Notes on Token Distribution and Bounties as we Embark on our Second Volume (2022-10-30)
History
Our token contract was launched on 08/22/2020 with a total supply of 666,666,666 BLZ and an initial circulating supply of 333,333,333 BLZ. Of that initial circulating supply, 20% (10% of total) was deposited into a team wallet locked in contract. The remaining tokens were either locked in Uniswap liquidity through Unicrypt or airdropped to the holders of another project.
The non-circulating 50% of total supply was reserved for bounties and placed in a locked contract set to disburse over 11 months, releasing every 3 seconds at a rate of about 1,000,000 BLZ per day. BLZ disbursed from the bounty wallet was designated as follows:
▪ 90% (27,272,727 BLZ bounty per riddle).was to be exchanged for ETH at random intervals to fund bounty wallets.
▪ 10% (3,030,303 BLZ/per riddle) to dev wallet.
The Unicrypt liquidity-lock expired on 09/23/2021 and the team wallet unlocked on 03/01/2021. As of the time of writing, no liquidity has been removed and no team tokens have been sold. Over time, the bounty system caused large fluctuations in price. Whenever we sold BLZ for ETH to create bounty wallets, we flooded the market with BLZ and the price took a hit. On 03/29/2021, we deposited 144,242,427 BLZ into a Unicrypt yield farm in an attempt to alleviate some of this cyclic sell pressure. To fund this, we borrowed about 40,000,000 BLZ from the team wallet. The idea was that if the price of BLZ increased, we could fund the bounty wallets by selling far less BLZ and the market would stabilize. We also initiated token burns of all tokens used for in-game purchases. But we still were left with the same problem on a lesser scale.
Moving Forward
For our second volume of riddles, we will halting the liquidation of BLZ in favor of awarding NFTs as bounties. In the weeks prior to riddle launch, NFT purchases paid in ETH, if significant, will contribute to bounty wallets. The percentage of proceeds we will contribute and funding goal are in discussion and will be updated here when a decision is reached.
BLZ will be the currency of the riddle, offering a steep discount on Iscariot in-game and limited run NFTs. The token will no longer be sold to fund bounties.
This leaves the team with 2 wallets:
▪ 113,284,833 disbursed into the bounty wallet
▪ 25,737,120 (66,666,666 – 40,929,546 lent to yield farm)
After we pay ourselves back the borrowed funds, 72,355,287 (-10% to dev wallet) BLZ will remain that was earmarked for bounties. This will either be burned, deposited into liquidity, or reserved for some other purpose (marketing, listing). If you have ideas, reach out. We are open to suggestions from the community.