$OPEN Token Lock Update

67,700,000 tokens secured with Team Finance

Simon Eddie K

Published in

OpenDAO

3 min readMay 18, 2021

Today marks the implementation of a clearer defined token supply.

We thank our community and investors since launch placing their trust in us, truly a rare commodity to come by in DeFi.

To repay that, in the interest of full transparency, it seems only logical to secure future token allocations for our community and rewards in a smart contract.

You should not have to trust us, trust in the code.

67.7Mil $OPEN tokens (67.7% of supply) locked with Team Finance for 1 year.

Token lock tx:
https://etherscan.io/tx/0x8289299c3d39bd36d9cd952e8d1f8ee142e9d057ff6b4c5c898e03b305c409cd

Team Finance token vault:
https://etherscan.io/tokenholdings?a=0xc77aab3c6d7dab46248f3cc3033c856171878bd5&ps=100&sort=total_price_usd&order=desc

$OPEN token lock on team finance: https://team.finance/view-coin/0x69e8b9528CABDA89fe846C67675B5D73d463a916?name=OPEN%20Governance%20Token&symbol=OPEN

Of this locked $OPEN, the breakdown is as follows:

10.97% - 7,426,707.19 from Treasury
20.58% - 14,000,000.00 from Team.
68.35% - 46,273,292.81 from Community.

We will likely repeat this process with similar % breakdown when the tokens unlock. At the end of this lock period we expect to have the DAO governance process ready and the control of these tokens will be handed over to the DAO.

Even after the control is handed over to the DAO we will have linear unlocks which means the full supply does not come into circulation for another 9 years.

Until then, this is the remaining $OPEN supply available for treasury and community rewards, for the next 365 days.

Treasury Wallet Balance - 4,998,268.18 (including 3.5Mil for bOPEN)
Community Rewards - 2,000,000

In addition, Private Sale Allocation of 8,366,111.10, and remaining Team Allocation of 6,000,000 are to be deployed in linear release contract locks of their own.