Extension of $SPRT Token Lock-ups

Investor and Team Vesting Schedules have been updated.

Sportium_Official

Published in

Sportium_Fan

3 min readMar 9, 2022

Greetings Sports Fans!

We are happy to announce that all of our Angel, Seed, Private, and Strategic investors have agreed to adjust the terms of the $SPRT lock-up and vesting schedule.

Our team has made significant progress and $SPRT has seen fantastic momentum; and so, we wanted to further align incentives in a way that showcases the long-term commitment of our diamond-handed investors.

We expect to release a lot of updates in the coming weeks. We believe that the the extended lock-up period will enable us to focus on building and continuing to take progressive steps towards our goal of making Sportium the premier sports fan NFT platform in the metaverse.

Let’s dive into the updated token metrics and you’ll be able to see the changes we’ve made and the rationale behind them.

Here we go!

What Are The Updates?

Original Token Vesting Schedule (Old Version)

Adjusted Vesting Schedule (New Version)

Team Allocation

The vesting start date was postponed by six months to December 9th, 2022, and the 10% cliff has been removed. We believe that this move highlights our long-term commitment to Sportium and is an essential first step to updating the SPRT token metrics as applicable to all our stakeholders.

Sale (Seed & Private & Strategic):

The vesting start dates have been postponed by 6 months to September 9th, 2022, and the 10% vesting cliff has been removed. All tokens will be linearly vested starting on September 9th, 2022. By removing the 10% cliff, we believe this will mitigate any potential total supply shock.

Ecosystem

We have allocated 40% of the total $SPRT supply towards developing the Sportium ecosystem. Of this, 30% will be used for liquidity mining and other community incentives. The remaining 10% will be reserved in an Ecosystem Fund that will facilitate multi-chain expansion and could be used for future fundraising rounds. These tokens will be secured by a timelock.

We look forward to ushering in a new way of enjoying sports and believe that the steps taken today will assuage any community concerns about large token allocations being unlocked after $SPRT’s recent 100x run from the IDO launch price of $0.03.

The Sportium team is here for the long haul and is committed to delivering the best platform that we can and fostering mass adoption to benefit all Sportium stakeholders.

About Sportium

Sportium is an officially licensed multi-sports NFT platform. Sportium NFTs enable users to interact with sports in various ways including collecting, trading, and earning on the platform.

About ELVN

ELVN is the first application in the Sportium ecosystem. It is an NFT collectibles platform officially endorsed by K-League, which is the top soccer league in South Korea. Users can accumulate collection points by purchasing packs and collecting their favorite moment NFTs. Users can also trade their moment NFTs on the ELVN marketplace.