repost of an article published in Medium:
https://medium.com/openpredict/openpredict-vesting-schedule-change-4e8880cbcb8c
The OpenPredict vesting schedule for sale participants is being prolonged to create a more stable release. A less volatile release schedule is a prioritized demand from the exchanges we are in discussion with.
Extremely high gas fees have vastly reduced the organic trading volume for altcoins on Uniswap. While the volume is up, it’s concentrated on UNI itself, with other allowances on coins plugged into forks like SushiSwap.
We have a solemn belief in the decentralized future and it was our intent to not add more centralized exchanges until mainnet launch. However, over the past month, it became clear that the high gas fees on the Ethereum mainnet are not going to reduce anytime soon.
We tried to combat this issue early on, without focusing on new CEX options. We launched on Dharma, with a promotional event for free swaps. However, as swap fees surged to $10 — $20, this became unaffordable by Dharma. We were understanding.
As we now have to focus on centralized exchange listings prior to product launch, we have to adjust to a less volatile release schedule to comply with listing requirements. We are currently in talks with several exchanges, and the most common demand is a change in vesting schedules for token buyers, which we will need to prolong to ensure a less volatile market and a long-term engaged community.
As mentioned in a previous article, OPT is and will continue to be a self-funded project. The funds from the token sale are currently used to provide liquidity on Uniswap OPT-USDT pair as well as providing market making support on Poloniex and future centralized exchanges. The remaining funds are deployed for providing OPT rewards for the community via Curve farming. Development costs, salaries, and ongoing product costs such as oracles are all paid from the team’s own savings.
The team is thereby, per definition, the largest source of funding the project, we, therefore, see it reasonable that all other token holders, who already received 40% of their tokens, will share the same vesting schedule as the team for their remaining tokens.
For those that feel these changes are not in the best interest of the OpenPredict project, or feel they would not have purchased the tokens under such release terms, the OPT team will use its own funds and offer to refund any presale participants’ 60% locked tokens at their original purchase price.
For maximum transparency and as a testament that this move is solely for the best interest of the project, the refunded tokens will be burned.
New Vesting Terms are as Follows
40% Unlock at TGE
60% locked for a year from TGE, followed by equal monthly release
Further, the vested portion of the advisors release will also be extended to a monthly release after a year’s lock.
This is in the best interest of the long-term believers in the project, as it greatly reduces secondary market inflation till the project’s development and product line materializes.
About OpenPredict Protocol
OpenPredict Protocol creates liquid options for hedging against the price risk of assets staked in DeFi protocols. These options are minted into tokens, enabling first-ever options that are not siloed to a single exchange. This adds a powerful new “money lego” to the DeFi market, one that brings a financial instrument for security against market volatility.
The project’s product-focused roadmap merges the three most successful product markets in the crypto market: predictions, DeFi, and trading.
Website: https://openpredict.io/
Overview: https://daomaker.com/sho/openpredict
Telegram Chat: https://t.me/openpredict
Telegram Announcements: https://t.me/OpenPredictAnnouncements