Update to the Archway community:

As the Archway Foundation has disclosed, 10% of the genesis distribution of ARCH tokens was earmarked for Archway’s Core Contributors, who are providing key contributions to the protocol. The Core Contributors allocation is subject to an unlock schedule consisting of a one-year lock-up and three-year unlocking schedule, with ⅓ of the ARCH tokens allocated to Core Contributors unlocking after one year.

As we approach the first anniversary of Archway’s mainnet launch, Phi Labs Ltd. (“Phi Labs”) has launched a program to purchase ARCH from Phi Labs employees and other contributors who wish to participate in amounts equal to the total number of tokens that unlock on the one year anniversary of Archway’s mainnet launch, as well as any accrued staking rewards as of that date.

As a result, we estimate that Phi Labs may purchase up to approximately 1% of the total initial network supply of ARCH or up to a maximum of approximately $1 million USD. These purchases will be documented with private purchase agreements, and it is expected that the closing date of these transactions will be July 19, 2024. The purchased ARCH tokens will be subject to an additional 12-month lock-up period. Once these transactions are completed, ARCH tokens allocated to Core Contributors will continue to unlock according to the unlock schedule. Contributors who did not receive an allocation of ARCH in the genesis allocation are not eligible to participate.

More information about the initial allocation of ARCH tokens is publicly available on the Archway Foundation website here.