As we gear up for the next Eco Era, including the planned migration from the original two-token currency system to a new single-token protocol, we believe ECO should be burned to avoid potential market confusion in the future — and replaced by something new.
‘OG’ ECO was the currency token underlying the great monetary experiment we ran in the previous era of the project, and the time has come to bid it farewell and to make room for an entirely new narrative for the project (already well underway!) — and, yes, a new token.
Below, we outline a proposal that we plan to submit to Community Governance which would burn any existing ECO tokens out there. A subsequent proposal will be submitted to allow previous ECO holders to receive their rightful amount of the new token (hereafter referred to as “New Eco”) when it launches.
If you’re an OG ECO holder, you’ve been with us since the earliest of days. You will be among the first to get your ‘ticket to ride’ within the new Eco Protocol.
Here’s what you need to do.
TL;DR — there’s nothing you need to do, other than hold on to your ECO to be included in the proposed snapshot. This proposal does not impact ECOx; ECOx holders will continue to hold their tokens and will migrate them when the new protocol launches.
The details
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A point-in-time balance snapshot of all ECO holders will be taken between 6-7pm UTC on the date after the vote executes, should it pass. Expected voting timelines are outlined in the ‘Voting’ section below.
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Any accounts holding ECO balances (on both Ethereum Mainnet and OP Mainnet) at that point-in-time balance snapshot will receive their allocation of the New Eco token when it is launched
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Soon after the snapshot is taken, the ECO token will be burned by setting its total supply and balances to return zero. You will no longer be able to see it in your wallet.
The primary liquidity provider to the ECO:USDC Uniswap pool will pull their liquidity alongside the snapshot being taken.
FAQs
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When will the New Eco token be launched?
The New Eco token will most likely be launched in Q2 2025, barring any unforeseen delays. We will keep the Eco Community updated on the status of token launch as new information becomes available. -
How will I receive my New Eco allocation?
Externally Owned Accounts (‘EOAs’ like Metamask) that held ECO will likely receive their New Eco via airdrop when it is launched; no action required. Contract/Smart Wallet Accounts — which includes all Bend accounts — have their own considerations, and will either be airdropped or otherwise provided a simple interface to claim their New Eco. Any outstanding ECO that has not been claimed from the previous Community Claim process will be claimable as New Eco at the same conversion rate as all other ECO holders. -
What about ECOx?
ECOx will be converted into New Eco through a separate process. Details on ECOx migration will be forthcoming ahead of New Eco token launch. Unlike the market for OG ECO, we expect the market for ECOx to remain active leading up to the new launch. -
How will the point-in-time balance snapshot be taken?
This snapshot will be taken using Etherscan — both Mainnet Etherscan & Optimism Etherscan, given ECO exists on both chains — and will be available to view after it is taken. After ECO is burned, you won’t be able to see your balance in your wallet, but you’ll be able to see your point-in-time snapshot balance that will be used for New Eco distribution. Details will be shared on Discord when that interface is available. -
How will ECO’s conversion rate compare with that of ECOx?
The New Eco conversion rate will be set such that there is no relative advantage to holding ECO or ECOx prior to the snapshot. -
What will happen to ECO outstanding in lockups or other contracts?
Any ECO in outstanding lockups, unclaimed proposal refunds, and a few other select contracts will be credited to the EOA beneficiary of those contracts.
Voting
This proposal will be the first proposal to be initiated in the new Snapshot-based voting system, as outlined in The Next Eco Era: Governance Updates & The Eco Foundation.
We expect to put this to a Snapshot vote on January 24th, pending technical readiness of our Snapshot space, and the voting period will be three days once it is initiated. Updates on the timing of the vote’s initiation will be shared on Discord. Details on the Eco Governance Process can be found here.
