> For the complete documentation index, see [llms.txt](https://docs.paragonsdao.com/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paragonsdao.com/docs/archive/dao/initial-token-distribution-and-token-circulating-supply.md).

# Initial token distribution and token circulating supply

### Initial Token Distribution

The initial token distribution took place between January 17, 2022 (Copper Launch) and January 20, 2022 (PDT’s official launch on Uniswap).

<table data-full-width="true"><thead><tr><th width="183">Recipient</th><th width="108">%</th><th width="130">Amount</th><th width="218">Description</th><th>Vesting</th></tr></thead><tbody><tr><td>Early investors</td><td>49.1%</td><td>79,826,624</td><td>Tokens distributed to early investors at $0.34/token</td><td>N/A</td></tr><tr><td>Operational team</td><td>0.9%</td><td>1,505,159</td><td>Vested tokens distributed to early contributors</td><td>1 year, linear <br>(Jan 20, 2022)</td></tr><tr><td>Founders</td><td>17.1%</td><td>27,787,500</td><td>Vested tokens distributed to the founders</td><td>2 years, linear <br>(Jan 20, 2022)</td></tr><tr><td>Treasury reserves</td><td>2.6%</td><td>4,190,446</td><td>For future needs</td><td>N/A</td></tr><tr><td>Copper Launch</td><td>23.1%</td><td>37,500,000</td><td>Initial liquidity bootstrapping pool</td><td>N/A</td></tr><tr><td>Initial Bonding Event</td><td>5%</td><td>8,100,000</td><td>Limited time event, PDT offered at the equivalent value of $0.34/token in exchange for Parallel cards</td><td>N/A</td></tr><tr><td>Uniswap LP</td><td>2.2%</td><td>3,600,000</td><td>To supply our initial protocol-owned liquidity</td><td>N/A</td></tr><tr><td>Total</td><td>100%</td><td>162,500,000</td><td>To supply our initial protocol-owned liquidity</td><td></td></tr></tbody></table>

{% hint style="info" %}
The token supply is not hard-capped, however, any potential new issuance would be need to be initiated through a governance proposal and executed through our multisig.
{% endhint %}

### Current Token Circulating Supply&#x20;

As of May 7, 2024, this is the total circulating supply of PDT.

Through PDIP-19, the weekly buyback and burn strategy will reduce $PDT tokens supply over time, as projected in graphics below.&#x20;

* Total PDT: 162,500,000
* PDT in Treasury: 25,317,737
* Total Circulating: 137,182,263

<figure><img src="/files/K1hKoaRG2nFRfUJIJdB7" alt=""><figcaption></figcaption></figure>


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