Important Updates to the Edgeware Lockdrop (May 2019)
Edit: Some of this information may be outdated. We've done our best to update sections where we find them, but check blog.edgewa.re and the final terms post.
We are rapidly approaching June 1, 2019: the opening of the Contribution Period for the Edgeware Lockdrop Event. For those new to the event, the lockdrop is the token distribution mechanism for the Edgeware network, where EDG tokens are awarded to those who timelock (or signal!) ETH. We've invested significantly into hearing community needs on this cutting-edge token distribution, and are now announcing changes to the allocation schedule.
In this post, we'll announce:
- The launch of the Edgeware 'Master' Lockdrop Contract on the Ethereum Mainnet.
- An extension of the Contribution Period Length, launching June 1- now lasting 90 days, instead of 14.
- A new bonus schedule for Early Participation.
- Changes to some allocation reward rates for participants, and also allocation timing for signaling users.
Our 'Master' Lockdrop Contract (MLC) has been launched on the Ethereum Main Net
We want to emphasize is that there have been no changes to our audited Lockdrop Contract other than the date range of the Contribution Period. To verify this, you can view our Github Repo for the Lockdrop Contract and also check out the newly launched Lockdrop program on the Ethereum Mainnet via Etherscan. You can also view the Quantstamp Audit Report.
As a reminder, the MLC will generate the individual lockdrop user contracts (LUCs) that will hold their ETH, but the MLC itself holds no time-locked tokens.
New Lockdrop Contribution Period: June 1, 2019 - August 30, 2019
Originally, the Edgeware Lockdrop Event was scheduled to last 14 days (2 weeks) We have extended this period to last 90 days, beginning June 1, 2019 12:00 AM EST and terminating at August 30th, 2019, 11:59 PM EST. During this time, there will be new bonuses for participating early - assigned to six 15-day periods, with lesser EDG allocation bonuses as the Contribution Period progresses.
Early Participation Bonus
Extending the Contribution Period to 90 days is an opportunity to:
- Involve more diverse stakeholders who can better participate at their convenience with the larger window of time, with less pressure.
- To continue to reward the most committed to the Network's success by increasing incentives to early participants through allocation bonuses.
The following chart demonstrates the early participation bonuses available, which last until the last day of the Contribution Period, at which they go to zero. It's important to note two things:
- Bonuses tiers are time-limited- a particular tier will end when either the date-range terminates, at which point the next tier becomes available.
- These 'locking sooner' bonuses are multiplicative - they stack with bonuses to time-locking for longer durations.
Changes to Timelocking Bonuses
New changes to the timelock bonuses are solely to the proportions of shares awarded - the top two durations have increased bonuses, with significant increases to the top lock-duration of 12-months. Note that the reward for the 3-month lock duration has not changed, and remains at 1.00x.
Changes to Signaling
We are committed to an inclusive set of stakeholders for the Edgeware network; after listening to compelling feedback from community members, we are making changes to the signaling process that will result in more inclusion and empowerment of those with less risk-tolerance or ETH holdings. While signaling will still require some ETH for those participants, they will not be denied a voice in the governance process of the network, and will be enabled to pursue validator status. The details of these changes follow:
Previously, to participate via signaling meant that EDG token awards were delayed by 12 months and were weighted at 0.40x shares. As a result, signal-users would be able to participate in governance or validation only 12 months after the network launch.
To be more inclusive to a variety of stakeholders in this community-owned network, 25% of the awarded EDG to signal-users will be delivered at the launch of the network, and the remaining 75% will be delivered 12-months after launch.
Signaling participants will also have the opportunity to stake their EDG, and increase their EDG holdings via staking rewards, just like time-locking participants. To compensate for this change, we've adjusted the allocation rate for signaling downwards, as shown in Figure 2.
As a reminder, signaling can be combined with locking - they are not mutually exclusive for those who would like to lock some portion of their ETH and signal the remainder.