preOVN is a temporary token. Its purpose is to represent the protocol's obligation.
Each preOVN has a nominal value of 1 USDC, guaranteed allocation to be converted into OVN with a 25% bonus to the OVN IDO price. preOVN holders will be able to choose to (1) exchange their preOVNs for OVN or (2) receive an OVN value equivalent.
For example, if somebody has accumulated 100 preOVNs (nominal value of 100*1 USDC = 100 USDC) and OVN sells at 1 USDC at IDO, the preOVN holder would be able to (1) exchange their 100 preOVNs for 125 OVN or (2) receive 125 USDC
preOVNs are intended to be distributed among:
- Team members working on the OVN launch
- Early investors into OVN (rewards)
- Outside partners, including media, advisors, etc.
Each team member has a pre-agreed amount of preOVNs minted and transferred to his/her wallet every month. If a team member leaves the project, preOVN allocation to him/her is stopped.