🚨 Title: Implement Vesting Lock-Up for >100K HASH Holders
📅 Proposal Launch Target: May 20, 2025
Last Updated: May 19, 2025
To previous versions of the governance proposal, click here
** Proposal updates reflected in yellow **
🧠 Summary
Holder Type
Impact
Addresses holding below 100K HASH:
will have their full balance unlocked.
Retail Addresses holding over 100K HASH:
will have their full balance unlocked.
Non-Retail Addresses holding over 100K HASH:
subject to a 48 month vesting schedule, with 1 month’s supply immediately unlocked upon the May 22nd upgrade.
The snapshot of HASH holders was taken at noon, on May 19th. In total, ~3.5-4b billion HASH will be unlocked upon release based on the criteria outlined below. The change will be executed through a blockchain upgrade upon successful governance approval.
⚠️ This upgrade will impact "spendable/transferable" balances. To prevent data desynchronization, Figure Markets will halt trading prior to the upgrade and resume trading once the upgrade is completed. This temporary halt is expected to happen on May 20th at 5PM EST, once voting begins and is expected to end on May 22nd, after the vote closes at 5PM EST.
The original proposal was drafted based on discussions with global exchanges. To be eligible for listing, exchanges require a clearly defined and enforceable lock-up schedule to mitigate early liquidity risk.
This updated proposal reflects key community feedback from the May 7th and 12th forums, and incorporates multiple important adjustments:
🔁 Uniform vesting applied to all non-retail holders with over 100K HASH
📈 Supports listing requirements for major exchanges
🧑🤝🧑 Fair treatment for retail and institutional participants
🚫 Avoid locking up any retail holders who purchased HASH on the public markets
Additionally, this proposal incorporates operational safeguards and exception logic for edge cases, based on real user activity and operational risk mitigation.
🔒 Proposed Vesting Terms + Criteria
Group
Vesting Duration
Cliff
Frequency
Vesting Start Date
Retail sub 100K
None
None
None
N/A
Retail over 100K
None
None
None
N/A
Non-retail
4 Years
None
Monthly
May 2025
✅ Unlocked at Upgrade:
First month vested (May 2025) will be immediately unlocked
Total unlocked after release: ~3.5b-4b HASH
🧮 Exclusion Criteria & Floor Logic:
Retail Addresses with below 100K HASH receive their full balance unlocked
Retail Addresses with above 100K HASH (DLOB / Markets) will have their full balance unlocked
Any user who purchased HASH on decentralized order books or markets will have their floor increased to the amount purchased
This is to ensure no user is locked below what they directly bought
Non-retail addresses with above 100K HASH receive 100K HASH unlocked + April 2025’s vested amount, with the remainder subject to the 4-year vesting schedule
Example: If Alice holds 580K HASH total, after May 22nd’s upgrade Alice will have 100K HASH unlocked + 10K HASH from April 2025’s vesting
In total, Alice would get 110K HASH immediately unlocked on May 22nd
580K Alice’s starting HASH - 100K HASH default unlock = 480K locked HASH to allocate over 48 months
Who is affected by this change?
— For this new proposal, only non-retail HASH holders with over 100K HASH would be impacted. The update to the proposal reflects feedback given by the HASH community in the community forum (see notes here).
What happens if the vote doesn’t pass?
— We will gather community feedback and prepare a revised proposal for a future vote.
Why is there no cliff?
— To support smoother token distribution and avoid sudden unlock events. It provides sufficient supply to continue to build a robust ecosystem.
— The proposal is designed to reduce sell pressure and encourage long-term holding, potentially supporting a more stable market. While this governance vote potentially could impact price and liquidity in the near term, we believe this is the strongest route to set up the blockchain for long term success.
Will I be able to use my locked HASH to stake or use for Demo Prime on Figure Markets?
— Staking is allowed with any HASH that is locked. For Democratized Prime, locked HASH will not be usable as collateral.
Will Provenance or Figure be voting?
— Provenance Foundation and Figure will be abstaining from this vote.
What happened to the airdrop?
— An airdrop was proposed by the team in the previous governance proposal draft when a full lockup for all HASH holders was being considered, regardless of amount. However, there was not enough interest from the community, in favor of keeping HASH holdings liquid. There will be future opportunities for an airdrop later once this upgrade has been implemented.
