You will not dump: prosper updated vesting schedule
Greetings, Pros fam! We’ve been constantly receiving overwhelming number of questions on our vesting schedule and lock up periods. Even though we’ve already stated a detailed explanation of the Prosper Lock Up system in the previous articles: token metrics and token metrics upgrade, some of the community members were confused. Thus we’ve decided to sort out this question in one leap. And a small cherry on top: we will postpone early investors unlock, which was initially supposed to happen on February 14th.
The cliff model of token release can cause price drops, based on the expectations of upcoming token unlock and huge number of new tokens entering the market at the same time.
The initial model of $PROS token vesting used a cliff principle, but now we decided to move to a linear “block by block” model.
At the block by block model a small amount of locked $PROS tokens are being unlocked once per a few seconds (or a block time at Ethereum network), which allows us to avoid dramatic price drops.
It will be easier to explain for example, let’s take the Prosper seed round: The amount of tokens, which are remaining locked, is 3,400,000 PROS. Seed investors initially intended to receive 10% (400,000 PROS) per month (first unlock was scheduled on February 14th). Instead of this, they will receive around 13,000 (0,35%) PROS on a daily basis starting from February 14th.
Before and After
Current circulating supply: 3,900,000 PROS
Circulating supply on February 15th with linear unlock: around 3,950,000 PROS
Circulating supply on February 15th with cliff unlock: around 5,500,000 PROS
As you can see, the difference between cliff and linear vestings is pretty huge. We hope that the linear vesting schedule will be warm and welcomed by Prosperous Family :)
Staking rewards: remain locked until the binary liquidity program an on-chain aggregation launch;
Ecosystem: 6 months lock-up, after — 25% every 3rd month;
Marketing: 3 months lock-up, after — 10% per month;
Reserves: locked for urgent situations, the community will be notified in advance before unlock;
Community: 6 months lock-up, after — 10% per month;
Team and advisors: 1 year lock-up, 1 year linear vesting period;
Please note that Prosper Foundation won’t distribute tokens anymore. Investors will be able to claim them via Prosper Platform UI according to a linear vesting schedule.
And another cherry on top: we can now officially inform the community that ChainLink has fixed frequency issues for the Binance Smart Chain, so the Prediction Mining Program and Platform operation will be resumed soon. Subscribe to our social media channels for the most relevant updates: