Spores Announces Updated Tokenomics
Update on Allocation and Circulating Supply
As a step toward the IDO on 28th July on CardStarter, Spores has just updated its Tokenomics which can be found on our official website.
As you may know, in order to build an entire ecosystem, Spores Network issues an ERC-20 token for community governance and DeFi-utilization on the platform. The token, namely, Spores (ticker symbol SPO), is designed to be NFT-creator-centric and DeFi-community-driven, a great way to incentivize all contributors and participants.
For SPO token allocations, Spores has made some light changes in terms of locking time for Team and Advisor, increasing the locking time from 12 to 24 months, then releasing 20% on the 25th month, 30% on the 37th month, and 50% on the 49th month. This is a considerably longer lockup and vesting compared to the previous vesting schedule (lock 12 months, vest 36 months), which represents our long-term commitment to building value to Spores and SPO tokens over the long term.
After discussion with our IDO Launchpad — CardStarter, we have increased our public round from $200k to $400k to be able to accommodate more public participation.
The public round also now includes a 30% upfront (rather than the previous 100% upfront) plus a 7-month-linear-vesting, resulting in the total circulating amount of Day 1 being only $310,000.
The Public-IDO will take place on the 28th of July on CardStarter. From 3 pm UTC on 21 July, customers will be able to access CardStarter for public registration.
About Spores Network
Spores Network founders believe that crypto will lead to decentralization of ownership and frictionless redistribution of capital. Their mission is to create an NFT ecosystem that is creator-centric, community-driven, frictionless, and borderless. Spores Network chooses to be a cross-chain DeFi-powered NFT marketplace defining decentralized pop culture. Spores co-founders include Duc Luu (Nasdaq IPOed serial entrepreneur ), Eric Hung Nguyen (former senior investment analyst at a top-10-worldwide hedge fund) and a diverse team of advisors across blockchain and entertainment.
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