As we get closer to the 2nd private sale unlock, we are introducing a fast unlock option for private sale investors. Currently, at each unlocking date (11th days of a month), 8.33% of the locked token will be unlocked for each Round private sale investor. We understand the crypto market is very volatile and many investors have an urge for liquidity. So starting on this next private sale unlock, investors will have an option to unlock additional locked tokens by paying a toll fee that decreases after each unlocking period. The STPT from the fast unlock fee will be burned and removed from circulation. Additionally, each STPT from the fast unlock fee, will be matched by the equivalent burn of reserved team tokens at a 1:1 ratio.
For private sale investors, this option will be available on each unlocking date. If you would like to exercise this fast unlock option for the private unlock please contact us before the unlocking date and include the amount that you would like to fast unlock.
For example:
A round 1 investor whose original investment of 1,000,000 STPT still has 916,666 unvested tokens. On this next unlock date which is August 11th 2019, he/she is supposed to receive 83,333 STPT (=1/12) according to the original distribution plan. If he/she chooses the fast unlock option, then each additional STPT more than 83,333 (maximum of 833,333) that he/she chooses to unlock is subject to the 50% fast unlock fee. So if the investor decided to fast unlock an additional 100,000 STPT on the 2nd private sale unlock on Aug 11th 2019 in addition to 83,333 STPT that he/she is supposed to receive, he/she will get 50,000 STPT (100,000 *(1–50%)) after the fast unlock fee, and the STPT from the fast unlock fee will be burned. 50,000 STPT from STP’s reserve tokens will also be burned. His remaining 733,333 will be subject to the original unlock plan.
Another example
A round 2 investor on the 7th unlocking date whose original investment of 1,000,000 STPT still has 453,333 unvested tokens. On this next unlock date of January 11th of 2020, he/she is supposed to receive 53,333 STPT (=(1–20%)*1/12) according to the original distribution plan. If he/she chooses the fast unlock option, then each additional STPT more than 53,333 (maximum of 400,000) that he/she chooses to unlock is subject to the 12.5% fast unlock fee. So if the investor decided to fast unlock an additional 100,000 STPT on the 7th private sale unlock on Aug 11th 2019 in addition to 53,333 STPT that he/she is supposed to receive, he/she will get 87,500 STPT (100,000 *(1–12.5%)) after the fast unlock fee, and the STPT from the fast unlock fee will be burned. 12,500 STPT from STP’s reserve tokens will also be burned. His remaining 312,500 will be subject to the original unlock plan.
The different fast unlock fee will be applied at each unlocking date according to the table below:
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