As set out in the Recovery and Restructuring Plan issued on the 1st of January 2023, the reboot platform “Vigiler” has successfully launched on the 11th of February 2023, to which $6 million of assets and most of the existing loans on the Inlock platform have been successfully migrated as of this morning. All pending migration requests are expected to be processed this week.

The new platform retains the best features of Inlock, but expands them with new products such as Dual Swap, Superposition and Collateral Option. Using these services, our clients will not only be passive beneficiaries of our community but can also actively benefit from the opportunities offered by their crypto assets and even market volatility! The platform is only available to Inlock clients who meet the migration criteria.

Along with the launch of the reboot platform, additional steps were taken on the Inlock platform as well. At the end of January, we successfully closed the recall of all institutional loans and completed the section of the Recovery Plan called “Management of small (dust) balances”.

During the course of February, we will also aim to complete the activities described in the section “Suspension of Inlock platform services”. Accordingly, we hereby inform our clients that the swap function on the Inlock platform will be closed on the 24th of February 2023, as set out in the Recovery Plan, and all loans still running on the platform will be closed by selling the collateral.

Upon the closure of these services, internal transfers and the tokenmarket, which has been operating since the 20th of January, will remain available and will be soon extended with the Badge Conversion and Badge Auction features promised for March and April.

Applications for Vigiler platform migrations can be submitted until the 20th of April 2023 at the latest, after which two further steps are expected. These are:

  • exit payout program: Once the migrations are complete, the assets that are left on Inlock will be stored 100% on cold storage, allowing anyone to reclaim all the assets left on the platform, with the loss write-off that applies at that time. We are not able to offer a partial exit payout, but the option is available to our clients any time during 2023 and we expect to be able to extend it to 2024. Clients benefiting from the exit payout program are exempt from the scheduled release phase. The exit payout conditions are the same as for the previous early payout programs (the exception is the amount limitation and the extent of the loss reduction!), thus payouts will be made in USDC.
  • scheduled payout: As set out in the Recovery and Restructuring Plan, the scheduled payout of the remaining client assets will begin on the 28th of April 2023.

 

Further details on the exit payout program (previously known as the early payout program) and the scheduled payout are expected to be announced before the programs start in April.

Future of the Inlock platform

All client assets will be withdrawn from the Inlock platform as a result of the migration, exit payout, and scheduled release processes. There are only two exceptions to this: the ILK token and the previously distributed Badges. The future of the ILK token ecosystem was already presented on the 12th of January, revealing the long-term retention of the Inlock platform to manage these assets. 

The ILK token and badges have been given a long-term purpose with the introduction of the Gold Badge tool on the Vigiler platform, which will allow our clients to use the same platform fee rebate that is currently provided by the compensation balance. Depending on the client’s activity, this can result in a monthly rebate of hundreds or thousands of dollars, so we definitely expect the Gold Badge to be a popular tool for active clients of the Vigiler platform, even as early as the end of 2023. 

The ILK token and Badge ecosystem will be further improved with new features and services during March and April 2023.