📢 Call to Action
This proposal has been created with fairness, alignment, and future-proofing in mind across the HASH ecosystem.
🗳 Vote Opens:May 20, 2025, at 5PM EST — We’ll be hosting and recording a video walkthrough demonstration on May 20th, at 5PM EST. See event details here.
📣 Let your voice be heard. Help guide the future of HASH.
We invite everyone to share their thoughts and questions; please submit them here or on Telegram and Discord, and we will continue to expand the FAQ.
Governance Proposal Community Working Session 5.12.25
Several key pain points emerged during the discussion:
Retail investors expressed strong concerns about being subject to the same lockup terms as institutional holders
Current holders worry about market makers potentially pumping the price while they remain locked up
Multiple participants noted the lack of fairness in a blanket 4-year lockup
The team committed to:
Develop an updated proposal addressing community feedback
Consider alternative approaches including:
Self-selection process for retail investors via KYC
Setting a specific token threshold for lockup exemption
Potential partial unlock options
Continue evaluating market maker partnerships to ensure alignment with community interests
Governance Proposal Open Forum 5.7.25
Today we discussed a proposed 48-month linear vesting schedule for Hash holders. The initial proposal suggested locking tokens for holders with >125M Hash, which would affect approximately 68 accounts and 90% of total supply.
Key Community Feedback:
Strong suggestion to apply uniform vesting to all holders rather than using an arbitrary threshold
Support for ensuring insider/team tokens have more stringent terms than community
Confirmation that locked tokens can still be staked, earn rewards, and be used as collateral
Request for clear visibility on team/advisor vesting schedules before community voting
Discussion of potential mechanisms to ensure sufficient float for protocol growth and development
Next Steps:
We're revising the proposal to incorporate this valuable feedback, particularly around equitable treatment of all token holders. An updated version will be distributed shortly, followed by comprehensive voting instructions through Figure Wallet.
Appendix
HASH Governance Proposal v1
🚨 Title: Implement Vesting Lock-Up for Key HASH Holders
📅 Proposal Launch Target: May 7, 2025
🧠 Summary
This proposal introduces a 4-year monthly vesting schedule (no cliff) for all holders, beginning April 2025. This means as of this month (May 2025), 1 month’s supply will already be unlocked.
The change will be executed through a smart contract upgrade upon successful governance approval.
🔐 There was a snapshot taken in April 2025, and the vesting schedule would start from April 2025
🎯 Purpose
🔒 Reinforce long-term contributor commitment
💧 Mitigate early liquidity risk
⚖️ Promote consistency across major recipient groups
🧱 Support long-term token and ecosystem strategy
🔒 Proposed Vesting Terms
Group
Vesting Duration
Cliff
Frequency
Vesting Start Date
Holders with over 125M in HASH
4 Years
None
Monthly
April 2025
📆 Voting Timeline (Tentative)
Milestone
Target Date
🗳 Voting begins
May 9
🗳 Voting ends
May 14
🔁 If approved: Go live
May 16–17 (est.)
❓ FAQ
Who is affected by this change?
— Anyone who holds over 125M in HASH tokens.
Why was 125M HASH the decided cutoff?
— After careful analysis, it was determined that the 125M HASH threshold was accurate in identifying large-scale holders while protecting retail investors.
What happens if the vote doesn’t pass?
— We will gather community feedback and prepare a revised proposal for a future vote.
Why is there no cliff?
— To support smoother token distribution and avoid sudden unlock events. It balances fairness and flexibility.
Can I vote?
— Yes, all HASH holders with governance rights can participate.
Will this impact liquidity or price?
— The proposal is designed to reduce sell pressure and encourage long-term holding, potentially supporting a more stable market.
HASH Governance Proposal v2
🚨 Title: Implement Vesting Lock-Up for all HASH Holders
📅 Proposal Launch Target: May 13, 2025
Last Updated: May 12, 2025
To previous versions of the governance proposal, click here
** Proposal updates reflected in yellow **
🧠 Summary
This proposal introduces a 4-year monthly vesting schedule (no cliff) for all HASH holders, beginning April 2025.
As of this month (May 2025), 1 month’s supply will already be unlocked.
While implementing uniform lock-up terms across all token holders to ensure equitable treatment, the foundation will work with the community to implement mechanisms post-lockup to address core retail holders that have concerns.
