A deep dive into the wCRES / CRES Tokenomics
The company issued shares in the form of equity tokens via a soft launch starting on 30 November 2020, in an effort to build a community in DeFi. We built the company with our own money; we didn’t take any VC funds and there were no pre-sale special deals for anyone. We wanted the community to get early investor prices.
We have intentionally tried to distribute as many tokens as possible at a very low price, well below our own estimates of where the company should be valued.
The tokens represent real equity in a regulated Swiss firm that intends to replace banking with code. We offer an insured savings account to institutions and individuals, globally. The market we are attacking is deposit banking, with a size of $60.5 trillion.¹ We operate in fiat, are developing an offer in stablecoins, and plan a BTC product in the future. Our objective is to be a bridge between traditional finance and crypto and to facilitate mass adoption of DeFi products.
There are 10 million equity tokens outstanding. We also have 2 million shares in treasury, bringing the total to 12 million equity tokens. No more tokens can ever be minted. We hope that this hard cap against dilution will provide reassurance for our tokenholders.²
The supply of the tokens is set out below.
In traditional finance, the main focus is on the number of shares outstanding and the share price. In crypto, there is a focus on the circulating supply and lockups. The Founders are long-term holders, as they have been since they created the company with their own money. Nevertheless, to give assurance to our community, the Founders have locked all of their shares. This is as set out below.
A lock up summary is set out below.
A summary of circulating supply is set out below.
Some notes:
- There will be no strategic sales unless accompanied by long-term lockups.
- The team and Founders are long-term holders and are likely to re-inject the tokens into vaults after the lockup periods indicated above. The Founders have already extended their locks from 6 months to 1 year.
We would like to thank our community, a small band of early believers, for participating in our launch this week. We are new to crypto and we appreciate you bearing with us as we find our footing. We will make a lot of mistakes in the future, but please don’t ever doubt our resolve to develop this company into the largest bank alternative in the world.
We would also like to thank our amazing board of advisors for your recommendations and assistance with our launch. We wouldn’t be here without you.
Here are the vault addresses for the Founders’ equity tokens:
0xa76206464a456c6372418BDDf02f5c530830C19d
0x022690e24cf89193770017a9516dae76d162c059
0x09Edd3EC0602a833DEfd615F414B031ABcE235B6
0xC8873Bc1a426716987b811CB7Cc94ab120Fb4FbE
0xA493c1719629791d465363df5d621A63db567F93
0x8714Cf23e0F52DB3a74FF1aBF16f988499914944
0xf65207ab42fde84d90d2d84eaaefdaac112287ae
0x99332f76fa35524ae3ce6657a86f588e8819c3d1
Some additional material:
Equity token details:
Our manifesto:
Information Memorandum: https://defi.crescofin.ch/tokens/
In the Media:
Real Vision
The CrescoFin Journey
The Defiant
Bankless
The Swiss Road To Crypto — Podcast
Want to know more?
CRES address: 0x81Df9EFB1E970517fF5B32C2F485f791f3410164
wCRES address: 0xa0afAA285Ce85974c3C881256cB7F225e3A1178a
Here are some other ways to learn more about us:
¹ Bank for International Settlements, Q4, 2019.
² The finishMinting() function has been called. Details are in our GitHub: https://github.com/crescofin
³ Some of these tokens will be used for a new exchange.
