Ownership
Ownership of BANK Governance token by the Algofi DAO.
The Algofi DAO consists of numerous stakeholders. The community represents the core element of the Algofi DAO. The majority of the BANK governance token is earmarked for community the community treasury. Outside of the community, the DAO includes the Algofi core developers, investors, and the Algofi treasury.
BANK is required to vote and decide on the outcome of proposals through Algofi Governance. The Algofi DAO uses BANK to decide the future of the Algofi protocol.
At genesis, 5bn BANK will be minted and distributed to the Algofi DAO over time according to the following schedule:
Stakeholder | BANK Tokens | % of Total Supply | Vesting |
|---|---|---|---|
Community | 2,550,000,000 | 51% | |
Core Developers | 1,250,000,000 | 25% | 1 year cliff, 3 year linear |
Seed Investors | 468,500,000 | 9.37% | 1 year cliff, 3 year linear |
Private Sale Investors | 148,500,000 | 2.97% | 1 year cliff, 2 year linear |
Service Providers | 2,000,000 | 0.04% | 1 year cliff |
Algofi Treasury | 581,000,000 | 11.62% | 1 year cliff, 5 year linear |
Total | 5,000,000,000 | 100% | |
Vesting begins from the launch of Algofi Governance and BANK token.
1 year cliff, 3 year linear means 1 year following the launch of Algofi Governance, 1 / (1 + 3) = 25% of the allocation unlocks, then over 3 years in monthly installments, 75% / (3 * 12) ~ an additional 2.1% of the allocation unlocks. For example, Seed Investors will see 25% * 9.37% = 2.34% unlock after 1 year, then ~ 2.1% * 9.37% = 0.2% unlock monthly for 36 months.
Last modified 7mo ago