Today, August 24th, 2022, the team behind the Nodle Protocol and the Nodle Network development announced the locking of the vast majority of its treasury of NODL tokens. The decision aims to further strengthen the ecosystem by reducing the token’s circulating supply while demonstrating the long-term commitment to the protocol.
The tokens will automatically unlock every month over five years in an automatic manner, tracked and implemented by the Nodle Parachain. Furthermore, a portion of these tokens will be allocated to creating a DAO treasury to help decentralize the Network’s governance.
Effective immediately, a little over 2.7B tokens are taken out of circulation and will vest according to the following terms:
- The future DAO tokens (966,502,095 NODL) will vest linearly as of 01/01/2023 over five years. These tokens will be used by the upcoming Nodle DAO and are not usable by the team.
- 1,169,647,883 NODL are reserved for discretionary spending of the team, such as compensation and retainer structures. They will start vesting linearly on 01/01/2023 over five years.
- 400,000,000 NODL are reserved for creating learning programs and initiatives with exchange partners, vesting linearly on 01/01/2023 over two years.
- 200,000,000 NODL are reserved for an ecosystem support budget, vesting linearly on 01/01/2023 over three years.
The lock can be verified on the Subscan block explorer according to the following links:
- DAO Treasury: 4jbtsgNhpGB2NtbdLN3xkB2urHo5JboKkSAjcBM4s3SzQdUt.
- Team Treasury: 4jbtsgNhpGB2vH7xTjpZVzZLy7W4sFyxjvD45x7X1m6BSiGx.
About Nodle
Nodle connects the physical world to Web3 by using smartphones as edge nodes. The edge nodes read devices and sensors in the physical world using Bluetooth Low Energy (BLE) and connect that information to the blockchain. Creating a geolocation-based layer one that can be used by many unique applications built for the hyper-connected, mobile-oriented world we live in, including real-time asset tracking. Nodle creates an economic model that is secure, private, and scalable. Anyone with a smartphone can join the network in return for Nodle Cash tokens ($NODL). Nodle provides insights for consumer electronics manufacturers, enterprises, smart cities, the finance industry and beyond. Since its creation in 2017, Nodle has become one of the world’s largest wireless networks by number of base stations. To join, download the Nodle app for iOS or Android.
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The team behind Nodle locks a portion of the treasury to strengthen the ecosystem. was originally published in Nodle on Medium, where people are continuing the conversation by highlighting and responding to this story.
