CTSI Foundation Reserve Transparency Report — January, 2021
As of 2022 Descartes has now been renamed as Cartesi Compute.
Leading towards the next foundation reserve unlock of Cartesi Token (CTSI) set for January 23rd, 2021, we’re pleased to give another official update on the Cartesi Foundation’s governance, operations and how CTSI tokens are allocated in succession to our previous transparency reports.
As a reminder and for transparency sake, anyone can view the current holdings of Cartesi Foundation wallet:
The Current State of CTSI
The information provided below is dynamic in nature and may not reflect accurate estimations at the time of reading.
The information below is taken as of January 12, 2021. For up to date information, please reference the CTSI page on Coinmarketcap or Coingecko.
Total Supply: 1,000,000,000
Current Circulating Supply (January 12, 2021): 207,985,754 CTSI
Current Undiluted Valuation (January 12, 2021): $9,655,087
Total Diluted Valuation (January 12, 2021): $46,406,790
Current CTSI Price (January 12, 2021): $0.04640679
The Current CTSI Allocation:
Prior to this unlock, 15.87% of the total supply has already been unlocked and held by the Cartesi team. The foundation reserve tokens have gone to a variety of important endeavours as previously outlined, all of which are summarized below:
- Held in Wallets: 21,718,131 CTSI
- Exchanges: 2,002,795.83 CTSI
- Employment and Community Operations: 1,374,389.10 CTSI
- Business Operations, Legal, Conversions, R&D: 18,894,380.00 CTSI
- Partnerships: 37,500,000 CTSI
- Marketing: 8,125,188.20 CTSI
- Market Making: 62,548,213.68 CTSI
- Staking: 2,703,569.19 CTSI
Total: 154,866,667 (15.87%) CTSI
January 23, 2021 Unlock
The upcoming Cartesi Foundation unlock will again occur in the amount of 31,900,000 CTSI (3.19%) of the total supply on January 23rd, 2021.
An exceptional quantity of future endeavours remains that will vastly shape Cartesi’s economy and development ecosystem as a whole.
Where does the funding go?
- Research and development of Cartesi’s technology
- Marketing and community-based objectives
- Legal expenses
- Development grants
Internal governance consensus is reached by the Cartesi Foundation before devoting or expending CTSI to any event. The Cartesi team holds all its funds in crypto, stablecoins, and fiat. Funds are stored with cold storage multi-signature wallets and USD bank accounts. Moving or using funds requires the approval of at least 3 out of the 5 holders.
The Foundation reserve unlocks are vital for the development of Cartesi’s tech, bootstrapping its ecosystem, and for the operations of the Foundation itself.
No entity or token holder is more interested in the health of CTSI’s economy than the Foundation itself for its entire existence and longevity. The Foundation liquidates only the amounts deemed necessary, remaining careful not to disturb the secondary markets of CTSI.
Unlock Forecast for 2021
Each successive Cartesi foundation unlock will occur on a quarterly basis (every 3 months), occurring on the 23rd day of the new quarter. The upcoming unlock on January 23rd, 2021 is the first foundation unlock for 2021.
These Cartesi Foundation tokens will bring the grand total to 19.34% CTSI supply unlocked for the Cartesi Foundation since the IEO on Binance Launchpad.
The token releases remain consistent with our current report valuations and are obtained upon each corresponding internal milestone achieved. The Cartesi Foundation constructed these unlocks to be steady while remaining relatively small and consistent.
In total, 40.22% of the total CTSI supply is reserved for the Cartesi foundation and will be fully unlocked by July 23rd, 2023.
Supply Curve
As a reminder, the following chart represents the number and breakdown of all CTSI tokens that are to be released into circulation on a monthly basis. Token inflation and possible deflation for staking rewards will be revealed in the future, which is yet to be finalized, and not presented in the following chart, however we have released the CTSI Macroeconomy article for further reading in the meantime.
In our recent announcements and last transparency article around CTSI Reserve Mining, Mine Reserve tokens have begun distribution and will continue to be distributed after April 2024.
The current state of the CTSI distribution curve:
Binance Launchpad Sale tokens comprise 10.00% of the total token supply.
- This has been 100% allocated
Seed Sale tokens comprise 2.00% of the total token supply.
- First (0.29%) unlock will occur in April 2021.
- Unlocks will occur on a quarterly basis thereafter
Private Sale tokens comprise 5.00% of the total token supply.
- First (0.56%) unlock will occur in April 2021
- Fully vested by April 2023
Strategic Sale tokens comprise 0.67% of the total token supply.
- 0.51% has been allocated through three unlocks
- Final (0.16%) unlock will occur in April 2021
Team tokens comprise 15.00% of the total token supply.
- First (2.14%) unlock will occur in April 2021
- Unlocks will occur twice a year, in the amount of 2.14%
Advisors tokens comprise 2.11% of the total token supply.
- First 0.71% Unlock will occur in April 2021
- Unlocks will occur twice a year, in the amount of 0.71%
Foundation Reserve tokens comprise 40.22% of the total token supply.
Mining Reserve tokens comprise 25.00% of the total token supply.
Upcoming Next
During this quarter, we’ll be working on critical pieces of our technology and very important releases for Cartesi Compute and beyond. This will be ushering in a new era for Cartesi. We will soon have exciting news coming around our re-positioning, a new website, roadmap, and more!
To stay up to date, make sure to stay tuned to our announcements channel or one of the many channels we put news out on.
About the Cartesi Foundation
The Cartesi foundation is the coalition of the co-founders, partners and influential members to deliver exceptional technical impact on bridging mainstream software with blockchain. Composed of leading scientific minds, thinkers, leaders and veterans, we remain at the forefront of a blockchain interconnectivity revolution with the plethora of millions of mainstream open-source software via Linux. The Cartesi Foundation is an entity that is committed to taking smart contracts on Ethereum to the next level, bringing mainstream scalability and convenience to developers and users of decentralized applications. Decentralization is the core goal of what we are building at Cartesi and it is put at the forefront of each decision we make in achieving our vision.
The Cartesi Foundation actively makes decisions required to put our technology at the forefront of blockchain adoption. The foundation is committed to achieving this vision and the continued development of its roadmap. As we gradually achieve and deploy the roadmap we’ve set out, the foundation will also become more decentralized along with the Cartesi Network.
Cartesi’s Ecosystem Links:
Website: https://cartesi.io
Explorer: https://explorer.cartesi.io
Discord (Development Community): https://discordapp.com/invite/Pt2NrnS
Twitter: https://twitter.com/cartesiproject
Telegram: https://t.me/cartesiproject
Telegram Announcements: https://t.me/cartesiannouncements
GitHub: https://github.com/cartesi
