Update of the Team Token Contract

In this update, we would like to share the details of the team token vesting. All team tokens have been locked since March 21st, 2022 which was the first day of the BendDAO launch.

Team Allocation: 2,100,000,000 BEND (21% of the total supply)

Vesting Period: 1-year lockup and then linearly released in 3 years

Official start time of the 1-year lockup: May 10th, 2022 at 14:28 UTC

End time of the 1-year lockup: May 9th, 2023 at 14:29 UTC

End time of the vesting period: May 8th, 2026 at 14:29 UTC

Timelock of the team token contract: 7 days

The team doesn’t have any voting power and can’t share the protocol ETH earnings since the team token contract is independent.

Emergency Voting

The team token can be staked to get veBEND in case of an emergency. This design of emergency voting is to protect BendDAO and prevent some big holders from rigging the DAO voting system.

The staking period usually will be several weeks. All protocol income allocated to the team token address during the staking period will be redistributed to the FeeDistribution Contract and reallocated to veBEND holders. The redistribution call method is open to the public and anyone can call it. The team will not take any protocol income. The emergency staking is to protect the protocol only.

On-chain Reference

Team token lockup transaction: https://etherscan.io/tx/0x0763d97a758f4aad0e432fdccc66b9489299b80fcd65e702739a1052364db019

Team token lockup contract address: https://etherscan.io/address/0x7941d082d46a9a8c3e8c2106187a24b74cc1bdd3

Proxy Admin contract address: https://etherscan.io/address/0x49b1fE3db39D8ee873b4B45602A5127E99d4cfF6

7-Day Timelock contract address: https://etherscan.io/address/0x47253c6ad6ec68ded8fc91503a354c792bb0932f

Thank you for being part of BendDAO. Let’s build BendDAO together.

More about BendDAO

BendDAO is the first decentralized peer-to-pool based NFT liquidity protocol.

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