5 min readSep 21, 2022

The Leonicorn Team has from the onset been committed to creating an ecosystem which will benefit all participants for years to come. We have always strived for innovation while maintaining a flexibility which allows us to respond quickly to changing crypto industry dynamics in ways that puts our ecosystem ahead of the curve.

After careful assessment of what the Team wanted to achieve, we previously settled on a two token model as the ideal option to help us attain our objectives. Over the past year we have made significant changes and adaptations which are now putting our two token model at odds with our quest for efficient ecosystem management and value creation.

Some of the important issues we have been facing with our dual token model are as follows:

1) Difficulty in assigning unique utilities for both tokens — with our current architecture it has become increasingly difficult to assign unique utilities to both tokens in a way that justify the need for two tokens.

2) Liquidity pool management issues — we have observed that the price transmission mechanism for LEOS and LEON have been largely negative, with both tokens tending to drag each other’s price down. Furthermore, the need to manage two ecosystem Liquidity Pools has not proven to be efficient use of our resources.

3) Undesirable community dynamic — we have observed that because some community members hold more of one token or the other and they do and/or say things that create partisanship in our community. This hampers our efforts at maintaining cohesion and driving support for all activities.

4) Multi-chain DEX complexities — it is part of our plan to become a multi-chain DEX and a dual token model presents challenges that limit efficient management of our ecosystem. Furthermore, new community members tend to grapple with why we have two tokens.

Consequently, we have taken the decision to swap all LEOS tokens for LEON. The effect will be that LEON will become the primary ecosystem token which combines the functions of both tokens. We believe this is critical to ensuring that we are able to scale efficiently and deliver on our primary objective of creating and sharing value with our ecosystem participants.

We have taken steps to ensure that this process goes on smoothly while placing fairness to all token holders at the pinnacle of our concerns. We are once again relying on our wonderful ‘LEOARMY’ to continue in the support and belief you have had in us to this point.

How was the conversion rate decided?

Our primary objective was to find a conversion rate that would not make any token holder worse off after the conversion. We were also guided by the level of LEON inflation that is not excessive in order not to harm our ecosystem. We tracked the relative prices of both tokens since the launch of LEON as part of the process of determining a fair conversion rate. This was to find an average conversion rate that is fair to all token holders.

We are also aware that LEON is an inflationary token whereas LEOS is not. We therefore ensured that the chosen conversion rate took this into account to compensate for exchanging a deflationary token for an inflationary one.

What is the conversion rate?

Based on our determination, the rate for swapping LEOS for LEON is 1:28. This means for every 1 LEOS token exchanged, holders will receive 28 LEON tokens.

When will the swap begin?

The LEOS swap will be live from 08:00 UTC on October 30th, 2022.

What are LEOS and LEON holders required to do during this transition?

LEON holders are required to unstake their tokens in CAVES before 08:00 UTC on September 27, 2022. This is to ensure that there is a smooth merge. It must be noted that LEON holders who do not unstake their tokens before the deadline will not be able to do so when the deadline elapses. We encourage everyone to comply for a smooth transition.

LEOS holders on the other hand will be required to send their tokens to a designated smart contract which will automatically credit their wallet with LEON at the predetermined swap rate. This will be facilitated by a merge form which will be available on our website.

A period of time will be announced within which all conversion must be completed.

What will happen to LEOS Token after the swap?

LEOS token will be “retired” after the swap. That is, it will no longer serve any purpose in our ecosystem.

What will happen to CUBS token?

The token swap process does not affect the role of CUBS as the sole token required to earn part of the daily DEN (Vault) payments in our revenue sharing model.

What will happen to LEOS in locked staking?

Holders with LEOS in locked staking will receive LEON at the swap rate of 1:28 when their tokens (initial stake plus earned LEOS) are unlocked.

Will LEOS transaction fee apply when I swap for LEON?

The 3% transaction tax is removed as part of this transition. So no transaction fee will apply.

Are there plans for more LEON burn following the merge?

Yes, apart from all the mechanisms that already exist for LEON burn the Team will be burning 50% of all LEON it receives from the DEN. Frequency of the burn will depend on the daily quantity of LEON received.

Is the Team swapping all of its LEOS holdings for LEON

First as a sign of commitment to the community and personal example, the entire 21 million LEOS tokens sold in the Private Sales will be burnt. The private sale round was financed by our CEO, Mofassair Hossain and CTO, Scott.

Additionally 25% of the Leonicorn Team’s LEOS holdings (10 million LEOS) will be burnt during the conversion. This is done to reduce overall inflation of LEON and ensure that the Liquidity Pool after the merge is strong enough to protect all token holders.




LEONICORN SWAP is a advance AMM with deflationary token model