Solana co-founder, Anatoly Yakovenko (Toly), shares his views on the optimal capital formation model for early-stage projects in the blockchain space. According to Toly, a reasonable design should prioritize a staking mechanism for long-term holders to encourage long-term commitment to the ecosystem.
He proposes releasing more than 20% of the total token supply on the day of the TGE (Token Generation Event) to create initial liquidity, while minimizing the participation of financial investors. For investors required to participate, Toly suggests implementing a full lock-up mechanism with only 100% unlocked after at least one year from the TGE.
Notably, Toly opposes the idea of the founding team and investors having their tokens unlocked immediately on the release day. Instead, token distribution should prioritize core users through airdrops or fair auctions to build a sustainable community from the outset.
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