- AnitMatter, an onchain derivatives protocol, announced it was removing vesting of MATTER tokens sold to early investors Wednesday.
- Due to the inflated supply, the token price crashed by more than 50% in a period of 24 hours.
- The project has been widely criticized for the move, with some accusing the team of a “rug pull.”
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Onchain derivatives protocol AntiMatter has removed the vesting period for its strategic investors, which caused the project’s native token price to tumble.
AntiMatter Unlocks Millions Of Tokens
AnitMatter, an on-chain options trading protocol, caused its own token MATTER to crash after it removed a vesting period from tokens sold to early investors. The project announced Wednesday:
“After internal discussion MATTER has decided to move forward the unlock all strategic investors, including seed and private rounds.”
Dear community, after internal discussion $MATTER has decided to move forward the unlock all strategic investors.
We believe this will benefit the protocol in the mid/long term helping filter long-term supporters of the project.
Thank you for your understanding and support ✨
— AntiMatter (@antimatterdefi) June 30, 2021
In a single day, 16 million MATTER tokens, or 16% of the total 100 million supply, have been added to the circulation.
Following the announcement, the token price crashed by more than 50% within a period of 24 hours, coming down from $0.44 to $0.22, according to CoinGecko.
The unlocking decision was made privately by the team without any input from the community.
The token’s original vesting schedule that the team disregarded can be viewed on AntiMatter’s website.
In February 2021, AntiMatter raised $150,000 during a seed round after it sold 8.15 million MATTER tokens to NGC Ventures, Spark Digital Capital, and Monday Capital at a price of $0.0184 per token.
The team later raised another $550,000 during a private sale at a token price of…