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Disclaimer

Migrating to Robinhood Chain

SUKUK's predecessor tokens, NRCH and NUKEM, move to Robinhood Chain once, through a deposit window before launch. You deposit them on the chain where you hold them today. After launch you claim SUKUK on Robinhood Chain.

What changes

  • NRCH converts at 1:1. NUKEM converts at 15,642:1. The exact terms are published with the deposit window.
  • Deposited tokens are locked on their source chain for good. There is no withdrawal.
  • Migrated SUKUK is part of the 4,000,000 launch supply. Only what is actually deposited is created; the launch pool takes the rest.
  • The migration happens once. Tokens not deposited during the window cannot be migrated later.

Before the window

Published in advance: the window's dates, the ratios, the maximum SUKUK the migration can create, when claims open, and a list of excluded wallets. The window and the maximum are set before launch.

Do not deposit from a wallet on the excluded list. It will not appear in the claim list, and deposits cannot be withdrawn.

The deposit window

During the window, you deposit NRCH or NUKEM into the migration contract on the chain where you hold them. The contract records what actually arrived, so a token that rebases is credited at the amount received.

The wallet you deposit from is your depositor wallet. It is the only wallet that can direct your SUKUK later, at every release. Deposit from a wallet you control and will keep.

The window closes before the pool opens.

After the window

When the window closes, a claim list is built from the deposit records: each depositor, the SUKUK owed, and whether the depositor is a genesis member. The Safe posts the list on Robinhood Chain through its 7-day public queue. Its total can never exceed the published maximum. Before launch, the whole migration amount is minted into the claim contract, so launch supply is exact.

Check your entry in the published list during the 7-day queue.

Claiming

Claims open at launch. SUKUK for everyone outside the genesis Agency vests on one schedule:

  • nothing for the first 120 days after launch;
  • then one ninth every 30 days, from day 120 to day 360.

That is a 3-month cliff followed by nine monthly releases, in months 4 to 12. Unvested SUKUK stays in the claim contract and cannot be transferred.

At each release, your depositor wallet decides where the SUKUK goes: to one wallet, or split across several in amounts you choose, adding up to what is due. You can send the instruction yourself, or sign it and let a keeper submit it and pay the gas. The destination must be a wallet on Robinhood Chain. Directions are visible on chain. This is a convenience, not a privacy feature.

Each scheduled migration release is also a moment when the bid wall can re-centre, so the wall stands at the right level when new SUKUK arrives.

Genesis members

Genesis members are the migrated holders who make up the genesis Agency. Their entries are flagged in the claim list. Their SUKUK does not go to their wallets. It goes straight into the genesis Agency's stake, where it is locked and bears losses alongside Members' Sukuks (see The structure).

  • Genesis claims are processed for every genesis member before the genesis Agency is registered. You do not need to act. Once the Agency is registered, genesis claims close for good.
  • No genesis claim can be processed while any tranche payment is missed.
  • The stake stays locked while the Agency is in force and until every exposure it created has closed. It then releases in 12 monthly portions.
  • Each member's portion is their migrated share of the stake as it stands at release, so losses the stake has borne reduce every member's share in proportion.
  • Each member directs their own portion, to one wallet or a split, the same way as any other release.

What to do, and when

  1. Before the window. Read the published terms. Move your NRCH or NUKEM to a wallet you control and will keep, and make sure it is not on the excluded list.
  2. During the window. Deposit, and check the amount recorded.
  3. After the window. Check your entry in the claim list while it sits in the 7-day queue.
  4. At launch. Claims open. Nothing is releasable for 120 days.
  5. From day 120, every 30 days to day 360. Direct each release from your depositor wallet, or sign it for the keeper.
  6. Genesis members. Nothing to do at launch. Direct your portions once the genesis stake begins to release.

Dates for each step are set before launch and published with the deposit window.