Chopsticks Protocol Dev Timelock 🔐

4 min readMar 23, 2021

Greetings! (こんにちは!) It’s been a busy week here at Chopsticks HQ. 🇯🇵

Special credit to community member Rusty Shackleford! We love it. ☀️

The Need for a Dev Lock To Insure Stable Development of The Protocol and Alignment of Incentives.

We know that many of you have voiced concerns with the size of the unlocked developer pool.

Indeed, it is the case that the developer pool is intended to be quite small in comparison to the maximum supply. However, we still understand why there may be concerns about this at this stage of the project.

Therefore, in the spirit of trust and responsibility of the community, we are listening to your concerns and have opted to lock the remainder of the developer funds on a strict schedule. The developer will not have access to these funds until the set date, as pre-determined by a configuration of locking smart contracts. The developer fund is, after all, designed as both resource and compensation for the developer, and it should be staggered as such to coincide with, and reward, progress in development.

Stix Development Fund Vesting Schedule.

The remaining 90% of the Dev Fund will unlock on the following schedule:

Initial 10% = Genesis Developer Pool

- Initial funding for audit, NFTs, development of platform
- Payment of community members
- Compensation of developer

KEY: Approximate Time From Lock Date … STIX Unlocked on Date [Cumulative STIX unlocked]

1 Weeks … 100K STIX [Cumulative: 100K STIX]
2 Weeks … 100K STIX [Cumulative: 200K STIX]
3 Weeks … 100K STIX [Cumulative: 300K STIX]
4 Weeks … 100K STIX [Cumulative: 400K STIX]
6 Weeks … 400K STIX [Cumulative: 800K STIX]
8 Weeks … 600K STIX [Cumulative: 1.4M STIX]
3 Month … 800K STIX [Cumulative: 2.2M STIX]
6 Month … 800K STIX [Cumulative: 3M STIX]
1 Year … 1M STIX [Cumulative: 4M STIX] [Final Disbursement]

TimeLock Date is currently slated for … [2AM JST on 24 MARCH 2021].

In London time: 5PM GMT on 23 MARCH 2021.
In New York time: 1PM EDT on 23 MARCH 2021.
In California time: 10AM PDT on 23 MARCH 2021.

2AM JST is therefore the precise time of the expiration of the Timelock on each designated Unlock Date.

Timelock Unlock Date Calendar.

100K STIX ::: 03/31/2021 ::: [Cumulative: 100K STIX]
100K STIX ::: 04/07/2021 ::: [Cumulative: 200K STIX]
100K STIX ::: 04/14/2021 ::: [Cumulative: 300K STIX]
100K STIX ::: 04/21/2021 ::: [Cumulative: 400K STIX]
400K STIX ::: 05/05/2021 ::: [Cumulative: 800K STIX]
600K STIX ::: 05/19/2021 ::: [Cumulative: 1.4M STIX]
800K STIX ::: 06/24/2021 ::: [Cumulative: 2.2M STIX]
800K STIX ::: 09/24/2021 ::: [Cumulative: 3M STIX]
…1M STIX ::: 03/24/2022 ::: [Cumulative: 4M STIX]

Timelock Contracts

Links to the contracts for verification on BSCscan will be added here after deployment of Timelock script.

Upcoming Projects. [Or, Why do We Need a Timelock?]

Many of you have pointed out that there is a lot of energy put into this project. And so it may seem quite bizzare that the future of the Stix protocol would be limited to farming.

This claim of strangeness is, of course, correct.

The farming is intended as just that: a bootstrapping mechanism for a new DeFi ecosystem right here on BSC. Liquidity is the lifeblood of DeFI, and Chopsticks is currently doing its part to incentivize it.

But Chopsticks is slated to be so much more. And we are really glad to have you here at this early stage. We are ready to gently pull back the curtain on some of what we have in store. We can’t wait to show you, and we know you can’t wait for it.

The first thing coming is, of course, the NFTs that we have speaking of. And more on those soon, and on their mechanics.

But we do want to let you know that about the future of Chopsticks Protocol lies in StixSwap, a new kind of Decentralized Exchange (DEX) on Binance Smart Chain, operating through Automated Market Making (AMM). More details to come. The timeline for this is further than for NFTs. Of course, we have staggered the development fund vesting schedule (de-timelock) to coincide with the development of these features of the protocol.

And perhaps the most exciting things are those we have not yet announced. Stay tuned!

Summary of what is coming soon:

[A] NFTs. [Announced yesterday.]
[B] StixSwap, a new kind of Decentralized Exchange (DEX) on Binance Smart Chain.
[C] ??? To be revealed
[D] ??? To be revealed
[E] ??? To be revealed

Thank You

As always, a big thank you (ありがとうございます!) from the team. ☀️
We look forward to expanding the protocol and we know that this incentive structure will help us get there.