Keen watchers of STORJ wallets will notice some large transfers happening today and over the next few weeks.
As you will recall, we have a series of rolling timelocks in our timelocked reserves. (See the Q3 2020 Token Balances and Flows report for details). As announced in our Q1 2020 Token Balances and Flows Report, we did not relock the tranche (tranche 7) that came unlocked at the end of Q3. This resulted in a total of 30.625M tokens coming into our operational reserves.
We are allocating a portion of these newly unlocked 30.625 M tokens as remittance to several service providers and early investors who were involved with the company prior to the 2017 token sale. Approximately 15.1M tokens are being transferred today. Of these 15.1M tokens, 6M are unlocked, 4.5M have a timelock that expires on January 7, 2021, and another 4.5M have a timelock that expires on February 7, 2021. In January, we expect that another 5-10 M tokens will be transferred for similar purposes, with quarterly rolling timelocks that will unlock through September 30, 2021. All such transfers will appear in our upcoming token balances and flows report.
Again, these are tokens that were already in our operational reserve. The number of long-term timelocked tokens has not changed. As announced in our last quarterly report, the tranche that unlocks on December 31, 2020 (tranche 8) will be relocked until December 31, 2022. As we have in the past, we intend to continue our commitment to providing 90 days’ notice prior to any change in plans relating to token lockups.