We are a group of Private Sale investors and are among the largest holders of Islamic Coin (ISLM). With the imminent listing of Islamic Coin, we find it imperative to reassess the existing tokenomics. Originally, the coin was scheduled for listing a year ago, but due to unforeseen events like the collapse of FTX and the subsequent downturn in the crypto market, the listing was delayed. This has led to a situation where more than 50% of the allocations for founders, private sale investors, and partners are now unlocked, despite initially being vested for 23 months. This could potentially create significant sell pressure in the initial months following the listing, a critical period for any new token that hasn't yet established trading volume.
To address this, we propose re-vesting all accounts with atotal balance – comprising locked, staked, and liquid coins – of 1 million ISLM or more. These accounts would be subject to a 6-month cliff, followed by 24 months of daily vesting unlocks, with certain exceptions. It is important to note that all vested tokens will still be eligible for staking. The staking rewards can still be claimed and openly traded.
After discussions with representatives from Islamic Coin and the Haqq Network, the following software upgrade linked to this proposal has been implemented:
This proposal aims to ensure a healthier market environment for Islamic Coin post-listing, benefiting all stakeholders involved.
{
"name": "v1.5.0",
"time": "Mon, 01 Jan 0001 00:00:00 GMT",
"height": 7770000,
"upgraded_client_state": null,
"info": {
"binaries": {
"darwin/arm64": "https://github.com/haqq-network/haqq/releases/download/v1.5.0/haqq_1.5.0_Darwin_arm64.tar.gz?checksum=af4050113e7874209e8b1d1c95ec122c98225750fd94621a0ade16bb5927fa4f",
"darwin/x86_64": "https://github.com/haqq-network/haqq/releases/download/v1.5.0/haqq_1.5.0_Darwin_x86_64.tar.gz?checksum=b73dccbe2b9df9360fe0ff6fd6d61cea2409e6a16a51c48811a5dbbc9aa91084",
"linux/arm64": "https://github.com/haqq-network/haqq/releases/download/v1.5.0/haqq_1.5.0_Linux_arm64.tar.gz?checksum=b5391ed64b72eff60f3b5243c1e2bb38b076b61aa353b4eee608755002cfbb65",
"linux/amd64": "https://github.com/haqq-network/haqq/releases/download/v1.5.0/haqq_1.5.0_Linux_x86_64.tar.gz?checksum=4a73c5b3813a42cd4da81468a7952c2cda7ce0cd73619923fa1fa9b345ce0ab6",
"linux/x86_64": "https://github.com/haqq-network/haqq/releases/download/v1.5.0/haqq_1.5.0_Linux_x86_64.tar.gz?checksum=4a73c5b3813a42cd4da81468a7952c2cda7ce0cd73619923fa1fa9b345ce0ab6"
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}