🔏xPLANE

The Planar protocol utilizes the vested escrow model, with xPLANE at its core. To acquire xPLANE, users can stake their PLANE tokens at a conversion ratio of 1:1 (for instance, 100 PLANE can be exchanged for 100 xPLANE and vice versa).

Acquiring xPLANE is restricted to earning it through yield-bearing positions on incentivized active farms or by directly converting PLANE tokens. It cannot be purchased or transferred.

xPLANE's primary application is in Plugins, where it can be staked into Plugin contracts in exchange for several benefits. In the future, when voting is implemented, xPLANE holders will be able to engage in governance and cast votes for enhancing the protocol's proposals.

Conversion and Redemption

Even though PLANE and xPLANE are interchangeable with each other, the conversion method varies depending on the direction.

PLANE to xPLANE Conversion

PLANE tokens can be converted into xPLANE tokens at any time without any restrictions. The conversion process is immediate and follows a 1:1 ratio.

xPLANE to PLANE Redemption

Tokens of xPLANE can be exchanged for PLANE whenever desired, but they will be subject to a vesting period. The length of this vesting period is chosen by the user. Longer vesting duration offers higher conversion ratio but subjects to below rules.

• A 1:0.5 conversion ratio is offered for a minimum vesting period of 15 days.

• A 1:1 conversion ratio is offered for a maximum vesting period of 90 days.

If the user opts for less than the maximum vesting period, the redemption ratio will be less than 1:1, and the remaining non-claimable PLANE will be burned.

Dividends allocation

During the redemption process, 50% of the xPLANE will be automatically assigned to the dividends plugin. For example, if a user redeems 1000 xPLANE, they will receive dividends as if they allocated 500 xPLANE to the Dividends plugin. This allocation is automatically canceled once the vesting period is over.

Cancel redeem

Users can cancel the xPLANE redemption process at any time. If the redemption is canceled prior to completion, the whole process will be invalidated and the user will be credited with the same amount of xPLANE they had before the redemption process, but will not receive any PLANE tokens.