We’re excited to announce a major leap in commitment. The entire DAFI private sale has extended its vesting by more than twice. We’ve listened to the community and responded with a bold move, welcomed by every fund backing DAFI.
The entire pool of investors from the private sale has given the team another vote of confidence by extending their vesting period. Such a commitment shows that our community is here for the long haul as we achieve every milestone in our roadmap.
The private-sale token release has slowed down to 14 months, combined with a token burn-bridge. We’ve analysed the tokenomics for DAFI in detail, and explored creative upgrades to the system. The DAFI token is positioned as the core unit to reinvent every decentralized network, therefore making improvements as we grow is essential.
Those who participated in DAFI private sale have taken the initiative to extend their vesting period. Instead of 6 months, their tokens would be released in 14 months. To further build on such a major commitment, we have also delayed the release of the tokens dedicated to our ecosystem reserve for 18 months and created a token burn-bridge.
Ambitious next months
The reasoning for this upgrade was for the community & the upcoming roadmap. It makes sense to do this now, as we are launching products that will redefine the nature of every staking, node and social reward model. To give this time to grow, we needed to slow down release of tokens. It shows actual faith to the community and that is pivotal to a completely niche vision, like DAFI.
This decision was welcomed by all of the funds backing the team, we could not have achieved this without their strong support. It displays the long-term position with DAFI, this can be further displayed through the aggressive onboarding of partners/adoption since launching. All of the funds supporting DAFI have been pushing their own portfolio projects to adopt dTokens for their staking & social reward mechanisms.
What will this look like?
A smoother, gradual release of tokens which now synchronizes with the exciting 2021 roadmap.
The private sale has extended vesting from 6 months, to 14 months. This has been further enhanced with a token-burning model where 70% of private sale’s tokens can be burned. The burning method, named Toll Bridge, destroys the majority of any private sale tokens if claimed before the lengthened vesting period.
This intelligent mechanism, eliminates any shorter-term participants, by simply giving them fewer tokens. It’s a different method to create the very nature which DAFI is — rewarding longer term participants in the economy.
It’s important to note that the private sale tokens will actually be even further reduced than the above. As the bridge launches in the coming weeks, it will burn any tokens that pass through it, unless they adhere to the longer vesting schedule.
Zain Rana, founder at DAFI said —
We always want to improve and respond with actions not just words. This vesting upgrade mechanism holds the same traits which DAFI’s synthetic dToken’s possess. Fewer tokens to those that care less, and more tokens to those that stay in the system to encourage network growth. It fits perfectly.
It also means that soon there will be no more token distributions weekly to the private sale. They will need to claim their tokens via the bridge themselves, or let it sit unclaimed — which randomizes distributions, rather than one day of supply-pressure. This transition has been well-thought out, and will be an incredible upgrade to the DAFI token eco-system. It provides the very-much needed foundation to launch our upcoming Staking & Social reward products.
Further to this, we will soon be making enhancements to the security of the locked tokens within the next 1–2 weeks.
We’d like to make a special mention to all of the funds who supported this upgrade. It’s a testament to their longer-term faith in DAFI, which is crucial to the success of smoothly launching the next phase. The DAFI team has been working on this transition since pre-TGE, carefully monitoring all factors and introducing a creative upgrade.
We’d also like to thank the community for helping us improve the system, this will be timed with an exciting roadmap, along with many cool things to be launched pretty soon. We’re just getting started.
DAFI — Same chains. New possibilities.