This strategic token distribution will focus specifically on retail users with meaningful blockchain-level activity on Provenance. The qualification metrics are being finalized to ensure fair allocation that aligns with our long-term governance framework, and these details will be shared shortly by the team.
The change will be executed through a blockchain upgrade upon successful governance approval.
🎯 Purpose
The original proposal was drafted based on discussions with global exchanges based on the recent market landscape. In order to be eligible for listing, exchanges are asking for detailed lock up schedules for those holding the token.
Based on feedback from community members via the May 7 forum, this updated proposal incorporates the community desire for uniform lock-up terms to create a more equitable framework, addressing previous concerns about fairness in distribution policies.
Additionally, the airdrop is a good-faith measure to show appreciation for our long-term community members and holders, and to reward those actively using our the blockchain network.
The proposed lock up aims to accomplish several key things:
🔒 Reinforce long-term contributor commitment
💧 Mitigate early liquidity risk
⚖️ Promote consistency across major recipient groups
🧱 Support long-term token and ecosystem strategy
🔒 Proposed Vesting Terms
Group
Vesting Duration
Cliff
Frequency
Vesting Start Date
Non-Retail HASH holders
4 Years
None
Monthly
April 2025
Retail HASH Holders
0 Years
None
N/A
N/A
📆 Voting Timeline (Tentative)
Milestone
Target Date
🗳 Voting begins
May 12
🗳 Voting ends
May 14
🔁 If approved: Go live
May 16–17
❓ FAQ
Who is affected by this change?
— For this new proposal, all HASH holders would be impacted (including team, board, etc). The update to the proposal reflects feedback given by the HASH community in the community forum (see notes here). Please note, all employees (past and future) would be subject to the same terms of a monthly unlock for 48 months.
What happens if the vote doesn’t pass?
— We will gather community feedback and prepare a revised proposal for a future vote.
Why is there no cliff?
— To support smoother token distribution and avoid sudden unlock events. It provides sufficient supply to continue to build a robust ecosystem.
Can I vote?
— Yes, all HASH holders that have staked HASH tokens can participate. See our guide 🗳️How to Vote on Figure Wallet for detailed instructions.
Will this impact liquidity or price?
— The proposal is designed to reduce sell pressure and encourage long-term holding, potentially supporting a more stable market. While this governance vote potentially could impact price and liquidity in the near term, we believe this is the strongest route to set up the blockchain for long term success.
Will I be able to use my locked HASH to stake or use for Demo Prime on Figure Markets?
— Staking is allowed with any HASH that is locked. For Democratized Prime, locked HASH will not be usable as collateral.
Will Provenance or Figure be voting?
— Provenance Foundation and Figure will be abstaining from this vote.
What is the airdrop?
— The airdrop of HASH is designed to recognize and reward those who have demonstrated ongoing commitment to our ecosystem. This will be a retroactive airdrop based on previous activity (i.e. transactions, new assets).
📢 Call to Action
This proposal has been created with fairness, alignment, and future-proofing in mind across the HASH ecosystem.
🗳 Vote Opens: May 12, 2025
📣 Let your voice be heard. Help guide the future of HASH.
⁉️ Got questions or feedback on this proposal? Submit it here
🫂 Community Discussion
We invite everyone to share their thoughts and questions; please submit them here or on Telegram and Discord, and we will continue to expand the FAQ.
Governance Proposal Community Working Session 5..25
Governance Proposal Open Forum 5.7.25
Today we discussed a proposed 48-month linear vesting schedule for Hash holders. The initial proposal suggested locking tokens for holders with >125M Hash, which would affect approximately 68 accounts and 90% of total supply.
Key Community Feedback:
Strong suggestion to apply uniform vesting to all holders rather than using an arbitrary threshold
Support for ensuring insider/team tokens have more stringent terms than community
Confirmation that locked tokens can still be staked, earn rewards, and be used as collateral
Request for clear visibility on team/advisor vesting schedules before community voting
Discussion of potential mechanisms to ensure sufficient float for protocol growth and development
Next Steps:
We're revising the proposal to incorporate this valuable feedback, particularly around equitable treatment of all token holders. An updated version will be distributed shortly, followed by comprehensive voting instructions through Figure Wallet.
