HYTOPIA Shares Details on $TOPIA Restructuring
HYTOPIA is restructuring on-chain control of uncirculated $TOPIA tokens to enhance transparency and efficiency.
The Deets
- Over 1 billion $TOPIA tokens to be minted for world staking rewards
- Cex/Faucet allocation moving to a multisig wallet controlled by HYTOPIA Foundation
- Unvested team supply to be timelocked, vested supply moved to a team-controlled wallet
- Avatar staking rewards and unclaimed tokens for world owners to see significant changes
The Bulk
HYTOPIA is taking steps to restructure the on-chain control of its uncirculated $TOPIA tokens. This strategic shift aims to ensure the stability and transparency of the token’s ecosystem. The significant changes include:
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Minting more than 1 billion $TOPIA tokens for world staking rewards, which will be locked in the staking contract. This differs from the past practice of depositing tokens as staking rewards depleted.
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Moving the Cex/Faucet allocation, constituting 24% of the total supply, to a unique multisig wallet. This wallet will be under the control of the HYTOPIA Foundation, with future directors assigned as signers.
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Restructuring the team supply with the unvested portion moving to a timelocked contract per the vesting schedule. The already vested supply will be minted and transferred to a team-controlled multisig wallet.
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Shifting the avatar staking reward supply of $TOPIA to a separate multisig wallet, to be utilized once avatar staking contracts and systems are deployed.
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Airdropping the remaining unclaimed tokens to current world owners, specifically for those worlds that never had their first or second airdrop claimed, amounting to approximately 23 million of the 500 million tokens.
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Transferring the $LP-Staking reward tokens to a unique multisig wallet, to be later deposited in batches into the LP staking rewards contract.
📊 By the Numbers
The $TOPIA token is up 86% this week to $0.094 whilst the HYTOPIA Worlds NFTs have jumped 57% to 3.8 ETH.
🎤 Platform Prose
The goal here is effectively to move the remaining supply of tokens into locked mechanisms of custody or to their intended systems where they already exist, we need to do this for a number of reasons.HYTOPIA
🔜 What's Next?
HYTOPIA's restructuring process is expected to begin in the coming days. Token holders and interested parties should stay informed and watch for further updates and instructions regarding these changes.
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