Zorp Team and Seed Round Nock Lockups
Over the last few months, we’ve worked with our early institutional partners to update our token lockups so that investors, founders, and the broader team are aligned around the long term.
We’ve now signed an amendment to our original Token Forward instruments with our Seed Round investors. This post summarizes the new lockup terms for investors and the Zorp team.
Zorp’s Early Mining Rewards
- Zorp Corp mined a total of ~603M $NOCK.
- Zorp’s team members and investors have mined 0 $NOCK on their own behalf.
- Zorp’s Token Forward purchasers own approximately ~211M $NOCK of the total $NOCK Zorp mined.
- Zorp’s team members own approximately ~117M $NOCK of the total $NOCK Zorp mined.
Token Forward Purchaser Lockups
All major Token Forward purchasers have agreed to the following lockups:
Full lockup until one year after network launch, then linear incremental unlock over 18 months.
During this period, investors cannot sell, transfer, or otherwise dispose of their locked Tokens (other than transfers to affiliates).
Team Nock Bonus Lockups
All team members granted Nock bonuses, including founders, employees, and contractors, have agreed to the following lockups:
Full lockup until one year after network launch, then linear incremental unlock over 24 months.
During this period, team members cannot sell, transfer, or otherwise dispose of their locked Tokens.
Why we’re doing this
We believe in Nockchain’s vision as a new root of truth for the world powered by useful energy and Zero-Knowledge Proofs. We believe in $NOCK as a new programmable gold.
We want Zorp’s engineers, Nockchain community members, miners, and institutions all aligned around building long-term value for the world.
These updated lockups are meant to:
- Reduce short-term supply overhang in the early years of the network.
- Align founders, team, and investors on the same multi-year horizon.
- Provide transparency around Zorp’s use of tokens.