Flasko’s 3-year lock on team tokens and a look at Tokenomics

Token lock or maturity period is crucial in decentralized financial investment (DeFi). The term refers to a fixed period during which a cryptocurrency project’s token cannot be sold or traded.

Many investors fell victim to a massive sell-off as early token holders and project teams decided to liquidate their positions when the cryptocurrency asset started trading on the open market.

Similarly, DeFi users have been scammed multiple times by rogue project developers who create worthless tokens, collect money from investors and quickly remove all assets from the liquidity pool, making it impossible for traders to sell the tokens.

To ensure that investors are well protected, many DeFi projects have adopted vesting periods as a security strategy to prevent early holders and project developers from selling tokens or removing liquidity until the token expiration date.

As one of the newer projects in the industry, Flasko has adopted a maturity period for its team tokens, with plans to secure liquidity for more than three decades to protect investors from rug withdrawals. But before we dive into the details of the team token lock and project tokens, let’s take a quick look at what Flasko is trying to achieve.

What is Flasko and how does it work?

Flasko is a blockchain-based platform that seeks to bridge the gap between alternative investments and the crypto world.

The platform allows private investors easy access to the premium beverage market through non-fungible tokens (NFTs). In other words, with Flasko, users can invest in exclusive and premium whiskeys, wines, and champagnes by trading NFTs.

Investors can purchase some or all of the NFT, and those who purchase 100% of the NFT will get their custom whiskey, wine, or champagne delivered to their assigned address for free.

Flasko also has a VIP club with three levels – Whiskey Club, Wine Club and Champagne Club. Each category has unique benefits that are available to a limited number of members.

flask icons

Like many crypto projects, Flasko has a utility token called FLSK. Cryptoassets power the operations of the Flasko ecosystem, including governance.

The total supply of FLSK is 1 billion tokens. Below is a breakdown of the Flasko token allocation processes.

  • Advance purchase: 35%
  • Marketing: 17.5%
  • Development team portfolio: 14%
  • Charity: 1%
  • Stock exchange listings: 12.5%
  • Partnership: 5%
  • Protocol community investment: 15%

The project also adopts a tax system, where users who buy and sell tokens have to pay tax on every transaction. Buying FLSK attracts 7% tax while selling the asset attracts 14%. Revenue from taxes is shared between the marketing, liquidity pool and burn.

Flasko lock for 3 years on team codes

The Flasko development team receives 140 million FLSK (14% of the token supply). However, the team will not be able to sell or transact the tokens until 2025. This is because the tokens have been locked for three years. This step will ensure that the project team does not suddenly throw their tokens to private investors before the scheduled time.

Source: Unicrypt

In addition to the three-year maturity period, the Flasko team intends to secure project liquidity for a period of 33 years. This means that developers can’t massively pull the rug out from under community members.

The 3-year Flasko Lock on Team Tokens and a look at Tokenomics appeared for the first time on CryptoPotato.

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