Per agreement at our fundraising, 20% of VITE’s total supply (200 million) was allocated to the Vite Labs team. These coins were to be locked for 2 years, with initial release beginning June 1, 2020.
Today, Vite Labs transferred these team coins into a smart contract that keeps them locked till June 1, 2020. At that point, from June 1, 2020 to December 31, 2021, 1.5 million VITE (~0.15% of total supply) will be released every month. On January 1, 2022, the remaining coins will be unlocked.
By locking nearly all of the team coins until January 1, 2022, we are effectively delaying team distribution by about 18 months.
We welcome you to check the lockup smart contract here:
- Contract address: https://explorer.vite.net/account/vite_8588d741af13504d79154312f9f4838789aa06d3d0e1b4bea1
- Contract code: https://github.com/vitelabs/Vite-Contract
Changes in VITE Circulating Supply
To better understand VITE’s circulating supply (“supply”) beyond team coin releases, we prepared the below chart illustrating the historical data and two-year projection of VITE’s supply.
In the first five months since Vite’s launch, the main driver of supply increase was private sale lockup expirations (peaking at ~40%). After that point, VITE release across six buckets (Airdrops, marketing, SBP rewards, team, ecosystem fund, advisors) gradually increased the supply.
As we project out two years:
- VITE’s supply will increase from the current 50.55% to 62.45%, representing 11.90% of increase. This is due to the ongoing gradual release across six buckets as illustrated.
- Of these six buckets, SBP rewards is the main contributor of coin release, going from the current 0.32% to 6.17% in Dec 2021, creating an increase of 5.85%.
We hope that Vite’s decision to lock team coins provides additional assurance about our commitment to the project’s success in the long run. We further hope that the future coin release projections announced today also offers transparency to our community. For any questions, please feel free to ask in our community channels listed below.
Official: https://www.vite.org/
ViteX Official: https://vitex.net/
Instagram: https://www.instagram.com/vite.labs/?hl=en
Twitter: https://twitter.com/vitelabs
Vite Forum: https://forum.vite.net
Telegram:
- English: https://t.me/vite_en
- Chinese: https://t.me/vite_zh
- Russian: https://t.me/vite_russian
- Korean: https://t.me/vite_korean
- Japanese: https://t.me/vite_japanese
- Vietnamese: https://t.me/vite_vietnamese
- Thai: https://t.me/vite_thai
- Arabic: https://t.me/vite_arabic
- German: https://t.me/vite_german
- French: https://t.me/vite_french
- Turkish: https://t.me/vite_turkish
- Indonesian: https://t.me/vite_indonesian
- Spanish: https://t.me/vite_spanish
- Portuguese: https://t.me/vite_portuguese
- Malaysian: https://t.me/vite_malaysian
- Filipino: https://t.me/vite_filipino
- Bengali: https://t.me/vite_bengali
- African: https://t.me/vite_africa
Discord: https://discordapp.com/invite/CsVY76q
Reddit: https://www.reddit.com/r/vitelabs/
Facebook: https://www.facebook.com/vitelabs/
