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So what would the difference be between locking it for

4 years and just having it in my account right now and waiting 4 years until it becomes FXS ?

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To be eligible to convert it to FXS, you'll need to stake it in the new FPIS/FXS contract so after the 4 years period, you'll withdraw FXS. So keeping it in your wallet isn't possible to convert it to FXS

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