pABI — Liquid yet Locked

Abachi.io
3 min readMar 17, 2022

The pABI unlock will start 4 months after launch. Which is currently slated for the first week of May.

In the time being, the team has been working on freeing up pABI as liquidity and yet also maintaining the status quo on locks. The solution is pretty simple.

385,000 pABI was minted and now sits in the multi-sig.

Contract :
https://polygonscan.com/address/0x2e665e9134c492fcca4b2a5f308a1f62ae7747a1

In the next few days, this pABI will be dropped to folks who bought allocations in pABI. The entire amount will be transferred, however the unlocks will still follow the same schedule.

Team and advisor tokens will not be sent, and will follow the locked schedule.

Markets & Liquidity

The team will provide some basic liquidity, and also invite others to provide liquidity to a v3 uniswap pool at $1.5. The price is based on the same discount currently ABI is trading at in the open market. This has been requested by both folks who have wanted a pABI allocation and folks that wanted to exit positions based on current market conditions. The range for the V3 has been set so as that the price will be between 1.4 & 1.6.

Uniswap market here via Matcha:
https://matcha.xyz/markets/137/0x8f3cf7ad23cd3cadbd9735aff958023239c6a063/0x2e665e9134c492fcca4b2a5f308a1f62ae7747a1

The liquidity in the pool will be provided by the team funds and not from the main backing treasury currently shown on app.abachi.io

Any current pABI holders may sell into the v3 pool and any new pABI aspirants may buy from this pool. The pABI bought via the pool will unlock in 3 years as per the original unlocking schedule. This also allows participants to sell into the pool and buy back their pABI before the unlocks freeing up some capital (though at the same discount rate ABI is trading for).

pABI can also be traded OTC. If there are OTC pABI trades completed, we would be happy to change the redemption schedule to the new owner if the previous pABI holder emails us with the information. In this case the entire allocation must have changed hands, and will be handled on a one-off basis. Our pABI holder base is small, so we would be happy to cater to these requests.

Unlocks:

Unlocks will work as before. Linear vesting over three years. Every quarter once the unlocks start in the first week of May, pABI holders will be able to redeem their pABI to ABI using our app.abachi.io

The pABI holders may only redeem their original allocation amounts. Any new pABI they acquire will remain locked for 3 years. They may however sell it all and buy back before the unlock to redeem.

Example:
John has an allocation of 10,000 pABI. His first unlock will happen in May and every quarter thereafter for 3 years.

Scenario 1:
He decides to sell all of his pABI to Jill.

Now John cannot redeem any pABI. Jill can only redeem the pABI to ABI after three years (May 2025).

Scenario 2:
He decides to sell half of his pABI to Jill. He then buys back the pABI from Jill before the first unlock.

John can still exercise his entire 10,000 pABI to redeem into ABI.

Scenario 3:
He decides to sell half his pABI to Jill. On May 1st now he is only entitled to half the redemptions to ABI.

Scenario 4:
John sells his entire stack to Jill. Jill asks John to hold on to it

Next steps:

We will email you to confirm your address in the next couple of days. In the meanwhile, if you wish to expedite the pABI please email us back on the initial allocation email we sent you.

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