Vite Team Lock Update

Joel Yang
Vite Labs
Published in
1 min readNov 11, 2021

As we approach the end of the year, the $VITE locked by the Vite Labs team will be freed from the smart contract that is set to expire on January 1, 2022.

For the 19 months leading up to the unlock of the smart contract, 1.5 million $VITE is being released on a monthly basis. To ensure continuity and sound financial management, the Vite Labs team has decided to keep the current pace of release for another 2 years starting on January 1, 2022.

A new smart contract will be deployed shortly to facilitate this policy. However, the new contract will not be activated until the expiration of the current contract with the remaining tokens transferred to the new contract.

Upon the activation of the new contract, the approximate number of $VITE locked would be 171.5 million. We will follow up with an update on the new contract address and contract code.

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