As outlined in the Recovery and Restructuring Plan issued on the 1st of January 2023, the recovery process of the ILK token ecosystem will soon begin as well. We would like to briefly summarise below what ILK token holders can expect in connection with the ILK token.

During the development of the Recovery and Restructuring Plan, the ILK ecosystem has been given significant attention and we would like to share the following timeline with our clients:

  • As of the 20th of January 2023, the ILK tokenmarket function will be reactivated on the ILK-USDC pair, where clients can create limit buy and sell orders. Sell orders require ILK tokens and buy orders require USDC tokens. 
  • As of the 23rd of January 2023, the ILK swap function will also be reactivated, after which it will be possible to execute buy and sell orders. 
  • By mid-March 2023, the ILK and USDC token deposit function will be re-enabled for our clients on the Inlock platform.
  • By the end of March 2023, a bridge will be set up between Inlock and the Vigiler platform, allowing any active client to transfer Gold badges to their Vigiler account. This bridge will operate without any time limit.
  • By the end of April 2023, a Badge Conversion and Badge Auction system will be completed for the Inlock application. 
  • From the end of April 2023, the Badge distribution process will also be partially restored, allowing Inlock Prime members to earn new Badges based on their ILK balance, as before.

Accordingly, the ILK token will continue to function as a unique platform token, whose primary aim is to provide the financial background for the Badge circulation, since it is necessary to have ILK tokens for the creation of new Badges, and on the other hand, for the sale of Badges.

The Badge will be a crucial component of the Vigiler platform (which is intended to replace the services of the Inlock platform), allowing active clients to earn a significant platform fee reimbursement on their transactions, which can generate hundreds or thousands of dollars per month in revenue for our clients, depending on the assets under management. This can be particularly outstanding for services such as the Collateral Option or the Savings Pool interest rate spread.

Details for Badge conversion: 

As only the GOLD Badge will be present on the Vigiler platform, a conversion system will be established for Inlock clients to convert existing Bronze and Silver Badges to Gold using the following conversion rate: A Gold (GOLD) Badge can be claimed for every 3 Silver (SILVER) Badges; or for every 7 Bronze Badges. The conversion is one-way only and there is no possibility to dust Gold Badges through it! The Badge conversion system can be used on the Inlock platform without any time limit.

Details of the Badge auction:

The Badge auction system to be developed on the Inlock platform will allow clients to easily sell their remaining Gold (GOLD) Badges to other clients who can use them more efficiently on the Vigiler platform. The auction system only accepts ILK tokens in exchange for Badges. Sell orders will be executed through an auction format, where the selling party can set the auction timeframe, the minimum price, the increment and the strike price. Clients who do not have ILK tokens for auctions will be able to easily obtain them through the ILK tokenmarket and ILK swap functions.

Details of Badge distribution based on ILK balance:

By the end of April 2023, the Badge distribution feature will be only partially re-enabled on the Inlock platform, with Inlock Prime members receiving new Badges exclusively. Inlock reserves the right to fully release this restriction upon a later date (but certainly not earlier than December 31, 2023), after which all ILK token holders will be eligible for future Badge distributions. 

Furthermore, until the 31st of December 2023, the ability to modify the parameters related to Badge distribution (such as its regularity, etc.) will also be suspended.

Managing ILK tokens during Scheduled Release phase:

The Scheduled Release phase will begin on the 28th of April on the Inlock platform, during which our clients will receive back their assets stored on Inlock on a monthly schedule. In order to ensure the long-term sustainability of the ILK token, the token itself will not be part of the Scheduled Release program. If the client also wants to extract the value from their ILK tokens, they can only do so by exchanging them for USDC tokens using the ILK swap.

Beyond the year 2023:

We are confident that the success of the Vigiler platform can also significantly enhance the future of the ILK token, therefore the ILK token will continue to provide an inseparable basis for our future services. Although the team’s priority in 2023 is to implement the recovery process, we will not shy away from developing new useful and valuable ways of using the ILK token after the successful completion of the recovery process.