Effective Lockup of All Uncirculated Tokens until MainNet Launch
As part of our plan to launch the TestNet and the soon-to-be-announced TestNet incentive program (Involving election of super nodes and mining), Vite Labs Limited has decided to migrate all uncirculated VITE tokens onto the TestNet, thereby destroying this subset of tokens currently in ERC20 form.
On October 15, we completed unlocking all investor-owned ERC20 VITE tokens, resulting in current circulation at 433,967,577.9767 VITE, or 43.4% of total VITE tokens issued. The remaining 56.6% of the tokens are either held by the Vite project team, or reserved for marketing/airdrop/ecosystem-building (further explanation below). This 56.6% of ERC20 VITE tokens will be destroyed on October 24th, and will be completely migrated to Vite TestNet 0.1. This means that when TestNet 0.1 launches in November, this destroyed amount of ERC20 tokens will be created in the TestNet (on a 1:1 basis).
As previously mentioned, this 56.6% consists of two parts. The first part, or 20% of total issuance, is held by the Vite Labs team. The second part, or 36.6% of total issuance, consists of tokens reserved for ecosystem development, marketing and community airdrops. After the launch of TestNet, tokens to be released in future Community rewards and Airdrop campaigns will be in the form of VITE TestNet tokens. The below pie chart, originally released in May 2018, illustrates the original portions of the token base dedicated to different purposes.
In relation, also note that:
- VITE test tokens on the TestNet will no longer be offered for free (However, we will be giving away Vite Community Points, which can be used to claim merchandise on the Vite store — details to follow)
- Existing VITE test tokens on the TestNet will be cleared.
- The migration of ERC20 tokens to the TestNet is irreversible.
As a result of this announcement, significantly fewer VITE ERC20 tokens will be circulated in the market. The new tokens converted to the TestNet will only become available in the market again after the MainNet launches. At that time, the TestNet VITE tokens will be converted to the MainNet on a 1:1 basis.
With this plan in place, we are further incentivized to continue acceleration in the development of the Vite network, and we look forward to delivering on our commitment according to our roadmap.
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