Vesting Schedule
Vesting Schedule
The token allocation and vesting schedule is defined through the Vesting section of the spreadsheet. This determines how the tokens are unlocked with time. It is possible to define both unlock cliffs and linear unlocks starting at arbitrary times.
Each allocation must be assigned to one agent that receives the unlocks. Multiple allocations can go to the same agent (for example, private sales might be grouped into the same agent for the purposes of your model).
Vesting flow
In terms of the simulation, the vesting schedule results in tokens being released and added to the corresponding agents (increasing their total token amount) as per the vesting schedule.
Tokens not yet unlocked in the vesting schedule do NOT count towards the circulating supply that we calculate by default in the simulation. However, you can create your own definition of a circulating supply that includes it.
In order to define the vesting schedule for each of the the various entities involved, you can use the parameters included in the Vesting table:
Start month: the month of the simulation when the vesting process starts for a given agent. Both "Cliff month" and "Vesting months" start from the "Start month".
Cliff month: the amount of months that will happen until the first tokens are vested. It is added to the "Start month" value.
Vesting months: month at which an agent will have received the 100% of the tokens allocated. The vesting is linear and starts from the "Start month".
For instance, consider an entity that has all of its token allocation unlocked since the very start of the simulation. This could be done by inputting "0" in all three parameters.
Vesting sales
In the same Vesting section there are two optional columns: Vesting sales percentage and Vesting sales mean time. These columns define an optional feature where the user can set a token sale flow from the entities in the vesting schedule towards the token market.
Note that this feature is optional and incompatible with any other user-defined token flows in agents which are assigned the allocation from the same vested entity. They should only be used for agents that do not otherwise interact with any of the token utilities.
This feature is useful for quickly modeling the behaviour of "holder" agents, as stakeholders that receive a token allocation and eventually sell some or all of this allocation to make a profit. This way you can model it through just two variables:
Vesting sales percentage can be a formula, and defines the ratio out of the total tokens allocated to this entity that it will end up selling on the market. A value of 100 means that this entity will end up selling all of the allocated token, eventually. A value lower than 100 would mean that the entity will not sell all of of the token this way, keeping a percentage of its token allocation forever. If you plan on modeling the token usage some other way through custom flows, you should set this to 0, or leave it blank, which defaults to 0.
Vesting sales mean time can be a formula, and defines the mean amount of time (in months) it will take for a vested token to be sold on the market. A value of 0 is valid and means that the tokens are sold as soon as they are unlocked from the vesting schedule.
The combination of the vesting schedule with these two parameters will result in a certain amount of tokens sold on the market each time step. Here is a table showcasing how much of the allocation has been sold at each point in time for a vesting sales ratio of 1 and different values of vesting sales mean time, for a token allocation that starts out fully unlocked:
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