commons will then choose an initial amount of liquid Market Seeds to mint. Requires more thought as the process would likely evolve with the Horizons implementation (e.g. SEEDIDX and CSEEDS).

We would also want to offer a collaborative sales option for people that want to include their liquid Market Seeds for sale.

Note: the legacy world (token.seeds) continues to completely work as it does right now, and people can continue to use their liquid legacy Seeds as they want. There is only one exception: when they plant their liquid legacy Seeds, then they automatically migrate to newly minted and planted Market Seeds (and the planted legacy Seeds are burned).

At Horizon 3:

• The "Unplanting" feature is reactivated and a manual action is required to unplant them. The "unplanting" process takes 13 weeks. Unplanted Market Seeds are liquid Market Seeds.

People can choose NOT to unplant and start receiving the Harvest.

• The Harvest protocol will progressively convert deferred Seeds, from Alliances and Hypha contributions, into new Market Seeds. As the ecosystem grows further, the harvest will allocate a % of the harvest to convert deferred Seeds into new Seeds.

• All Seeds that are still associated with system accounts will be burned. At the end of the conversion process, there won't be any genesis left in the world and the token.seeds smart contract will be locked. The new smart contract seeds.seeds will hold the new Seeds tokens going forward.

Execution steps

Step 6. Activate the "Unplanting" feature in the new Market Seeds model

Step 7. The locked legacy Seeds (escrow.seeds) are migrated to new Market Seeds and they are also locked in a new contract there with the idea that they will slowly unlock to liquid based on parameters to be defined as part of the Harvest, which would not begin till Horizon 3, or later. More discussion needed on this topic.

Note: Hypha locked legacy seeds (also called Hypha deferred seeds) will be available to be converted to new seeds slowly over time that gives priority to not effecting the viability and integrity of Seeds, perhaps over ten to twenty years, but hopefully earlier. Alliance locked legacy seeds (also called Alliance deferred seeds) and Referral locked legacy Seeds (also called deferred Seeds) will be released over a shorter period of time, perhaps over two to four years, as the priority in this model is given to on-the-ground regeneration.

Step 8. All other legacy Seeds in various buckets (Campaigns, Alliances, Referrals, and Bank) which are not linked to user accounts (ie still in system buckets with no name on them) would all be burned. Whatever liquid legacy Seeds that are still owned by the SEEDS Commons (most likely living in tlosto.seeds) will also be burned.

All the remaining liquid legacy Seeds (in people's accounts, or pTokens, or LPs, or anywhere else) simply stay as liquid in the legacy Seeds world. The only real change there is that unplanting no longer works. Planting is the migration path to the new world. So, there are no airdrops in the new world, rather the new world will create the new Market Seeds in response to the on-chain planting in the old world (people need to press the "plant" button to initiate the migration).

Go live event

It is important to note that the Go Live event is not relevant anymore in this new model.

In the original Seeds tokenomics design, there were 2 phases: growth + stabilsation. The Go live Event was the time where the SEEDS community was deciding to "go stable".

As in the new model, both volatile Market Seeds (SEEDS), Constant Seeds (CSEEDS) and Community Seeds (OSEEDS) will co-exist together, there is no need to wait for the Go live event to start using Seeds.

Buckets

It is important to note that the allocation buckets are not relevant anymore in this new model.

In the original Seeds tokenomics, a limited supply was created and allocated to specific buckets. In the new model, new Seeds are minted by the SEEDS Commons based on the needs of the ecosystem in a living budgets fashion. pre-defined buckets are therefore not relevant anymore.