Development Fund Vesting 2021–07–04

Problem Statement

• Developers would like to have SPEC tokens to facilitate platform launch and protect from malicious polls on low TVL.
• This created unfair launch because developers could potentially dump all tokens to earn money.
• TVL is also inaccurate.
• Vault fee APR which should belong to community is very low because of the fund staked in Gov.

Solution

• We created a locked contract to govern the fund. This contract is allowed to withdraw with condition. The development fund will be frozen for 50 days after project launch (until all vaults’ rewards for users are unlocked) and release at the fixed rate over 3 years.
• The fund will stay unstaked from Gov. However, when there is a poll, developers will be staked into Gov smallest amount as possible, and do the vote. After poll end, the fund will be unstaked from Gov again.
• Owner of the locked contract is Gov. Developers have no permission to change as the changes need to be done through Gov.

With this development fund vesting, the first 100 days of SPEC circulation will look like this.

Transparency

Wallet source code: https://github.com/spectrumprotocol/contracts/tree/master/contracts/spectrum_wallet

Wallet contract: terra1dretwqx84u229rjfgkp0j6avc3fusp000ejrz9

Wallet lock setup: link

Wallet config owner: link

3.5M SPEC transfer transaction: link