Token ‘unlock’ — October 3rd
- 35,596,800 Team tokens (7.12% of total supply) will be vested on the 3rd
- To reassure the community of our goals and vision, the Team will ‘relock’ 50% of these tokens (17,798,400). This % will be re-locked to 31st of December 2021 and then vested over a 1-year linear schedule.
- To grow the platform, we will need to invest in the platform. The remaining 50% (17,798,400) will remain ‘unlocked’ and at some point in the future, will be used for the purpose of development and growth.
- Team Contract: 0xaFF90532E2937fF290009521e7e120ed062d4F34
To the community
The vision for Trader Joe is simple: To challenge the status quo by innovating and building, bringing a new, fun, and exciting experience to DeFi users, and ultimately, serving the community at the frontier of DeFi.
The team understands the certain level of unease or anxiety that this type of token unlock can create for new users joining our community, and we want to reassure you all, that the goals and vision for the Trader Joe platform remain exactly the same as when we launched 3 months ago.
So what will happen on October 3rd?
- No tokens are being dumped.
- The team will ‘relock’ 50% of the tokens, which will be vested from the 1st of January over the year 2022, unlocking in a linear schedule.
- The remaining 50% of the tokens, will remain unlocked and when needed, will be used to further the development of the protocol.
Trader Joe has achieved some tremendous milestones since its launch, 3 months ago; Over $1B TVL, Num 1 DEX on Avalanche with over 50,000 community members… but we’re not done. The team remains incredibly bullish on future prospects for JOE and the entire Avalanche ecosystem. To reassure the community, the Team will re-lock 50% of the tokens that unlock on October 3rd. These tokens will be locked to the end of 2021 and then vested over a 1-year linear schedule. The remaining 50%, will remain unlocked.
Why keep tokens ‘unlocked’?
Tokens that are unlocked, will be used at some point, for their intended purpose. To achieve a 10x growth from where we are now, investment will be needed to scale up the talent so we can continue to build and innovate. Developing a platform to bluechip status is a costly endeavor. Locking tokens limits the opportunities that may be presented to the Team. To push the frontiers of DeFi by innovating and building fast and safely, we need to be flexible and agile at all times.
The Team looks forward to deploying Banker Joe and kicking off ‘Joe Rush’ in the coming weeks. Further afield, the Trader Joe platform will continue to expand and we are incredibly excited to deliver on our long-term vision. Lastly, we would like to thank the community for all the support and feedback to date.
Happy farming friends.