Pre-activation begins January 7th at 4:00 PM UTC and ends February 10th at 12:00 AM UTC.
Pre-activating will make you automatically eligible for jury drafting and rewards when Aragon Court launches and disputes begin on February 10th.
During pre-activation ONLY, the ANT:ANJ conversion rate will be fixed to 1:100. When pre-activation ends February 10th, ANJ will only be available at a variable rate set by a bonding curve.
100 ANT is the minimum input amount required to pre-activate. The conversion module will reject any input amount below 100 ANT.
For converting 100 ANT to ANJ, you will receive 10,000 ANJ, which is the minimum required active stake jurors need to be eligible for juries and to earn rewards.
During the pre-activation period, you will be unable to convert your ANJ back to ANT until the bonding curve launches and ANJ deactivation is enabled after pre-activation ends on February 10th.
As your tokens will be immediately staked and activated in Aragon Court when using the ANT to ANJ converter in anj.aragon.org, you will be unable to see your ANJ from your wallet. You can see your active ANJ balance in anj.aragon.org by connecting your wallet. Starting February 10th, you will be able to deactivate and withdraw ANJ to your wallet using the Jurors Dashboard.
What is a bonding curve? A bonding curve is an automated market-maker smart contract. In this case, the bonding curve is used to convert ANT into ANJ and back. After the pre-activation period, the more ANT is sent to the bonding curve, the fewer new ANJ will be released back to the sender, and vice versa. You can find a technical explanation of bonding curves here and find the source code for the specific smart contract the ANJ bonding curve will use here.