Team Vesting Guide
Last updated
Last updated
The Team Vesting System is a vesting protocol that asks project owners to lock their team tokens for a period of time. This in turn means there is no unlocked team tokens which could make a rug pull possible.
This feature helps projects establish an increased level of trust with their investors, thereby potentially resulting in growth and long-term price appreciation. It also prevents scam projects from trying to withdraw and sell unlocked tokens at or soon after listing time (the so called rug pull).
Follow the steps below to use the Team Vesting feature using PinkLock. Please note that PinkLock was audited by CerTik: https://leaderboard.certik.io/projects/pinksale
1. Connect your wallet.
2. Go to https://pinksale.finance/pinklock/create
3. Input your token or LP token address.
4. Input token owner address. The unlocked tokens will be sent to this address.
5. Input the title of this lock, "MoonLambo777 Team Vesting" for example.
6. Input the amount for vesting. This is the total amount of team vesting tokens: The total amount of tokens you will allocate to your team through time. Please note, you can only input numbers here, not percentages.
7. Place a check in the check box "use vesting"
8. Below are some important parameters:
TGE Date: Should be the listing time.
TGE (percent): The percentage of the first batch of team tokens to be released. Please note that this is expressed in percentage, not number of tokens.
Cycle (days): How long, in days, between each batch of vested tokens is released.
Cycle Release (percent): How many tokens will be released each cycle following the First Token Release batch. Please note this is expressed in percentage, not in number of tokens.
Example: Your project has a vesting schedule for your team as below:
Your team has 100000 tokens to be vested in total, 20% will be vested at TGE and 80% unlocks every month afterwards for a total of 2 cycles (equal to 60 days).
Let’s imagine that your presale on Pinksale ended on the 22th of May. At TGE (2022-05-22 18:39 for example), your team can claim 100000 x 20% = 20000 tokens for the first token release batch. Then every month afterwards, on the 22th of June and July, your team can claim the next 2 batches, 100000 x 40% = 40000 tokens each batch.
In this case you would enter the following information:
Amount: 100000
TGE Date (UTC time): 2022-05-22T18:39
TGE Percent: 20
Cycle (days): 30
Cycle Release Percent (percent): 40
9. Click on Approve
10. MetaMask will now ask you to confirm the transaction. It will also show you the fee that you are required to pay for that transaction. If you agree, then click on the “Confirm” button to finish the "Approve" process.
11. Click on "Lock"
12. MetaMask will now ask you to confirm the transaction. It will also show you the fee that you are required to pay for that transaction. If you agree, then click on the “Confirm” button to finish the "Lock" process.
Note:
Team Vesting doesn't support rebase tokens.
Please exclude PinkLock's lockup address 0x407993575c91ce7643a4d4cCACc9A98c36eE1BBE from fees, rewards, max tx amount to start locking tokens.
When each vesting cycle ends, project owners can go to PinkLock page and unlock the vested tokens by clicking on the “Unlock” button.
To renounce ownership click on "Renounce Lock Ownership". Renouncing ownership will transfer ownership to a dead wallet preventing you from interacting, unlocking or removing the liquidity/tokens at the end of the lock. Only do this if you fully understand how renouncing works and the outcome. We accept no liability for any loss occasioned to any person acting or refraining from action as a result of this action.
If, for any reason, project owners are not able to withdraw their vested tokens when a cycle expires, they can do this at any given time afterwards. If they were to wait till the next cycle expires, the total amount that can be withdrawn at that time would be the balance of the previous cycle amount plus the amount of tokens of the recently expired cycle.
