Editor's Note: This article comes fromTalk about Xia Kanshi (ID: huaxiakiss), Author: Hua Xia, published by Odaily with authorization.

Editor's Note: This article comes from

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Talk about Xia Kanshi (ID: huaxiakiss

Talk about Xia Kanshi (ID: huaxiakiss

), Author: Hua Xia, published by Odaily with authorization.

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What was written in the front: "Lock-up" is a magical existence in the field of digital asset investment. Various lock-up rules and unlocking methods are dazzling, and it has become a unique landscape. The purpose of this article is to explore the logic, motives, pros and cons of locking the warehouse. This is the second article of [Digital Asset Investment Series].

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Filecoin is a popular spicy chicken in the current market, so use it to start the article. Filecoin's lock-up rules are considered complex among many projects in the industry, and have relatively good research value.

Let me briefly describe the core lock-up rules: (1) Early investors have different cost discounts for all tokens, and the linear release cycle includes 6 months, 1 year, 2 years, and 3 years. (2) The three official parts hold a total of 400 million tokens (accounting for 20% of the total), 182,500 tokens are unlocked and released linearly every day, with a cycle of 6 years, and the official promises that it will not be sold in the early stage. (3) Within the first 30 days, miners will unlock incrementally from 21,000 to 50,000 pieces, which are mainly divided into prerequisite space race and mining block rewards. The mining rewards of the space race will be released linearly in 6 months, and the mainnet will be launched Subsequent mining rewards will also be released linearly in 180 days. At the same time, for miners, Filecoin's economic model stipulates that miners need to mine through pre-mortgage, that is, miners need tokens for mortgage before encapsulating sectors, so as to ensure that miners can complete the committed life cycle of sectors.

Then, it implies participation in the multi-party interest game: institutional and individual investors, of course, hope that the token will rise sharply after it goes online, and the higher the better, this is its biggest and most direct source of profit. As for the miners, due to the pre-mortgage, even according to the current computing power, the miners need to mortgage about 135,000 tokens every day to allow the mining machine to operate normally and package the sector. Based on the current price of 45 usdt, it is 6.07 million usdt of funds demand (in order to simplify the model here, the tokens released by the miners are not considered), and the mining rewards obtained will be released linearly after 180 days. Therefore, miners currently hope that the price is as low as possible, and then hoard the tokens required for future mining mortgages. As for the secondary market of the project, the miners, who are currently the potential largest buyers, are unwilling to buy because the price is too high, and even shut down the mining machine to compete with the official game in order to obtain a proposal that is beneficial to them; At the same time, investors and project parties, who are the largest supply side, are continuously unlocking at a rate of 530,000 per day. The serious imbalance between supply and demand in the secondary market makes it not surprising that FIL prices go high and go low.

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The concept of "lock-up period" is very common in the stock market. It is mainly aimed at corporate executives and institutions to prevent company executives or institutions from cashing out at the beginning of the market, seriously affecting stock prices. In the long run, it also allows corporate executives to lock in Consideration of maintaining the alignment of interests between individuals and corporate shareholders during the period.

The characteristics of the stock market and the current digital asset field determine that the endings of the two are completely different when they are also facing the lock-up period. Stocks (here mainly refers to common stock stocks) correspond to the dividend rights and ownership of the company, while most of the listed companies are relatively mature, have stable cash flow income, and have mature valuation models. Then, during the stock lock-up period, whether the corresponding institutions or individual investors, relatively speaking, there is a bottom line, because even if the company disperses on the spot, it can still be allocated a corresponding proportion of assets. In the current digital asset investment field, except for exchanges, there is almost no mature cash flow income, and there is also a lack of a market-recognized valuation model. to one.

To put it bluntly, the current blockchain projects are almost all experimental products, and the tokens issued by this experimental product with an uncertain future, no cash flow and no valuable asset support will be used in the stock market after the tokens are listed on the secondary market. It is unfair and not objective to use the "lock-up period" method. In the name of euphemism, limiting the selling pressure in the early secondary market is beneficial to all interested parties. But the reality is that most of the time it becomes the lock-in period, that is, the price is high, and after unlocking, there is a lot of feathers.