1.
Day 2/30 of @THORChain threads
Today : Tokens distribution
A lot of false rumours are circulating right now.
Here's the real story:
Day 2/30 of @THORChain threads
Today : Tokens distribution
A lot of false rumours are circulating right now.
Here's the real story:
2.
I will randomly give away a @ThorGuards NFT among everyone who retweet the first part of the thread.
Today's Thorguard will be this one :
I will randomly give away a @ThorGuards NFT among everyone who retweet the first part of the thread.
Today's Thorguard will be this one :
3.
I feel it's early to address token distribution for my threads but it's needed :
There are a lot of miss-informed gentleman out there spreading "dangerous missinformation".
The team & seed investors did not not started vesting yet and we're 4 years into the project.
I feel it's early to address token distribution for my threads but it's needed :
There are a lot of miss-informed gentleman out there spreading "dangerous missinformation".
The team & seed investors did not not started vesting yet and we're 4 years into the project.
4.
Thorchain is the only project I've seen where the team did not vest a token 4 years into it.
When you look at a project's cap table, generally early investors & team take 25 to 50% of the tokens. Some of them will start vesting early, capture some more through staking and LP.
Thorchain is the only project I've seen where the team did not vest a token 4 years into it.
When you look at a project's cap table, generally early investors & team take 25 to 50% of the tokens. Some of them will start vesting early, capture some more through staking and LP.
5.
I have invested in over 70 private deals and never saw anything like that. My intel tells me every team was very well endowed in BTCs and somewhat independent, they are for sure playing the long game.
Note : I wish I was an early investor in TC, I started buying around $4
I have invested in over 70 private deals and never saw anything like that. My intel tells me every team was very well endowed in BTCs and somewhat independent, they are for sure playing the long game.
Note : I wish I was an early investor in TC, I started buying around $4
6.
We're 4 years into this and the team & investors have not received a single $rune token.
I don't know of any comparable in crypto, normally teams are fully vested by this time.
Addressing a rumour : There's no whale that owns 35% of tokens. The protocol reserve.
We're 4 years into this and the team & investors have not received a single $rune token.
I don't know of any comparable in crypto, normally teams are fully vested by this time.
Addressing a rumour : There's no whale that owns 35% of tokens. The protocol reserve.
7.
Initial distribution :
Protocol reserve : 225m (44%)
Ops reserve : 66m (13%)
Community reserve : 60m (12%)
Team : 50m (10%) - This was cut to 7%
Seed : 30m (6%)
IDO : 70m (14%)
Total : 500m
Initial distribution :
Protocol reserve : 225m (44%)
Ops reserve : 66m (13%)
Community reserve : 60m (12%)
Team : 50m (10%) - This was cut to 7%
Seed : 30m (6%)
IDO : 70m (14%)
Total : 500m
8.
Both teams and seed investors have not collected a single penny from their allocations.
Seed raised $600k for 30m = 0.02 per token
IDO raised 1.75m for 70m = 0.025per token. 0.032 on DEX
Both teams and seed investors have not collected a single penny from their allocations.
Seed raised $600k for 30m = 0.02 per token
IDO raised 1.75m for 70m = 0.025per token. 0.032 on DEX
9.
The team needed to raise additional money and took 30% of their allocation in 2019 and 2020 to raise another 15m for the project.
This reduced the team allocation to 7%.
The team needed to raise additional money and took 30% of their allocation in 2019 and 2020 to raise another 15m for the project.
This reduced the team allocation to 7%.
10.
There's a reason why the economics are inflationary, $rune has the most utility in it's own ecosystem as any tokens out there, it needs to be circulating. The majority is out there right now.
It's needed for LP pair, bonds, will be for mint & burn etc.
There's a reason why the economics are inflationary, $rune has the most utility in it's own ecosystem as any tokens out there, it needs to be circulating. The majority is out there right now.
It's needed for LP pair, bonds, will be for mint & burn etc.
11.
As far as inflation, 60m tokens from the community tokens were given in the single side runevault.
I missed that too :(
That's roughly 100% APY in a year.
As far as inflation, 60m tokens from the community tokens were given in the single side runevault.
I missed that too :(
That's roughly 100% APY in a year.
12.
The team decided to lock indefinitely until the mainnnet. That means @THORChain outside of beta, stable over a year with no incident, with multiple blockchains and ThorFI ready. There will be a more detailed thread about mainnet.
The team decided to lock indefinitely until the mainnnet. That means @THORChain outside of beta, stable over a year with no incident, with multiple blockchains and ThorFI ready. There will be a more detailed thread about mainnet.
13.
After mainnet is launched, they will vest every 3 months, receiving 20% of tokens each time.
After mainnet is launched, they will vest every 3 months, receiving 20% of tokens each time.
14.
Some seed investors were allowed to sell back to treasury at a discount. The treasury bought back 1/3rd of allocs, from $0.03 to $3.
Some seed investors were allowed to sell back to treasury at a discount. The treasury bought back 1/3rd of allocs, from $0.03 to $3.
15.
About two months ago the governance (nodes and devs) decided it was time to speed up collateral in nodes.
They offered investors to unlock early by bonding their $rune in a node's bond for a year, without possibility of taking profits.
About two months ago the governance (nodes and devs) decided it was time to speed up collateral in nodes.
They offered investors to unlock early by bonding their $rune in a node's bond for a year, without possibility of taking profits.
16.
Conversion rate on this was high, around $16m $rune tokens were converted. I think $8m are yet to be bonded in collateral.
Theses tokens are not circulating and they are used in the ecosystem.
Conversion rate on this was high, around $16m $rune tokens were converted. I think $8m are yet to be bonded in collateral.
Theses tokens are not circulating and they are used in the ecosystem.
17.
The way the utility of the blockchain works will require whales. Whales are securing the network, they have everything to lose in case of failure.
I decided to be a whale because they also have the most to gain in case of success.
The way the utility of the blockchain works will require whales. Whales are securing the network, they have everything to lose in case of failure.
I decided to be a whale because they also have the most to gain in case of success.
18.
Bonds have to add more collateral then there is in liquidity pools. That will be explained in a thread about network security and another one about deterministic pricing.
Bonds have to add more collateral then there is in liquidity pools. That will be explained in a thread about network security and another one about deterministic pricing.
19.
This thread will self destruct in 30 days, as do all my tweets. Share it and spread the knowledge, save it if you need to get back to it.
You can use any content you see here as your own.
If you have any questions, feel free to ask them I will try to answer all of them.
This thread will self destruct in 30 days, as do all my tweets. Share it and spread the knowledge, save it if you need to get back to it.
You can use any content you see here as your own.
If you have any questions, feel free to ask them I will try to answer all of them.
20.
Retweets are appreciated, I will do my best to give information that's hard to access to the community in the next 30 days. Thanks !
Retweets are appreciated, I will do my best to give information that's hard to access to the community in the next 30 days. Thanks !
21.
One small clarifications :
Node that unlocked early can touch the rewards of their nodes to pay node expenses. They cannot touch the principal.
One small clarifications :
Node that unlocked early can touch the rewards of their nodes to pay node expenses. They cannot touch the principal.
22.
The reason why I put out that thread this early in the learning process is because fudders were starting rumors about centralisation and a single wallet owning 35% of all $rune. I got asked this in PMs by many people. This is the tokens that will be distributed over time.
The reason why I put out that thread this early in the learning process is because fudders were starting rumors about centralisation and a single wallet owning 35% of all $rune. I got asked this in PMs by many people. This is the tokens that will be distributed over time.
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