Ask Storj: Token Lock-up Update


Welcome to Ask Storj, a new section on the Storj Blog where we answer your questions about our technology and our business. 

Q: What is the plan for the 245 million tokens that are currently locked up? 

A: After our token sale last year, we put 245 million tokens in a smart contract as detailed in this blog post. The 245 million STORJ tokens are currently locked up until July 29th of this year. As you may know, we sold a certain amount of tokens in the token sale. We have another bucket of tokens that are available for farmer payouts, community payments, bounties, etc. We believe that we currently have enough tokens outside of those locked up so we will be renewing the lock-up for another six months, meaning these tokens will remain locked in a smart contract until the first part of 2019. Prior to these tokens unlocking, we will release a detailed STORJ token distribution plan, and that will happen post-V3 launch. Once V3 launches, we expect to see a lot more demand on the network, and a lot more need for liquidity to pay out Storj tokens to users. Once we have a better sense of what those metrics are going to be, we’ll provide more detail. We believe the additional time will allow us to make a more accurate and data-driven token distribution plan. 

Have a question for the Storj team? Send it to ask@storj.io. You can also check out our frequently asked questions.

—Shawn Wilkinson