We are a group of Private Sale investors and are among the largest holders of Islamic Coin (ISLM). With the imminent listing of Islamic Coin, we find it imperative to reassess the existing tokenomics. Originally, the coin was scheduled for listing a year ago, but due to unforeseen events like the collapse of FTX and the subsequent downturn in the crypto market, the listing was delayed. This has led to a situation where more than 50% of the allocations for founders, private sale investors, and partners are now unlocked, despite initially being vested for 23 months. This could potentially create significant sell pressure in the initial months following the listing, a critical period for any new token that hasn't yet established trading volume.

To address this, we propose re-vesting all accounts with a total balance – comprising locked, staked, and liquid coins – of 500k ISLM or more. These accounts would be subject to a 6-month cliff, followed by 24 months of daily vesting unlocks, with certain exceptions. It is important to note that all vested tokens will still be eligible for staking. The staking rewards can still be claimed and openly traded.

After discussions with representatives from Islamic Coin and the Haqq Network, the following software upgrade linked to this proposal has been implemented:

1. A whitelist has been created at block 7716144. The whitelist includes:
  a. Accounts with a sum of the balance, staked coins, and coins locked in the vesting smart contract less than 500k ISLM.
  b. Accounts holding the non-distributed remainder of the partners' allocation.
  c. Accounts holding the remainder of the Private Sale allocation, reserved for legal commitments with certain buyers and not to be distributed upon listing.
  d. Accounts holding 1 billion in Business Reserve (the rest of the business reserve is held in a separate, non-whitelisted account).

2. The team's accounts will be re-vested with a 12-month cliff followed by 24 months of vesting.

3. All other on-chain accounts, except for those on the whitelist (including those with less than 500k ISLM but created after the whitelist snapshot), will be re-vested with a 6-month cliff followed by 12 months of vesting.

4. Re-vested coins will be migrated from the balance, delegation, and vesting smart contracts to a Cosmos module that allows for the staking of locked coins. Coins that were delegated prior to the proposal will continue to be delegated to their associated validators.

5. Post-revesting, accounts will have the ability to stake coins that are locked in the new vesting module.

This proposal aims to ensure a healthier market environment for Islamic Coin post-listing, benefiting all stakeholders involved.

Haqq

Proposal #18 Details

HAQQ Mainnet v1.5.0 (correct description)

Description

Software Upgrade

Validators Votes

Votes

Depositors