> For the complete documentation index, see [llms.txt](https://docs.klimaprotocol.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.klimaprotocol.com/reference/fair-launch.md). # Fair Launch Fair Launch participants can visit the app at: [launch.klimaprotocol.com](https://launch.klimaprotocol.com/) ### Overview The Klima 2.0 Fair Launch opened on 25 April 2025, giving legacy KLIMA holders a structured way to migrate from the old tokenomics into the new protocol. The primary migration window ran for six months, and the new protocol tokens, kVCM & K2, went live in October 2025. The protocol fully launched in February 2026. The Late Comers Provision is a final, time-limited safety net for holders who did not migrate during that window, whether they missed the announcements, were disengaged, or only re-engaged after the new protocol launched. To support these holders, the Klima Foundation reserved 2,000,000 kVCM. The intent was simple: anyone who missed the window should still be able to transition on fair terms, rather than being forced to accept a poor secondary-market rate between KLIMA and kVCM. This provision is closing. By the closing date below, holders will have had roughly 18 months to migrate. Demand for the late-comers route has been minimal, and the reserved liquidity is better put to use within the protocol than left idle indefinitely. ### Who this is for You are eligible if all of the following are true: * You hold legacy KLIMA tokens. * The KLIMA you wish to redeem has been held continuously in the same wallet since before the Fair Launch began (25 April 2025), and can be verified on-chain. * You want to convert your KLIMA into kVCM on fixed terms rather than via the secondary market. If you already migrated during the Fair Launch, this provision does not apply to you. #### Why the holding requirement exists The provision exists to give genuine legacy holders a fair exit, not to create a trade. A fixed 1:1 rate, offered to anyone, would let people buy cheap KLIMA on the secondary market and redeem it for kVCM at par, capturing the spread at the Foundation's expense. To prevent this, only KLIMA held continuously since before 25 April 2025 is eligible. KLIMA acquired after the Fair Launch opened does not qualify, regardless of when or how it was obtained. The eligible amount is capped at the balance the wallet held immediately before the Fair Launch began; later additions to that wallet are not eligible. ### Closing date The Late Comers Provision closes on 1st September 2026 or when the reserve is finished. After this date, the reserved kVCM will be returned to the Foundation and placed in a long-term lock for protocol governance.\ \ No further late-comer redemptions will be accepted. To convert after closure, your only route will be the open secondary market, at whatever rate prevails there. If you intend to use this provision, contact us before the closing date. Allow time for the verification and processing steps described below, last-minute requests may not complete before the deadline. ### Exchange ratio Redemptions are made at a fixed rate: **1 KLIMA → 1 kVCM** The rate is flat and does not change with market conditions, the amount held, or the timing of your request. Every legacy KLIMA token redeemed under this provision receives one kVCM. ### How to redeem The process is handled manually so that holdings can be verified before any tokens are issued. 1. Email us at stating that you wish to redeem under the Late Comers Provision. 2. Verification. The team will verify, on-chain, that the wallet has held the KLIMA continuously since before the Fair Launch began (25 April 2025), and will walk you through the steps needed to prove ownership of that wallet. Only KLIMA meeting this holding condition is eligible. 3. Conversion. Once verified, the eligible KLIMA is exchanged for kVCM at the 1:1 rate and the kVCM is delivered to the wallet that originally held the KLIMA. Please include enough detail in your first email to get started, the wallet address holding your KLIMA and the approximate amount you wish to redeem are a good start. The team will reply with anything further they need. ### After closure Once the provision closes on the date above: * The reserved kVCM returns to the Foundation. * No further redemptions are accepted under these terms. * Legacy KLIMA can still be traded on the open market, but no longer at the fixed 1:1 rate offered here. ### FAQ **Why is this closing now?** Holders have had roughly 18 months to migrate since the Fair Launch opened in April 2025. Take-up of the late-comers route has been very low, and the reserved liquidity is more useful active within the protocol than held in reserve indefinitely. **What if I miss the closing date?** You can still convert KLIMA to kVCM on the secondary market, but not at the fixed 1:1 rate. The whole purpose of this provision is to give you a fair, fixed alternative before that window shuts — so reach out early. **Is the 1:1 rate negotiable or variable?** No. It is fixed at one kVCM per KLIMA for every redemption under this provision. **Why must I have held the KLIMA since before the Fair Launch?** Because a fixed 1:1 rate offered to anyone would be an arbitrage opportunity. Limiting eligibility to KLIMA held continuously since before 25 April 2025 ensures the provision serves the genuine legacy holders it was meant for, not opportunistic traders. **I bought more KLIMA recently. Can I redeem that too?** No. Only the balance held in your wallet from before the Fair Launch began is eligible. Anything acquired afterwards must be traded on the open market.
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