The Initial Generation Stage

This stage is for the initial distribution of NHCT.

Only users who have locked sHCT in the locking contract (contract address: 0x0b6D1C3E60722123718FaF13bFc48270BD14E9A9) before block 11071850 (February 18 2022, 09:00 AM UTC) can participate in the initial generation. These users can mint an equal amount of NHCT tokens by burning a specific amount of HCT.

The initial generation of NHCT is subject to the following conditions:

  1. The quota (the amount of HCT that can be burned) is equal to 30% of the total amount of sHCT locked by the user before the block height of 11071850.

  2. All the quota will be available on Apr 10.

  3. After users burn HCT and mint NHCT, all their NHCT will be released immediately.

  4. Exchange ratio: burn 1 HCT to mint 1 NHCT

  5. The quota used in the initial generation stage cannot be used again in the 2nd generation stage.

E.g.

If the user locked 1 million sHCT at block 11070000, then he can get a 300,000 HCT quota for exchanging NHCT. Then if the user decides to burn 300,000 HCT, he will get 300,000 NHCT immediately.

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