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It’s token time: Session Token Swap Program

It’s token time: Session Token Swap Program

Learn about the Session Token Swap Program which will be offered and other details about the transition to Session Token
02 December 2023Chris McCabe

Session is an end-to-end encrypted messaging application that minimises sensitive metadata, designed and built for people who want absolute privacy and freedom from any form of surveillance.

We are currently developing a new utility token — Session Token. Session Token will be utilised both by the Session Network which operates the messaging application, as well as for in-app purposes. 

More specifically, we plan for Session Token to be used to:

  • transact and pay for premium features in Session

  • participate in a rewards program through active staking; and

  • undertake other functions which are beneficial for the operation and security of the Session Network.

In other words, owners of the Session Token will participate in and contribute to Session’s ecosystem.

While we are continuing to develop the brand, technicals, and logistics of Session Token — we want to share our plans for transitioning the community from Oxen to Session Token. There’s a lot of information contained below, but Session Tokens will be awarded to the community in two different ways: for swapping Oxen tokens from the old network, and for contributing to a Service Node(s) via node operation or active staking of Oxen.

A total of 60,000,000 Session Tokens are reserved in the Session Token Swap Program through Oxen Coin Claims and Service Node Bonus, with each group receiving half of the amount. This represents 25% of the maximum supply.

Register for the Service Node Bonus before 31 January 2024 to have your Staking Points backdated to 25 September 2023!

We are excited to bring the community—especially our node network—along with us. You are a vital part of something special, and we want you to be recognised and rewarded throughout the journey towards Session Token.

Service Node Bonus

The Service Node Bonus will total 30,000,000 tokens to exclusively reward the work and contribution of node operators and stakers who render services to the network. This bonus is intended both as an acknowledgement of the loyalty and work of nodes as well as an incentive to continue operation and supporting transition to the new Session Network. 

Note that Service Nodes which register for the Service Node Bonus and swap their staked Oxen will have enough Session Tokens to re-stake on the new network.

Service Node operators or contributors can register for the program using this portal.

Snapshots of the Oxen blockchain are taken hourly during the snapshot period, with registered and active nodes accruing 1,000 points each day. Where multiple people are contributing to a node, the points each contributor receives is proportional to their stake. For example, contributing 10% of a Service Node would mean you receive 100 points each day.

At the conclusion of the snapshot period, registered participants will receive a portion of the 30,000,000 Session Tokens equal to their portion of the total points accrued by all participants during the snapshot period.

Any stakers who register before 31 January 2024 will be credited points starting from 25 September 2023. Stakers who register after this date will begin accruing points from the date they register. Stakers can unlock at any time during the snapshot period and still be awarded any points they have earnt. 

Registered stakers commit to have their Oxen automatically swapped if they are still staking at the Oxen blockheight when Session Token is issued on the new network. This is to ensure the transition does not disrupt the Service Node network. Stakers who have not registered will not have their Oxen swapped, but the staked Oxen will be temporarily locked while the network upgrades. Therefore, by participating in the Service Node Bonus, registered stakers actively support the operation and transition to the new Session Network.

If you want to set up a node to start earning Staking Points, you can follow this guide.

Oxen Coin Claims

Holders may use their Oxen to claim new Session Tokens. The amount of Session Tokens claimed is proportional to the total Oxen circulating supply at the time of the claim. For example, if a holder burnt 1% of the circulating supply of Oxen, they would receive 1% of the Session Tokens allocated to Oxen Coin Claims (300,000).

The circulating supply used in this calculation will be captured at Session Token TGE. This will not be re-calculated as the supply changes throughout the program. For clarity, the calculation is:

(Oxen swapped by user / (Oxen Supply at Session Token TGE - OPTF holdings)) * 30,000,000

The claims will be executed using a centralised bridge, similar to the wOXEN bridge, run by a third party. This bridge will oversee the burning of Oxen tokens and subsequently perform the required calculations to allocate Session Tokens to a corresponding wallet. 

Although this program will run indefinitely, after 6 months the swapping multiplier will decrease to 0.7.  Using the above example, the user would receive (300,000 * 0.7) = 210,000 Session Tokens.

We highly recommend that Oxen holders make their claim within the first 6 months of the period to ensure the best swap rate. The portion of the 30,000,000 Session Tokens which are unclaimable after the multiplier decreases will be automatically reserved for future node rewards.

Your slice of pie

Wondering how all of this fits into the bigger picture? Here’s a breakdown of the Session Token supply.

The total supply for Session Token will be 240,000,000. This supply is fixed — so there aren’t constant emissions.

In total, 60% of the supply is directly reserved for the community and community initiatives via the combined allocations of the Ecosystem and Community Fund, the Service Node Reward Pool, and the Swap Program.

60,000,000 Session Tokens (25%) are reserved exclusively for the community via the Oxen Coin Claims and Service Node Token Bonus programs.

40,000,000 (16.67%) Session Tokens will be locked in the Service Node Reward Pool. These tokens will be awarded over time to service node operators and contributors on the new Session Network who support and operate the network.

44,000,000 (18.33%) Session Tokens are reserved for the Session Ecosystem and Community Fund.

60,000,000 (25%) will be kept for the project’s treasury. These tokens will be used for recruiting, development, marketing, and in other ways which steward the project and the network.

36,000,000 (15%) Session Tokens will be sold in a strategic sale of the token prior to the Token Generation Event. This sale may include buyers who are able to help the project scale and succeed. We will accept the sale of these tokens only when it is strategic and to parties that are able to benefit the overall project.  Over USD $2,000,000 of Session Tokens have been sold at a price of $0.20. We don’t intend to sell more of this allocation until closer to token generation, when we will look to bring on parties that can help ensure the success of our launch.

Quick-fire Questions

How long is the snapshot period?  Snapshots started being taken as of 25 September 2023 to ensure that our loyal stakers are rewarded. Snapshots will continue being taken hourly until the Session Token genesis event. This date is to be determined, but is aimed for Q2 2024. 

What happens to my earnt points if my node is deregistered? Any points you have earnt will be credited to the EVM address you specified when you registered. If you are not actively staking when the hardfork occurs, you will be able to swap your OXEN using the bridge. 

How can I re-stake my tokens on the EVM chain?  While the designs are still being developed, it is likely that staking will now be via a web portal using a wallet such as Metamask. 

Do I need to update my Service Node? You don’t need to do anything right now. There will be a hardfork and mandatory upgrade prior to the migration; we will make further announcements as required.

Will the foundation participate in the program? No. This program is for the community, and so the foundation will not participate in either the Oxen Coin Claims or the Service Node Bonus programs.

Can I participate in both the Service Node Bonus and the Oxen Coin Claims? Yes, stakers will receive Session Tokens through both the Service Node Bonus and Oxen Coin Claims programs. If you registered for the Service Node Bonus and remain staking up until the Session Token TGE, your staked OXEN will be automatically swapped through the Oxen Coin Claims and requisite Session Tokens credited to your EVM compatible address.

For important information about the Session Token Swap Program, please read the disclaimer on the OPTF website.

Amendment on 20 December 2023: Updated 'Session Ecosystem and Community Fund' amount to accurate amount of 44,000,000 Session Tokens.

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