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EthSign launch tool to ease token distribution on Polygon
Announced via Polygon’s official Twitter account dedicated to innovations in the Decentralised Finance (DeF) space, EthSign, a decentralized electronic signature platform, launched a tool to make token distribution easier.
The tool, named Token Table, is built on Polygon and is aimed at streamlining and automating token distribution workflows.
According to Polygon’s official announcement, the new tool will be instrumental in solving the challenges faced in token distribution and allocation on the Polygon network. Citing the rapid growth of web3 and DeFi communities and how it gives rise to more and more projects launching their native tokens, Polygon, however, stated that the token distribution process was “highly manual,” and it made community airdrops, team vesting, & investment payouts “time-consuming and error-prone.”
With Token Table, Founders can manage their token distribution and allocation activities in one place, such as token unlock and distribution schedules, term sheets, employee token vesting plans, and cap tables, all from intuitive dashboard views. Token recipients (Investors & employees) can also view the progress and schedules of the token allocations they are owed.
According to Ethsign’s reveal, Token Table’s cohesive workflow would enable founders to complete four major processes with the use of smart contracts. These processes can be divided into two parts: before and after the Token Generation Event ( TGE).
1/ Register and token ownership: For founders, The tool offers a dashboard view that showcases the ownership structures of their project. It details token allocations, percentages, and unlocking schedules for all stakeholders. Investors and stakeholders can also track and manage their ownership across portfolios using a similar dashboard view.
2/ Streamline fundraising: The tool assists founders with fundraising management tools such as contract templates, transaction records, and invoices. Integrated with EthSign Signatures, TokenTable will display a deal on the dashboard automatically once an investment agreement is signed and executed.
3 Support token grants: The tool will also provide similar workflows and tools that support token grants management for employees and community contributors.
4. Post TGE, Token Table provides a smart contract solution that gives specific data on unblocking and vesting. It is enabled with email notifications to stakeholders once their tokens are successfully vested and can be claimed via their digital wallets.
According to the announcement, plans are underway for a dashboard where investors can manage all their portfolios across multiple tokens and generate relevant data for P&L statements.
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