BLOCK Vesting Schedule Update

Private sale unlocks for BLOCK were due this month, however, because of the current market conditions, we have decided to delay all unlocks until September 2022. We have consulted a number of our advisors on this and they have urged us to make this decision in the long-term interest of the BLOCK token and its holders.

Private sale unlocks will resume in September 2022, at which time we will switch to a daily unlock of tokens for those who purchased pre-launch.

All tokens that were due to be unlocked between now and September will be added to our staking pool, meaning private sale participants will earn 30% APR on their locked private-sale tokens up until the September unlock. Tokens earned from the staking will be spread out over the remaining full unlock, which is due to finish in May 2024.

Why are we doing this?

  • We’ve done this to attract new investors and protect current investors during these difficult market conditions.
  • The delay gives us additional time to ensure ledger support is in place for our daily unlock tool, which isn’t currently available.
  • Our product roadmap was recently released, and our dev resources need to continue working on our product and give BLOCK utility. Delaying gives us more time to work on the daily unlock system without interfering with our roadmap.
  • Any token unlock will see sell pressure on the token, which is inevitable in the market space we are in. As a token holder, it is in your best interest for the token to stay as stable as possible during the turbulent weeks/months ahead, a delayed unlock provides this.

Why daily unlocks?

This idea is to create less of a harsh price impact when tokens unlock. People will claim at all different times due to the future unlock occurring daily which should not impact the price as much. The vesting will go on for 18 months for the remaining vested allocation starting from the next unlock in September 2022.

When will you get your tokens next?

The next unlock will take place in September 2022, from then you will be able to claim BLOCK on a daily basis, and we will provide an update nearer the time as to how you can claim. Our CTO and development team are working on this solution as part of a wider update to our Blockasset platform.

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