VITE locks 200 million coins in a smart contract
By Rafał - 2019-12-08
Per agreement made at the initial fundraising phase, 20% of VITE’s total supply (200 million) was allocated to the Vite Labs. These coins were to be locked for 2 years, with initial release beginning on 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 completely and definitively unlocked. By locking nearly all of the team coins until January 1, 2022, the project is effectively delaying team distribution by about 18 months in total.
The contract address used for this operation is public on blockchain and can be found here as proof, with the associated public contract code available here: https://github.com/vitelabs/Vite-Contract.
Changes in VITE Circulating Supply
To prepare the future horizons, the team has prepared a chart illustrating the historical data and two-year projection of VITE’s supply for the community. 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 purposes (Airdrops, marketing, SBP rewards, team, ecosystem fund, advisors) gradually increased the supply. Thus, the team has made the following estimations regarding the circulating supply for the next two years:
- VITE’s supply will increase from the current 50.55% to 62.45%. This is due to the ongoing gradual release across six buckets as illustrated.
- From 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% in total.
The details on the lockup can be found here https://www.vite.org/