Relevant Token Economics Update
In this update:
- Vesting schedule for Relevant investors, contributors, advisors and early users
- Decrease of REL total supply
- Updated Token allocation breakdown
- REL inflation parameters
Over the past several months we have been working hard to make REL token economics simple and transparent. As part of this effort we have redesigned the core REL smart contract, had it audited by ABDK consulting, and deployed it on to the Ethereum mainnet. You can see the updated contract on etherscan: https://etherscan.io/address/0xb6c4267c4877bb0d6b1685cfd85b0fbe82f105ec#readProxyContract
Distribution of Vested REL tokens
All investors, contributors, and advisors will be receiving their REL tokens. These tokens are subject to 4-year vesting schedule that began on September 12th, 2021.
Investors, Contributors and Advisors REL
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Investors 4y Vesting 760,000
Early Contributors 4y Vesting 216,884
Advisors 4y Vesting 128,791
Total 1,105,674Early Relevant users who were previously unable to claim their REL tokens because of cashout limits will be able to claim up to 80K REL subject to a 4-year vesting period. Any remaining REL over 80K will be subject to a 16-year vesting period.
Early User Curation Rewards REL
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Community Rewards 4y Vesting 1,420,546
Community Rewards 16y Vesting 4,846,425
Total 6,266,971All unvested tokens, despite being non-transferrable, are eligible to be used in the Relevant app and for voting in the Relevant DAO. Vesting will be managed by the sRel smart contract located at this address: https://etherscan.io/address/0x175840F5A4CE0bD99e1f27D01b0a1D18759DFF2b.
We are decreasing the REL supply by 49%
To offset the increase in circulating supply and to simplify accounting, we have decided to reduce the total supply of REL by 49%. This means we will be burning 13,616,056 REL. The burn event will take place over the next several days.
Final Token Allocation REL
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Relevant Users 7,128,629
Investors, Advisors & Contributors 1,105,674
Relevant App Operations Fund 1,000,000
Relevant DAO Fund 3,253,271
Circulating Supply 1,742,406
Tokens To Be Burned 13,616,056
New REL Token supply 14,229,980DAO Allocation
3,253,271 REL will be transferred to the Relevant DAO. This means the community will be in charge of how these funds will be spent.
1,000,000 REL will stay in the possession of Relevant Protocols Inc. and will be used to maintain and develop the Relevant app.
Final REL Allocation:
Here is what the final allocation of REL will look like once all the tokens have been distributed.
Final REL Allocation REL
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Investors 4y Vesting 760,000
Early Contributors 4y Vesting 216,884
Advisors 4y Vesting 128,791
Community Rewards 4y Vesting 1,420,805
Community Rewards 16y Vesting 4,846,830
Vested Community Rewards 861,658
Relevant Protocols Inc 1,000,000
DAO Fund 3,253,271
Circulating Supply 1,742,406
Total Supply 14,229,980REL Inflation
To continue issuing Relevant curation rewards, new REL tokens will be minted at a 10% inflation rate. This parameter will be controlled by the Relevant DAO. Community members may decide to change the parameter at a later date.
Smart Contract Upgradability and Ownership
The Relevant Token smart contract is upgradable, however its ownership will be transferred to the Relevant DAO once enough early users have claimed their sRel tokens (we anticipate that this will be sometime in January). Once the DAO controls the smart contract, all future updates require the approval of community members.
