PIP-94 - Continue JPEG to JPGD migration and end JPEG airdrop claiming

Abstract

In an effort to be more forgiving for those who have not migrated JPEG to JPGD, migration this proposal aims to allow migration after 10/31/24 and introduce a 10% penalty.

Background

PIP 92 introduced an end to the migration of JPEG to JPGD by 10/31/2024.

This proposal amends PIP-92 and changes the hard-stop to a 10% penalty incurred by late migrators. Extra tokens held in the migration contract will be returned to the treasury.

The migration contract also holds a token amount related to the initial JPEG airdrop. This proposal suggests to end the airdrop claiming and to remove the JPGD related to the airdrop claiming from the migration contract. As such, after 10/31/2024, any unclaimed and non-migrated JPEG related to this airdrop will be returned to the treasury.

Specifications

• JPEG to JPGD migration will continue after 10/31/24 and incur a 10% penalty after this date.
• Update the exchange rate for migration to 1 JPEG = 1.2964563526 JPGD
• The excess JPGD held in the migration contract (0x7be03b36BB6eaaed3223F50c7B6ac215673D27F6) will be returned to the treasury.
• Withdraw and transfer JPGD from the migration contract representing a snapshot taken of the jpeg amount in the airdrop contract at 10/31/2024
• Withdraw all JPEG remaining in the airdrop contract after the 10/31/2024