Token Airdrop

To accelerate the development of the platform, we will be issuing 6,101,695 $BLST tokens in Q1 of 2022, where 57.36% will be distributed to the community through a Liquidity Bootstrapping Pool (LBP) on either Copper or an AMM/DEX, an airdrop for community members who meet specific criteria, and weekly capitalization events.

After platform launch, token holders will exchange the $BLST Token for $BALFI. The foundation will take a snapshot during the first year of Ballast operations, after which the new Token will swap at the conversion rate of 1.15x.

The capital from this bootstrap will go to accelerating platform development. Token distribution follows the same model as in the whitepaper.

Definitions

  • DAO means decentralized autonomous organization.

  • Platform means the Ballast ecosystem as a sum of its components.

  • $BLST Token is the pre-release Token that converts at 1.15x to $BALFI; it provides the holder with the ability to vote on non-binding proposals during the platform’s development phase.

  • Ballast Token, or $BALFI, is the native Token of the Platform, providing the holder with certain governance rights over the Platform’s DAO and poolDAO.

Token Capitalization

Tokens will capitalize based on the following tranches over eight weeks — we have distributed tranches over eight weeks not to affect the Token’s price adversely.

Airdrop

Community is a crucial part of any distributed Web3 project. To support our community, we will be giving those members who have connected their wallets to the ballast application the following airdrops.

  • The first 100 addresses to connect to the dapp will receive 500 $BLST tokens per wallet

  • The following 500 addresses will obtain 125 $BLST tokens per wallet

  • The following 2500 wallets will receive 50 $BLST

To qualify for the airdrop, you will have to sign your wallet to the Ballast Dapp and provide us with your Discord or Telegram username and wallet address. We will post a step-by-step guide in Jan ‘22.

The airdrop will begin the week following the liquidity event and be take place over seven weeks according to the following schedule. If any airdrop amount is not allocated by the end of week 8, it gets capitalized.

Prior Agreements

Vesting Dec 25th, 2021, a total of 550,000 $BLST tokens have been allocated through a future token grant. Statement 4 of Exhibit A of the agreements grants holders free liquidation rights. These tokens are issued to numerous persons, with the maximum token allocation of 150,000 to any one individual.

“4. Liquidation Tokens will be held in a digital wallet and can be liquidated once a liquidity pool is established for the ballast token on a decentralized exchange, or the token can liquidate the token through a private placement should they find a counterparty willing to receive the tokens prior to the creation of a decentralized exchange liquidity pool.”

While we hope that these individuals hold the $BLST Token, we cannot control or guarantee their actions.