Extend Team and Early Backer Token Lock
Dear ZooDAO Community,
We are proposing an extension of the token lock for the team and early backers of the $ZOO token. As the community may know, the current lockup period is set to begin unlocking in two days, with a rate of 5% per month for 20 months. We believe that extending the lockup period is necessary for two reasons.
Firstly, we believe that it is not beneficial to the community or the Team and Early backer token holders to release more tokens into circulation without strong liquidity. This could potentially lead to a decrease in the token’s value, which would ultimately hurt the community’s long-term goals.
Secondly, we recognize that at low liquidity levels, it is possible for 1–2 large holders to manipulate the market and adversely affect the price and demand for the $ZOO token. By extending the lockup period, we can prevent this from happening and ensure that the token’s price is not artificially manipulated.
To demonstrate our long-term commitment to the project and the community, we propose extending Team and Early backer token lock by an additional 6 months. After this extended lockup period, we will begin our original vesting schedule of 20 months, with 5% of the locked tokens released every month.
We, the ZooDAO team, unanimously support this proposal and believe that it is in the best interest of the community and the project’s long-term success. We appreciate your support and look forward to continuing our journey together.
Sincerely,
The ZooDAO Team
