Team Vesting Update
On August 1st our pools and liquidity mining rewards went live with our dApp and we announced prioritizing our team token vesting on the same day. The vesting contracts were written in a way that requires our governance to be live in order for them to be deployed. However, since we have not yet launched our ‘Delegate’ governance function, team tokens for the past several weeks have not been released. This afternoon, Love Boat will be releasing LOVE tokens to our team vesting contracts to cover the past 28 days of work in accordance with our aforementioned vesting schedule.
As a refresher, our team will be vested tokens over 1.5 years with only 4% of the total supply of LOVE tokens being allocated to our team. We just distributed the proper amount of LOVE tokens to each team member’s vesting contract for 28 days had the contracts been deployed 4 weeks ago. In order to calculate that amount of LOVE tokens for each team member we used the following formula:
28/547 * team member’s original vested amount being transferred to team member’s wallet.
The new vesting duration is 547 days (1.5 years) minus 28 days, which is 519 days. In order to calculate the amount of LOVE tokens that will be vested to each team member once governance functionalities are live and the new vesting contracts are activated, we used the following formula:
519/547 * team member’s original vested amount put into new vesting contract.
There will be a gap in our team vesting from now until the governance functionalities are live and the new vesting contracts are activated, but we figured this makes the most sense in order to keep our vesting as simple as possible while still honoring the work our team has already put in. The Love Boat team has been working tirelessly for many months to build a product you love using, and we feel that aligning incentives to help recognize that work will help fuel our efforts even more.
The new vesting contracts enable reverse-vesting which will allow team members to vote with their tokens that will be vested in the future. This measure will help us govern Love Boat in a way that best aligns with the community’s goals in the early days as 90% of our tokens roll out to the rest of the community through liquidity mining rewards.
New vesting contract addresses:
Rayne: 0x6b2A757047b540a7B437e8F8C970314b310091aE
Tim: 0x974A720e1a2CC028F3de6ba4Deab3865a373136E
Omni: 0xa6e3E12e58306dCb652106Ce3F392aE1Be783B01
Quoc: 0x4e50fb9381a77dee29a5fccb4e7f3fa9c2ce0533
Khang: 0xFfAda9b01Ea7A83FE5d0335Ca7456bD2cEFCf1f3
Rory: 0x5Ec8963C81e0971a145e4A53E86c89CF7Dd6C038
Brian: 0xF47544dE1b71DDa856d930370867db595647D13D
Laura: 0x9cf92bfd6fcf2505657c417dc340f8a76544440f
KP: 0xdaadf3EeEc392AD9C57CcA49a54e4Df35B1DfdFe
Growth: 0x4Db0Dff7FcdC3028Ea17Ef891Ae68BF8026a4223
Need more info? Check out these articles
MEV| Governance | Roadmap | Tokenomics |Meet the Team
