Initial Circulating Supply Scarcity! Dfinity Foundation Releases ICP Lock-up Details, FTX Futures Soar 80%

The DFINITY Foundation has open-sourced its "Internet Computer" code to the public, with the source code for three main components - replica, nodemanager, and NNS canisters - now available online. In addition, the unlocking of the ICP token genesis will also commence at midnight tonight.

Dfinity Foundation Releases Lockup Rules

According to the announcement released by the Dfinity Foundation this afternoon, participants in the seed round in February 2017 and the community airdrop in 2018 will be able to claim ICP tokens after the start of the Genesis Unlock. However, both the seed round and community airdrop participants must adhere to the lockup rules for release.

According to the announcement, seed round investors will receive all their ICP tokens at the Genesis Unlock, but these tokens must be staked within 49 voting neurons (network nodes) in the Network Nervous System (NNS). The dissolution delay for the neurons is 0 days, 30 days, 60 days, 90 days, and so forth, meaning that seed round investors must unlock in 49 batches.

It is also important to note that the "age" of each seed neuron is set at 18 months by default. This setting is crucial because the voting power and rewards of the neurons increase with age. Whenever a neuron enters the dissolve exit mode, even for a second, its "age" will be reset to zero. Therefore, dissolving a neuron is highly disadvantageous for long-term participants.

On the other hand, tokens for airdrop participants, unlike seed rounds, cannot be released immediately and must undergo a 12-month linear unlock, with the first batch of tokens being triggered by the system at the Genesis.

Low Initial Circulation Leads to Contract Price Surge

Due to the Dfinity Foundation's previous lack of precise information on the initial circulation of ICP and the lockup conditions for the airdrop, the price continued to decline after FTX launched ICP perpetual contracts. However, according to the latest announcement released today by the Dfinity Foundation, it is speculated by netizens that the initial circulation will be around 4.7 million tokens, accounting for only 1% of the initial total supply. As a result, the price of ICP contracts on FTX surged this afternoon, with the ICP contract price showing an approximately 80% increase in the last 24 hours at the time of writing.