Update: HODL Highway and Refund Parachute
Our team is keen on sharing some interesting statistics regarding the participants that are holding their tokens strong in order to maintain eligibility for either our bonus or refund program. In accordance to that has the refund program smart contract been set up.
HODL Highway: 25% out of all ICO tokens are still hodling
Out of in total 20 million LIT tokens that have been sold to public sale participants, roughly 4.8 million LIT tokens are still kept in initial wallets and therefore outside of the effective circulating supply while staying on the glorious 180 days highway, earning a fraction of 1/180 of the 25% bonus every day. Up to date, these contributors have earned a bonus pay out of 2.91% on their token sale allocation without much of an effort.
Would everyone have stayed on the HODL highway, in total 25% of 20 million LIT tokens, so 5 million new LIT tokens, would have entered into circulation. As many have left the HODL highway, this number has now decreased to about 1 million new LIT tokens.
Please remember that the flow of tokens in and out of the investor’s wallet is treated according to the first-in-first-out method, meaning that the base on which the bonus will be calculated is represented by the initial balance minus the total outflow of LIT tokens from their original wallet.
For example, imagine an investor who bought 100K LIT during the ICO and has then bought another 50K LIT the day after just to sell the 50K LIT again two days afterwards. In the end, the final balance on the wallet is still 100K LIT but only 50K LIT is still eligible for the program as calculations are based on FIFO. By doing so, investors will be rewarded exclusively from buying and holding tightly to their LIT tokens and not from their individual trades: after all, highways are always one-way streets!
Refund Parachute: 8% out of all ICO tokens are still eligible
In our second incentive program, Lition guarantees a buyback of 50% at the initial ICO price after 6 months for those opting into the Refund Parachute instead of the HODL Highway. As outlined previously, only very few people chose this option.
Out of initially 680,026 LIT tokens that were registered for the refund program are only 54,486 LIT tokens still remaining after approximately three weeks of trading. This equals a total decrease of 92% in interest of our refund program and only an amount of $2,723 that Lition needs to set aside in form DAI.
These are good news for Lition, as we now have more funds available to pursue our vision.
The respective DAI amount of all remaining eligible tokens was therefore transferred onto the following smart contract ‘0x6db725bd9e219fe2260357c363b235853d4d35ad’. All relevant contributor wallets will from the 17th of September 2019 on then be capable of calling the smart contract in case a refund is wished to transfer the tokens fully automatically.