Dear PLR Token holders,
As part of the changes we have made to the processes, team, and management structure of Pillar, we have also been analysing the evolving relationship we have with 2030.
The relationship between Pillar and 2030 was born out of shared founders at the time of Pillar’s inception, and this meant shared resources and personnel until 2019.
This relationship is now rationalised and there are no overlaps or dependencies in personnel, resources and processes.
This was also the perfect time to consolidate the PLR token treasury in view of the 80,000,000 PLR tokens that were allocated to 2030 as part of the Pillar Grey Paper.
Through the restructuring of the loan made by Pillar to 2030, which was previously disclosed in our AGMs, Pillar has secured the 80M tokens which 2030 was entitled to as stated in the Pillar Project Grey Paper and encoded in the Token smart contracts.
To recap:
- 120,000,000 PLR tokens are set to be unlocked into the treasury of Pillar on July 17, 2020.
- 80,000,000 PLR tokens are set to be unlocked into the treasury of 2030 on July 17, 2020.
With this change, Pillar will have 200M tokens in the foundation’s treasury this summer.
This is great news because Pillar Foundation treasury is the natural home for such an amount of Pillar tokens as the organisation’s and token holder’s interests are best served in Pillar’s push towards utility of PLR in the ever evolving platform.
It was a strategic objective of Pillar to have the 80M tokens to be “dedicated to building projects on the Pillar system” as per the promise in our Grey Paper (pg. 37).
As mentioned in the latest General Meeting, our vision is for the tokens to enable our adoption drive e.g. by contributing to the referral campaign pool, donating to the community fund and activating users within the platform, hence the tokens will not be liquidated or sold on the exchange. Our detailed financial report will be available on the Messari Disclosures Registry.
In case you’ve missed our General Meeting, you can find more updates on the PLR tokens in the clip below.
Thanks for your continued support,
Michael Messele, CEO of Pillar