Notice: August 2020 token move to institutional-grade custody

Akropolis
Akropolis
Aug 6, 2020 · 3 min read

As per our last announcement, we will be moving AKRO tokens from the current smart-contracts that are past the originally scheduled unlock date, into our new institutional custody wallets, for higher institutional-grade security. Please note that everything is in-line with our schedule and the previous post — we are not unlocking any additional tokens. This is a courtesy repeat notice for additional clarity; there is no change of plans from what we’ve mentioned previously.

Higher Security

Due to the increased global attention towards Akropolis, and the active role in the DeFi ecosystem, we’re starting to witness several — unsuccessful — attempts to hack our smart contracts. We therefore decided to review and tighten our security procedures across the board.

New Institutional Custody

As part of the enhanced security procedures, we shall be executing a planned migration to a new institutional custody provider. You will therefore see substantial $AKRO token movements in the next 24–72 hours.

Treasury

We are excited to share that Akropolis has enough treasury to support a 12 month+ runway, without having the need to sell any additional tokens from our treasury Additionally, we have decided to extend the Team & Advisors vesting period by an additional duration until Jan 2021.

New Market Maker

We are excited to announce a partnership with FalconX, as our exclusive market maker and liquidity provider. The team has provided remarkable support leading up to the recent Delphi launch and we look forward to continuing to leverage their trading and markets expertise. FalconX is a digital asset trading platform that uses data science to provide clients best in class liquidity. It is a member of the Chicago DeFi Alliance and is backed by Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments. We are delighted to partner together with FalconX to continue to support AKRO’s growth.

Below is a list of contracts affected. According to our original schedule, they are supposed to be unlocked, but we shall move the assets to our new custody as stated above:

How does it affect the regular monthly unlock on the 16th of each month?

The last scheduled pre-sale contributor distribution will take place on Aug 16 as usual.

As stated earlier, the Team has enough runway for 12+ months without the need to sell any more tokens from the Treasury. Future AKRO token unlocks will therefore be deployed as per the plan below:

  • Liquidity Development:

— Providing additional liquidity on a number of decentralised exchanges

— New and future CEX listings

— Liquidity mining incentives

  • Security

— Bug bounty programmes

  • Future partnerships
  • Product Bootstrapping:

— Delphi: Bootstrapping Delphi via liquidity provision on AKRO-related Balancer & Uniswap pools, as well as via AKRO staking pool. The Team tokens will be ineligible for the AKRO liquidity mining and a cap will be applied to ADEL mining for the team. This should greatly boost the liquidity of AKRO across DEXes to improve the UX, which should serve as a positive driver for a new cohort of users.

— Sparta: bootstrapping the insurance pool.

Akropolis

The Financial Protocol for the Informal Economy