Per the whitepaper, “[The Early Adopter] TKL will be for the people that were not able to assist in initial development, but would like to make a contribution to continued development. These people will make the ongoing development and establishment of the Tokel platform possible.” That is precisely why we allocated this TKL to the IDO. The funds gained will ensure the continued and increased rate of development of the Tokel platform and associated technology and dApps.
As part of the Tokel IDO process, we announced that any unsold Early Adopter allocated TKL would be used for further Early Adopter initiatives. We are now a few days into Phase 2 of the IDO and have been considering what exactly we should do with any unsold funds. Based on current trends, there would be a large amount of TKL leftover.
It is important to the team that these funds are used in a fair and fun manner, ensuring current IDO participants are happy with the follow on initiatives whilst also maintaining the integrity of the whitepaper. As mentioned, these funds are to ensure continued development (increase tech output), as well as to help develop and grow the community (increase network effect) and give access to those that want to create and utilize tokens on the Tokel Platform (increase adoption). The best way to do all of these things is by incentivising more people to participate in the IDO.
Introducing the TKL time-lock reward plan
This reward plan will effectively reduce the overall cost per TKL for IDO participants, but also greatly incentivize people to join the community and help develop and increase platform adoption at large. The reason for this is that participants will reap the future rewards of any assistance they provide to help the project now.
For those that have already participated in the IDO, they will be happy to receive extra unexpected TKL that doesn’t reduce the % of supply they expected to hold (in fact, they are the best off because if we sell no more TKL during the IDO, they would receive a significantly large portion). This will also further incentivize those people that have not yet participated.
The whitepaper allocated 20 million TKL to Early Adopters. These were all listed on AtomicDEX as part of the IDO. We will be removing 5 million TKL from these orders to be reserved for this TKL time-lock reward plan. Along with that, any TKL that are leftover (unsold) at the end of the IDO will also be added to this ‘time-locked pool’ of TKL.
TKL holders will be receiving additional TKL over a period of time, proportionate to the amount of TKL they hold at 8pm on the 15th of September. All premine addresses, apart from the 20million Early Adopter allocation, will be excluded from this airdrop.
This ‘time-locked pool’ of 5 million TKL (plus any unsold TKL), will be airdropped to eligible TKL holders via two time-locked transactions. The first transaction being time-locked for 9 months, and the second being time-locked for 18 months. Each time-locked transaction will airdrop 50% of the total ‘time-locked pool’ reserved funds.
Half of all pooled TKL will be time-locked for 9 months, the other 18 months.
Timelock1 unlock date = 15th of June, 2022
Timelock2 unlock date = 15th of March, 2023
The requirements to participate:
- Acquired and be holding TKL at 8pm UTC on 15th of September.
- All other premine funds apart from the 20 million Early Adopter allocation.
We will be conducting a snapshot at 8pm UTC on the 15th of September. The addresses that hold the eligible coins at that time, will be the addresses that receive the airdropped, time-locked, coins.
Some examples are written below to help clear things up. Feel free to use this excel calculator to see how many extra TKL you could expect, depending on how many TKL are sold total during the IDO. Please use it as a guide only.
All 15 million TKL are sold during the IDO period.
5 million (minimum reserved funds) / 15 million (total sold funds) = 0.33333
For each eligible TKL, you would receive:
0.1666 TKL on 15th of June, 2022.
0.1666 TKL on 15th of March, 2023.
Only 5 million TKL are sold during the IDO period.
5 million (minimum reserved funds) + 10 million (funds not sold during IDO) = 15 million (total time-lock pooled funds)
15 million (total time-lock pooled funds) / 5 million (total eligible funds) = 3
For each eligible TKL, you would receive:
1.5 TKL on 15th of June, 2022.
1.5 TKL on 15th of March, 2023.
As there are many combinations and permutations of how many funds are sold vs how many are leftover, we cannot guarantee a specific amount. The above two examples should give you a good idea of each scenario; all IDO funds are sold out vs not too many TKL are sold during the IDO. Please note that once you receive your time-locked funds, they will show in your address but will not be spendable until the after the dates listed. This means that you will have custody over these funds for that entire time, but you won’t be able to use them until they are unlocked.
It should be noted that based on any reduction in effective price per TKL, a market correction post IDO is highly likely. Please consider this if you are looking to purchase TKL once the IDO has completed.
How do I purchase TKL?
You can use this step-by-step guide to purchase TKL through AtomicDEX. https://docs.tokel.io/guides/HowToUseAtomicDEX/
How do I know how much extra I will be getting?
You can use this simple excel spreadsheet calculator to see how many extra TKL you will be receiving. You can adjust the total amount you purchased, and total amount sold during the IDO to work out what you might receive. The final information on specifically how many TKL you will receive will be posted after the IDO.
How do I know if I am eligible for the timelocked rewards?
You are eligible if you are holding TKL at 8pm UTC on 15th of September 2021, and your funds aren’t from the excluded funds list.
I purchased 10k TKL during phase 1 price discovery, but sold 9k TKL prior to the end of phase 2. Am I still eligible?
If you are holding the 1k TKL at 8pm UTC on the 15th of September, that 1k is eligible. The 9k coins you sold are not eligible as you sold it prior to the snapshot (whoever purchased them will be eligible).
I purchased 5k TKL during phase 2 but it was at 0.275KMD per TKL. Am I still eligible?
Yes. Although these funds weren’t purchased from the Tokel team IDO addresses, we will be honoring all purchases made during the IDO period.
How do I help the team by purchasing from the teams TKL IDO addresses?
This is the best way to help the project succeed. You will need to look at the orders in AtomicDEX and choose the orders that are selling at 0.2814KMD per TKL. For the early part of the IDO, they will be the largest orders listed.
I purchased 20k TKL during phase 2, but sent 10k out to one of my other TKL addresses. Is my 20k TKL eligible?
Yes your funds will be eligible. Please note that whatever addresses hold the eligible coins at 8pm on the 15th of UTC, will be the addresses that receive the time-locked funds.
When will we know the final outcome of how many rewards we will be getting?
It may take some time process the information once the IDO is complete. We cannot promise a specific date, but will announce the data as soon as we have it. Keep your eyes peeled in the discord or on the website.
If I purchased TKL 1 minute before the end of the IDO, will it be counted?
We would advise giving more time for the atomic swap to occur. It can take up to 45 minutes (worst case) for the transaction to go through. On the exact minute of the snapshot (8pm UTC), if you do not hold the TKL, you will not be receiving the time-locked rewards.
I mined some funds before the IDO, are my mined funds eligible?
Yes. We are considering all early miners ‘Early Adopters’. Without them, the IDO wouldn’t have gone so smoothly.