Biobit Vesting Contract

As I’m writing this article, the Vesting contract of Zarela is deployed through the Unicrypt service.

Vesting is not a new concept and it’s been there forever, but when it comes to the cryptocurrency market it functions as a great tool mainly to serve two important purposes.

The first and most important one is to be sure that none of the token holders can become a huge whale in the early stages of the token release timeline when there is not much of the token released in the market.

The second and more proper use of a vesting plan is to ensure the long commitment of the team members, as the vesting contract releases their share on a regular basis.

In Zarela the first purpose was the main reason we decided to vest our tokens.

Here is the link to our Vesting Contract on the Unicrypt website.

Before I share the details of our vesting contract, I prefer to give you a picture of the whole Biobit token journey.

As described in Zarela’s white paper, there are 20,000,000 Biobit tokens in total, 85 percent of which is in the smart contract as a reward pool. As you may know, this share of tokens is reserved in the smart contract and is not available or reachable like the usual personal wallets.

The reward pool will release the tokens with the Proof Of Contribution mechanism built on Zarela. It means every time someone contributes to the Zarela platform, he or she will get a reward from the reward pool, and that’s the only way anyone can get Biobit from the reward pool.

You can have more info on Biobit token distribution and the way the smart contract works on the Biobit page. I recommend watching the videos on the page and more on the Zarela youtube channel.

Back to the token’s journey…

It remains 15 percent and as described in the white paper, 10 percent of which belongs to the cofounders and the 5 percent is spending on development.

The 5 percent itself is divided into 3 parts:

1.5 percent300,000 BBitsReleased on Q3 2021
1.5 percent 300,000 BBits Released on Q4 2021
2 percent 400,000 BBits locked in Vesting Contract

Here is how we spent the first 300,000 Biobit tokens:

  • 100,000 tokens sold privately for 1$ each to buy 100.000 DAI.
  • 100,000 used for creating a DAI/Biobit Pair with the 100.000 DAI in the Uniswap exchange.
  • 100,000 tokens paid to experts in return for their services for development purposes.

The second part which is also 300,000 BBits is being spent on Zarela’s native application development.

The third part is locked by the Vesting Contract and will be released on Apr 26, 2022.

PercentAmount Release Date
100400,00026 April 2022

The 2,000,000 BBits which belongs to the team, is being held in the Vesting Contract and will be released by the times mentioned in the table below:

PercentAmountRelease Date
10200,00026 January 2022
10200,00026 May 2022
10200,000 26 September 2022
10200,00026 January 2023
10200,00026 May 2023
10200,00026 September 2023
10200,00026 January 2024
10200,00026 May 2024
10200,00026 September 2024
10200,00026 January 2025

As you can see the team share of the Biobit will be released every 4 months from January 2022 to January 2025. During this time the platform lives and the Proof Of Contribution mechanism will distribute the Biobit tokens between the participants and the BBit market will hopefully continue in balance.

Leave a comment