Astroport builders delay governance token unlocks by six months
When Astroport was conceived in March 2021, a collective of builders from around the world came together to deploy a state-of-the-art AMM on Terra. Launched in December of that year, it quickly became Terra’s most popular decentralized exchange (DEX) and regularly facilitated hundreds of millions of dollars in swaps every day.
Governance tokens for Astroport’s builders were scheduled to begin unlocking a year after the protocol’s December 14, 2021 launch. Considering the disruptions in the Terra galaxy earlier this year, though, the builder Astroport protocol token agreements have been amended to delay their unlocks by a little over six months. The move gives the broader Cosmos ecosystem more time to mature and establish adoption before increasing the circulating supply of ASTRO.
This change impacts both of Astroport’s deployments:
- Astroport on the new Terra 2 network, which is governed by Astroport (ASTRO) tokens
- Astroport on the original Terra network (Terra Classic), which is governed by Astroport Classic (ASTROC) tokens
Both sets of tokens were scheduled to begin unlocking on December 14, 2022. Due to the completed legal and upcoming smart contract amendments, the unlocks will now begin on July 1, 2023. On that date, one-third of builder tokens will unlock on both chains, and the remaining two-thirds will begin unlocking on a linear daily basis over the following 24 months.
Important notes from the mothership:
- When Astroport launched on Terra 2, the supply of ASTRO tokens was increased from 1 billion to 1.1 billion. The additional 100 million tokens are to be exclusively used to incentivize liquidity. This also slightly lowers the percentage (but not amount) of ASTRO tokens granted to builders, as compared to the percentage they held of ASTROC.
- There is no bridge between ASTROC and ASTRO, and each set of tokens governs the deployment on its respective chain. In other words, ASTROC tokens have no governance power over Astroport on Terra 2, and ASTRO tokens have no governance power on Astroport on Terra Classic.
- Astroport’s updated unlock smart contracts are expected to be deployed on both Terra 2 and Terra Classic next week
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Remember, Terra 2.0 and Astroport are experimental technologies. This article does not constitute investment advice and is subject to and limited by the Astroport disclaimers, which you should review before interacting with the protocol.