Transparency is the pinnacle of Web3, let it be about providing regular development updates or distribution of tokens.
We’re thrilled to announce the launch of Smartlink Token Locker app that allows Web3 projects to distribute tokens to different shareholders transparently.
Let’s dive deeper into how it works and its features.
Smartlink Token Locker: Tezos Token Locker App
Smartlink token locker is one of a kind on the Tezos blockchain. Of course, it supports FA1.2 and FA2.0 token standards.
The primary intent behind our locker token concept is to provide a simple web3 token distribution mechanism to founders and investors that sits right with decentralized projects. It allows founders and the team to distribute tokens automatically to multiple token holders, with the provision for admin controls.
In addition to serving as a tool for teams, the locker token app is ideal for liquidity provisioning, i.e., setting a liquidity locking schedule and triggering automatic token releases afterward.
How does Smartlink Token Locker work?
Smartlink token locker is the first real-world implementation of our escrow protocol built using smart contracts. Users can initiate the lock token vesting process with a form-based user interface, along with a dashboard for distributors to track vesting schedules.
Smartlink token locker comes with a simple user interface. Here is a brief description of how the app functions.
- The first step requires connecting a Tezos wallet to the application. The users can choose between Temple, Galleon, Kukai, Umami, AirGap, Autonomy, and NaaN wallets.
- The next step requires the contract address of the token that has to be locked for vesting. The user will need some XTZ to pay the transaction fees, 15,000 SMAK tokens as standard fees for using lock token vesting, and tokens that have to be locked in his wallet.
- The user must select whether to turn on Administrator rights or not. Having the rights on will give revoking rights to the user, allowing them to remove beneficiaries in the future. Whether the admin has turned on this setting or not will also be visible to the token receivers to maintain complete transparency.
- Next, the user will import beneficiary addresses to the application. There are no limits on how many users can be added to the contract. The administrator needs to select the total number of tokens to lock in the contract.
- The last setting is to add token unlock details, including a start and end date for the vesting schedule. Smartlink token locker will distribute funds linearly per block in accordance with these dates.
- The final step is to confirm the vesting schedule and initiate the contract.
- Smartlink team has finished three-layer security audits of the token locker smart contracts to ensure maximum protection of locked funds.
Token Vesting Dashboard
Smartlink token locker app features a token vesting dashboard, which helps users track their active vesting contracts. The users can toggle between different vesting contracts from the drop-down menu.
Some of the details available on the vesting dashboard include the total number of beneficiaries, net lock amount, lock amount for the user, and the distribution schedule. Users can claim their available tokens by clicking ‘Claim’ and approving the transaction from their wallet.
Smartlink Token Locker: Multi-Chain
Smartlink plans to take this token locker app to multiple blockchains and create a single multi-chain solution for founders to handle token distributions. We will share more details about the next chain we’re working on in the coming posts.
If you want to know more about Smartlink Token Locker, visit Smartlink Token Locker documentation.
