Crowdloan and Coinlist token vesting


Good day Centrifugians!

Over the past few days,Centrifuge crowdloan participants may have noticed that their tokens have already fully vested, which happened much earlier than expected.

We would like to clarify the reason behind this and explain what happened.

But before diving into the details, let’s take a moment to remember how and when it all started.

Centrifuge secured a slot in the second batch of the parachain auctions in 2022. If you’re interested, you can find the Centrifuge Migration Process published here for reference.

The vesting period for CFG tokens received as rewards is 96 weeks (or 672 days), starting from March 11, 2022, and ending around January 16, 2024.

To calculate the 96-week vesting period, we need to determine the future block that signifies full vesting. It’s important to note that the time for block production can vary from the ideal time of 12 seconds per block. This variation can either increase or decrease the time needed to reach a specific block.

Here’s the formula we used to determine the total number of blocks with 12 sec/block:

(96 weeks * 7 days * 24 hours * 60 minutes * 60 seconds) / 12 seconds/block = 4,838,400 blocks

However, the vesting period was actually set to 3,225,600 blocks, which equals 448 days instead of 4,838,400 blocks, which equals 672 days.

We initially accounted for a slower block time, as we were experiencing an average of around 22 seconds per block in Altair, and the time for block production constantly changed over time.

Therefore, the vesting block was calculated based on an 18-second block time instead of 12 seconds:

18-sec block production: (96 weeks * 7 days * 24 hours * 60 minutes * 60 seconds) / 18 seconds/block = 3,225,600 blocks

As a result, the vesting period ended sooner than initially planned because the average block time decreased and reached 12 sec/ block (ideal).

Because of technical limitations of the Substrate Vesting pallet there is no way to adjust token schedule dates without a complex migration or tie vesting schedules to dates instead of blocks. This means the vesting schedules will be shorter than originally planned.

The 3,225,600th block was produced on June 22, 2023, and all crowdloan reward tokens have been fully vested.

The DOT tokens will remain locked until January 16, 2024 because the block production on Polkadot chain never deviated from the expected time (6 sec/block), and tokens will automatically be returned to the same wallet address.

A short summary about Crowdloan rewards and Coinlist Option 2 tokens:

  • Vesting for crowdloan tokens (fully vested on 22 June )
  • Vesting for Coinlist Option 2 sale (fully vested on 1st of August, block 3,516,442)

That is all for now. If you have any further questions or concerns, please don’t hesitate to reach out to us. Stay tuned for more updates from Centrifuge!


In case you would like to unlock vested tokens:

    1. Open
    1. Click on 3 dots
    1. Click on Unlock vested amount
  • image

    1. Sign the transaction
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