Progress Report and v0.2 Announcement
Q4 2020 Protocol Update
Key Points
- 24 projects onboarded
- Proof of Lock feature is live
- Lock v0.2 is coming
Lock v0.1 Update
Since Lock v0.1 launched we have onboarded 24 clients to Lock. We are proud of the rapid growth, especially as a self-funded team.
These are the most common use cases for Lock v0.1:
Team Token Vesting
Teams generate their ERC20 token and then want to lock tokens to demonstrate to their investors and communities that they are committed to the project and won’t sell tokens before a specified date.
Investor Vesting
When teams sell tokens to investors they want to make sure that incentives are aligned over a defined timeframe. Locking investor tokens makes this easy. Teams have been using our beneficiary feature so investors can claim their tokens after a lock period is complete.
Airdrops/Staking/Liquidity Mining Programs
Teams are using Lock to airdrop tokens to users who lock tokens on the platform. Lock makes airdrops and liquidity mining and token staking simple.
HODL
This is the original Lock use case. Individuals are locking tokens for long timeframes to prevent themselves from selling before the next bull run. This is essentially using Lock like a future payment or an annuity.
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Projects have told us that using Lock saves them thousands of dollars in development costs.
Proof of Lock
One of the most common requests from individuals and teams is a human-readable Proof of Lock. While the blockchain inherently provides all of the data, it is not easy for the average user to understand.
Here is what data from a lock looks like on Etherscan, the most commonly used Ethereum block explorer:
Here is what lock data looks like with our new Proof of Lock feature:
To use Proof of Lock, the lock’s beneficiary navigates to the Locked Assets section of the dapp and scrolls to the lock they want to publicly display.
Each lock has a unique URL that can be shared publicly — here is an example. As long as the viewer is connected to a web3 wallet, the Proof of Lock will automatically pull all of the lock data directly from the blockchain.
Lock v0.2 Announcement
We have learned a lot about token locks since Lock v0.1 was released earlier this year. Lock v0.2 is currently in development and will improve on the previous application in these ways:
New Interface and User Experience
Lock v0.2 makes the locking process more intuitive. The dapp walks users through a step by step process to achieve their desired lock structure.
Complex Vesting
Lock v0.1 was designed for locks that will release all at once and go just to one wallet. In v0.2, users will be able to create one lock that distributes to multiple wallets and can be released over multiple periods. The number of tokens going to each wallet can also be different.
Smoother Onboarding
One of the bottlenecks we are facing is getting new projects onboarded to Lock effectively. v0.2 streamlines the process, cuts internal transaction costs, and lets more advanced users lock tokens without communicating with us at all. We still recommend that users reach out as everyone’s needs are different and we want to help users achieve their ideal lock pattern.
New Pricing Model
Another challenge with Lock v0.1 is that users can only use Lock by paying fees in two ways — a fixed percentage of the tokens they are locking, or purchasing a package of LOCK tokens. This can cause friction in some cases. Here are the three fee types for v0.2:
- Set price in ETH (based in USD and calculated at time of Lock)
- Percentage of tokens locked
- 1 LOCK token for a lock of any number of beneficiaries and any number of releases
While most user needs will be met by fee types 1 and 2, we realize that locks can get more complicated and want to be able to supply LOCK tokens in special circumstances as needed.
New Airdrop Type for Staking Rewards
In v0.1 tokens can be airdropped to all token holders of a specific token that is currently locked in the protocol. This is useful for airdrops that will be evenly distributed to all token holders. An example of this type of airdrop is OmiseGo who distributed OMG equally to all ETH holders.
In v0.2 we are expanding the airdrop capability so users will be able to airdrop tokens only to token holders who have locked tokens for a specific period of time. This is useful for projects who want to encourage long-term holding or liquidity provision.
Also, UNIv2 and Balancer Pool Tokens can be added to Lock. Users who have locked pool tokens for a specified duration can be rewarded in any ERC20 token.
Better Data for Lockers
Lock v0.2 will have a data dashboard for anyone who wants to review a token on Lock comprehensively. Users will be able to see how many tokens are locked, how many addresses are locking tokens, how many tokens each address has locked, and how long each address has tokens locked for.
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Smart contract audits will begin or Lock v0.2 before the end of 2020. Lock v0.1 will be maintained for the foreseeable future.
To Conclude
We will continue to push the limits of what’s possible with token locks and keep you posted on Lock v0.2 release date.
We have received multiple requests to invest in Lock. We are not currently raising, but you can email us at hello@lock.finance or message us on Telegram @lock_admin to discuss future investment opportunities.
You can follow Lock in these places:
Website | Medium | Twitter | Telegram
You can try Lock v0.1 here.
Thanks for reading!
