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pTokens

pTokens (pCNV) are a way to reward contributors from Concave’s community and working teams. Holders of pCNV can claim dividends, redeem for CNV and trade on Concave’s native AMM.
There is a total supply of 33,300,000 pCNV which are held by the Concave treasury. The total supply of pCNV represents a constant claim on 10% of CNV’s circulating supply. Therefore, as CNV supply grows so does the volume of CNV claimable by pCNV holders. CNV claimable by pTokens is maximized at a terminal supply of 333,000,000 CNV. As supply grows, 1 pToken represents a fixed claim on total supply. Prior to terminal supply each pToken is worth less than 1 CNV. At terminal supply each pToken can claim 1 CNV. Once pTokens are redeemed for CNV they will be burned.
Example: Chad owns 0.025% of pCNV ie. 832,500 pCNV and therefore has a claim on 0.0025% of CNV supply. At a CNV supply of 1,000,000 Chad can claim 2,500 CNV with his full allocation. If supply were to grow to 16,500,000 Chad can now claim 41,250 CNV. At terminal supply of 333,000,000 Chad can claim 832,500 CNV ie. 1:1 pCNV to CNV.
All pToken holders are also subject to a vesting schedule such that any individual's pToken allocation will unlock over time. The vesting schedule for pToken allocation begins with a cliff 3 months after Protocol launch. After 12 months pToken allocations grow linearly and maximize at 24 months.
All pTokens unlocked and allocated can claim a share of Concave dividends without redeeming pCNV for CNV. Dividend claims on pCNV will receive the highest boost associated with the reward. Furthermore, pTokens share of the dividend is capped due to the supply cap imposed on pCNV.
pCNV will be fully transferable and tradable. This will allow users to provide liquidity for pCNV trading pairs on Concave’s native AMM. This will support further speculative and arbitrage opportunities.
pTokens can be redeemed for CNV directly in the Concave protocol without providing collateral. Prior to terminal supply each pToken is worth less than 1 CNV. At terminal supply each pToken can claim 1 CNV. Once pTokens are redeemed for CNV they will be burned.