The $COLLAB community token contract has introduced a new feature called
transferLock to ensure a secure and controlled distribution of tokens to investors and team members. Currently, the tokens allocated to these stakeholders are still held in the Collab.Land Co-op (DAO) treasury. The distribution process will begin once the locked tokens are approved by the intended receiver wallets. Expect token movements via
transferLock method during July 2023 as locked tokens for investors + team members are distributed.For detailed information regarding token allocation, please visit the website: https://wagmi.collab.land.
To maintain a fair and orderly token distribution, the tokens will undergo a lock period and vesting schedule as described below:
Complete Lock for 1 Year:
- During this initial period, the tokens cannot be sold or transferred.
3-Year Linear Vesting:
- After the 1-year lock, the tokens will gradually vest over the following 3 years, meaning they will become available for sale or transfer in a controlled manner.
- The vesting rate will be equal to 1/36th of the remaining tokens per month. This ensures a consistent and predictable unlocking process for the benefit of all stakeholders.
transferLock for Team Members
For team members, token unlocks will continue beyond the first year only if they remain employed. The unlocking process will occur on a monthly basis, provided that the team member is still employed on the first day of each month.
To stay up-to-date with the latest information about token unlocks and the progress of the Collab.Land Co-op, it is highly recommended to refer to the official communication channels. You can find official links here: https://linktr.ee/collab_land_. These channels will provide you with accurate and reliable updates regarding the status of token unlocks and the overall development of the Collab.Land project.
Updated on August 14, 2023:
We’ve made a strategic shift and are now using Hedgey Finance to distribute locked tokens to both our team and investors. In August 2023, you can anticipate token movements via Hedgey as the locked tokens for investors and team members are distributed.
Why This Change
There are a couple of key reasons behind this decision:
Streamlined Process: There is much less coordination required. Specifically, we no longer have to coordinate with entities using custodial wallets, making the process more efficient.
Stellar Support from Hedgey: Our experience with the Hedgey team has been exceptional. They have been responsive and have provided invaluable assistance throughout our transition, making them a joy to work with.
What Remains Unchanged
While we have introduced a new distribution method, certain fundamentals remain the same:
The amount of tokens designated for distribution remains unchanged.
The lock timing and the vesting schedules associated with these tokens are still consistent with our previous plans and announcements as described in the first part of this post.