Community Update 5 November 2020
Today we wanted to expand a bit on the concept of redistribution.
The redistribution has been a core concept of the HODLC project since its inception. The concept springs from the fact that HODLC is based on altruistic tokenomics. That means that, unlike most crypto projects, the team behind the project didn’t make money from the sale of the reserve assets. No pre-sale, token sale, or public sale has ever been made. Instead, the funds used to purchase the reserve assets were redistributed to the community.
As the project grows, so has this mechanism.
HODLC’s Redistribution Mechanism
Previously, the redistribution was based on a pseudo-random algorithm that selected a winner for each $250 worth of Ether. This system, while good, had its limitations. It wasn’t as democratic as it could have been.
The team worked hard to come up with a solution that would benefit all community members.
Now, the redistribution is calculated once per month. Every month, the Ether used to purchase assets from the reserve (in that month) will be redistributed to each HODLC holder, proportionally to their HODLC holding.
This means that you are eligible to take part in the redistribution as long as you have at least one HODLC.
Important Points about Redistribution
The value held in the stable token, HODLT, does not participate in the redistribution. However, when HODLT is converted back into HODLC, it creates a small surplus. This surplus is included in the redistribution.
Claiming the redistribution must be done monthly via a claim button. Unclaimed redistribution will remain in the smart contract until it is claimed. Redistribution cannot be forfeited, so once a community member begins the claiming process, all claims must be fulfilled.
The equation to calculate this for any single community member is:
redistribution = (total number of assets to redistribute / total number of circulating HODLC) * number of HODLC owned
If you are ever stuck in MetaMask with multiple transactions pending simultaneously, you can cancel all non-initiated (signed) transactions by resetting your MetaMask.
To reset MetaMask:
- Click the account icon in the top-right corner of MetaMask.
- Select Settings.
- Select Advanced.
- Scroll down and click Reset Account.
The HODLC team