Team Vesting Extended, New Multisig Holders

As we chart our path toward a fully functional DAO, we have continued our work toward focusing on long-term success. To that end, we have extended the team token vesting schedule, and are announcing three more community leaders that will add to our existing multisig wallet. Our multisig holds 92.5% of the CREAM supply as well as the admin keys to the C.R.E.A.M. protocol smart contracts.

Team Vesting

We’ve previously announced in our August 26th update that our seed token holders have agreed to further support our project by doubling the vesting schedule from 2-year vesting with a 6-month cliff to a 4-year vesting with a 1-year cliff. The team behind C.R.E.A.M. has agreed to following this lead and extend the Team token vesting schedule from 2-year vesting with a 6 month cliff to a 4-year vesting with a 6 month cliff. The team believes that the future of CREAM is bright, and are staking tokens behind this belief.

With this change, the breakdown of the 9,000,000 CREAM tokens is as follows:

10%, 900,000 — Team/Advisors*, vesting over 4 years, 6 month cliff.
10%, 900,000 — Seed, vesting over 4 years, 1 year cliff.
20%, 1,800,000 — Liquidity Provider Incentive
60%, 5,400,000 — Governance Allocation

*25% of the Team/Advisor allocation, 225,000 CREAM, has been allocated to our technical and security advisor Compound Finance, distributed monthly, 37,500 per month for 6 months. These tokens are legally locked. They will not enter circulation until February 8th, 2021. This is the only exception to the 4 year, 6 month cliff in the Team/Advisors wallet.

8,325,000 of CREAM, or 92.5% of tokens, are in the multisig wallet.

Three New Multisig Holders

We first announced our list of multisig holders in this post on August 16th. We are proud of the community leaders that have joined us on this journey, and are very excited to add three more to this list — Paul Veradittakit from Pantera Capital, Kyle Samani from Multicoin Capital, and Sam Bankman-Fried from Alameda Research/FTX. The set of key holders now are:

Robert Leshner, CEO, Compound Finance
Paul Veradittakit, Partner, Pantera Capital
Kyle Samani, Managing Partner, Multicoin Capital
Sam Bankman-Fried, CEO, Alameda Research/FTX
Peter Pan, Summoner, MetaCartel, MetaCartel Ventures
Darius Sit, Founder, CIO, QCP Capital
Andrew Kang, Managing Partner, Mechanism Capital
Leo Cheng, Summoner, Machi X DAO
Wilson Huang, Founder, Steaker.com
Jeremy Yang, Technical Lead, Cream Finance
Bun Hsu, Senior Engineer, Cream Finance
Stanley Ding, Senior Engineer, Cream Finance

C.R.E.A.M. DAO
Crypto Rules Everything Around Me, C.R.E.A.M.

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