Polymath Locks Up 75 Million POLY for 5 Years
On January 31st 2018, POLY tokens and v1 of the Polymath platform were deployed on Ethereum mainnet. In total, 1 billion POLY were created with ~240,000,000 tokens distributed on launch. The remaining ~760,000,000 tokens are released periodically on a set schedule until 2022.
POLY tokens are used on the Polymath platform to register token symbols, create security tokens, and use audited security token offering smart contracts to raise funds in an automated fashion. Since the release of the dApp in August 2018, 175 users have registered token symbols and more than 75 have created tokens on the platform. Below is an example of a token symbol registration.
Since POLY token creation, we have periodically been allocated more POLY. Due to the fact that we have no need for 75 Million POLY at this time thanks to a disciplined, long-term treasury management strategy we will be locking up 75 Million POLY for 5 years in a smart contract.
This smart contract allows for safe-keeping of the POLY tokens over a 5 year period, rather than being possibly compromised in a hack.
These 75 million tokens (75,001,337 to be exact…) will be eligible for release in 5 years on January 1st, 2024. To verify this, you can view the contract on Etherscan (a block explorer that allows you to easily view the transactions and contracts on the Ethereum blockchain). The TokenTimelock contract was drafted by OpenZeppelin and has been used in excess of 65 times since 2017.
**Important Note: Do not send any tokens to this contract. You will lose your tokens. The tokens are only releasable to a Polymath controlled address.**
The release time of January 1, 2024 in the above contract can be verified by entering 1704110400 at https://www.epochconverter.com/ and converting to a human readable date.
To view an accurate, up-to-date circulating supply calculation for POLY, please visit https://supply.polymath.network/. Sites such as coinmarketcap.com may not have updated their supply to reflect the true circulating balance.
Follow along with Polymath’s development and Security Token Standards
All that we do is open-source. If you would like to view anything else regarding POLY or Polymath, head over to our GitHub:
If you would like to learn more about ERC1400 — The Security Token Standard, head over to the ERC1400 GitHub:
Read more about this with quotes from Polymath Co-Founder Chris Housser on Coindesk:
Joining Polymath
Do you want to join the security token revolution? We are growing rapidly and always looking for high quality talent. Check out our careers page at https://polymath.bamboohr.com/jobs/ to apply!
About Polymath
Polymath Network (Polymath) is a decentralized platform that makes it easy to create security tokens. The platform simplifies the complex technical challenges of creating a security token and aims to bring the multi-trillion dollar financial securities market to the blockchain.
