E Money Network Acquires Scallop Welcoming SCLP Holders to a New Era

We’re excited to announce that E Money Network has officially taken over Scallop. This milestone marks a new chapter in our mission to develop compliant modular blockchain-powered infrastructure for Real World Assets (RWA). E Money Network is the world’s first public permissioned blockchain with on-chain KYC and AML enabling retail and institutional users to tokenize assets on a MiCA-compliant bank-grade secure infrastructure.

As a sign of trust and confidence, E Money Network recently burned the team tokens previously associated with Scallop.This has reduced the total token supply from 100 million to 80 million for $SCLP leading to an even lower circulating supply of $EMYC at the TGE.

Official Tweet

https://x.com/emoney_network/status/1846919117304975409

The good news is that with this acquisition $SCLP holders will automatically become investors in E Money Network’s native token $EMYC upon its launch at the Token Generation Event (TGE). The $SCLP to $EMYC conversion details and $EMYC distribution plan have been outlined below.

Conversion Details

Sometime before TGE SCLP will be made untradeable, holders can convert $SCLP to $EMYC on a conversion portal. The announcement for ceasing the trading of $SCLP will be made closer to the date of TGE.

Distribution Plan

E Money Network sets a 1:1 exchange rate from SCLP to EMYC for all holders.

At TGE, $SCLP holders will receive 12% of their converted holdings immediately with the remaining balance over six months at 14.66% monthly. $SCLP token holders will also always have the option to convert their $SCLP tokens to $EMYC with no expiration date. Vesting begins on the TGE date. If a user migrates their tokens later than that date, the vesting schedule will shorten accordingly.

This conversion is aimed at reducing the circulating supply at launch and lay a strong foundation for $EMYC with approximately 25 million $EMYC tokens at TGE. The Supply of EMYC is 400M.

With E Money Network, we hope to contribute to building a more connected global economy with equitable opportunities for economic growth for all. We look forward to embarking on this journey with our community, setting new standards in RWA tokenization. Stay tuned as we will be announcing more information on the migration process soon.