# Lockups

`kaal:entity:lockups`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `lockups`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

2 claims across 2 works, 2018 to 2020.

**2018**

- [3249860-009](https://wulfkaal.github.io/claims/3249860-009) [design/argued] *(failure mode)* -- To avoid a token price crash, escrow accounts holding unissued tokens should carry usage and access controls assuring investors that escrowed tokens will not be issued at a discount, with lockups or phased releases minimizing crash risk.
  > To avoid a token price crash, token escrow accounts should provide usage and access controls that assure investors that escrowed tokens will not be issued at a discount. Lockups of escrowed tokens for a specified time period or phased releases can also help minimize the risks of token price crashes.
  Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**2020**

- [3606663-006](https://wulfkaal.github.io/claims/3606663-006) [failure/argued] *(failure mode)* -- By 2019 the ICO market had lost its defining advantage over venture capital: because most ICOs between 2018 and 2019 imposed one to three year lockups, neither market offered early liquidity to investors or issuers, making the two substantively similar.
  > Most ICOs during that period required one to three-year lockup period for their investors. Accordingly, the ICO market in 2019 is very similar to the venture market in the sense that neither of these markets offers early liquidity to investors and issuers.
  Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/lockups.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.