Initial Circulating Supply of RSR
The initial circulating supply of RSR will be:
6.85% – Total initial circulating supply
3.00% – Huobi Prime tokens
2.85% – Project tokens
1.00% – Private sale tokens (0.25% unlocked now, 0.75% vesting over three months)
All team, advisor, partner, and seed investor tokens are locked until mainnet launch, which is anticipated to happen sometime in 2020. So no project founders, team members, advisors, or early investors will be able to sell any RSR tokens on Huobi Global or any other secondary market at the time of listing, or any time prior to main net launch. We felt this was important to set up the incentives properly for our team and early supporters.
Project token details:
2.85% of total tokens are held by the project, unlocked. We have the ability to transfer these tokens, and will do our best to use them wisely to achieve the long-term success of Reserve, taking into account the benefit of the core project and the community. For example, all tokens for the Huobi RSR bounty come from this pool, and we may use some more of these tokens in similar ways in the near future. Depending on market performance, we may also sell some of these tokens to further extend the cash runway for the project.
55.75% of total tokens are held by the project, locked. They are stored in a smart contract referred to as the "slow wallet." Slow wallet tokens are locked, and can only be withdrawn with a one-month delay, visible on-chain, including a message from the team explaining the reason for the withdrawal. We designed this mechanism to give the project the ability to release tokens for fundraising and other purposes in the future if needed, while allowing the community time to learn about any further releases well before any new tokens enter circulation. The slow wallet is deployed here: https://etherscan.io/address/0x4903dc97816f99410e8dfff51149fa4c3cdad1b8#code
Note 1: It was previously stated on the Huobi website that “slow wallet” withdrawals could be executed with a two-week delay. We chose to increase this to four weeks to give more time for market participants to track project token movements.
Note 2: When we say “project tokens” we mean the same thing as “foundation tokens,” but our legal structure technically isn’t a foundation, so we are using this other term instead.
Note 3: Thanks for bearing with us while we finalized these numbers. We carefully considered circulating supply, and ultimately decided on a number for the project tokens that is lower than previous Huobi Prime projects TOP and NEW, which had 3.50% and 4.38%. We also chose to keep total circulating supply at 6.85%, compared to TOP (10.6%) and NEW (12.87%).
Note 4: As I mentioned above, this low total circulating supply is only possible because our team, advisors, and seed investors all made the commitment to keep their tokens locked until mainnet launch, which we feel sets the right incentives for the project and supporters. The current RSR smart contract has a locking mechanism built in, where some addresses are locked by default, and others have been locked with the lockMyTokensForever() method, which locks tokens until the team upgrades the contract for mainnet launch. For example, all seed investor tokens are locked with this method in this transaction: https://etherscan.io/tx/0x780d196849a20bd70dd634f557818d05a3ccb78ca331b3e5393899ef3f5a775c Make sure not to call this method on your tokens, or you will join the lockup with the rest of us and have to wait until mainnet launch to begin transferring them again!