Tokes: Balance Snapshots, Staking Rewards, and IEO Dates
As we usher in this new era of tokes under a re-issuance of the token, there are a number of key upcoming dates that are important for all existing and future holders to be aware of, provided below. For the most accurate, up-to-date information, please join our mailing list at https://multichain.ventures.
Balance Snapshots: Test Asset and Live Asset
This update comes with two critical dates, as we will be executing a snapshot and distribution with a test asset first, and then with the re-issued asset shortly thereafter. These snapshots will take place at specific block heights on the Waves blockchain, but the approximate dates to look out for are:
January 18, 2020
- 8:00am UTC: Test Asset Snapshot — MVTKS Test
- 8:00pm UTC: Test Asset Distribution — MVTKS Test
February 18, 2020
- 8:00am UTC: Tokes Re-issued Asset Snapshot — Tokes (TKS)
- 8:00pm UTC: Tokes Re-issued Asset Distribution — Tokes (TKS)
It is critical that you don’t make any transactions purchasing legacy tokes (asset ID: BDMRyZsmDZpgKhdM7fUTknKcUbVVkDpMcqEj31PUzjMy) after the live balance snapshot on February 18, 2020, as you will not receive credit for any change in balance after the event. We are currently coordinating with the Waves team to deprecate our old asset ID and disable trading on the DEX in advance of the snapshot window, but as always, please be diligent.
As discussed in prior posts, legacy (existing) token holders are receiving a bonus on any tokes held in a Tokes Mobile, Waves.Exchange, or other non-centralized exchange wallet that supports Waves assets. That bonus is equivalent to 25%, amplifying the the twenty times (20x) multiplier in base holdings to account for our equivalent increase in token supply in this new issuance. For example, a wallet with a balance of 1,000 TKS pre-snapshot will receive 25,000 TKS in the post-snapshot distribution.
We hope you’ll participate in confirming balance distributions of the “MVTKS Test” token, and subsequent Tokes (2.0) token. Should you need support with your distributions, please reach out to support@multichain.ventures.
User Staking Rewards
For those users who haven’t seen our updated Tokenomics document, I highly encourage you give it a read: here.
One of several changes we’re making along with the token re-issuance is an enhanced staking reward mechanism to benefit consumers and businesses interested in paying and accepting tokes.
From our Tokenomics Paper:
10% of the total supply of Tokes (100,000,000 TKS) will be granted to users for staking a balance over the course of two years (or at a rate of 50% per year). Following an initial three month inauguration period, staking will occur at monthly intervals and requires the user to hold a minimum of 1 Toke in a wallet they hold the private key for — exchange wallets will not be granted staking bonuses. Each monthly staking period bonus will be computed based on a rolling three month average wallet balance, with daily snapshots. For example, the distribution at the end of month four will consist of a daily balance snapshot of months two, three, and four. Staking balances will need to remain in their wallet for a minimum of one day to receive the staking bonus.
Staking bonuses will be granted based on the wallet holders’ total percentage of the circulating supply.
Two points are important here. First, given that the total circulating supply will be approximately 20% of total issuance following the exchange offering, holders will receive up to a 50% increase on their vested balances over the course of two years, which can be used directly across our merchant network, or for products and services offered by Multichain Ventures and our partners. And second, these rewards are only available to users staking their balance off-exchange.
Individuals purchasing the token during the IEO will have until March 2, 2020 to withdraw their tokens to a non-custodial wallet, for which they manage the private keys. March 2nd is the official start of the vesting date from which rewards are calculated, based on a daily average of wallet balances. Users can begin vesting a balance at any time after March 2, but distributions are based off of 90 day rolling windows and the total network share staked, so it is best to stake early.
We are incredibly excited about the next phase of business for Multichain Ventures. For those individuals interested in obtaining more information about our official exchanges, IEO launch dates, bonus periods, and more, please visit our token sale page: here.
The sale will be available to all non-US residents at:
We have another exciting exchange announcement coming towards the end of January that I am really looking forward to sharing. As always, thank you for your continued support. The crypto-future is incredibly bright.
