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+# Overview
+
+`COLLAR`(Collar Governance Token) is the governance and utility token in Collar project.
+
+There is a maximum total supply for `COLLAR`: `4, 294, 967, 296`.
+
+Essentially `COLLAR` will be distributed in the following way:
+
+- `50%` for liquidity mining
+- `20.3125%` for treasury
+- `18.75%` for team members
+- `9.375%` for investors
+- `1.5625%` for advisors
+
+Here is the overall release plan for `COLLAR`:
+
+> **OUTDATED**
+> | year | total supply             |
+> | ---- | ------------------------ |
+> | 1    | about 5.5 million (33%)  |
+> | 2    | about 10 million (60%)   |
+> | 4    | about 14.5 million (87%) |
+> | 8    | about 16.5 million (98%) |
+
+# Liquidity Mining
+
+`50%` of the maximum supply (`TODO`) will be distributed to liquidity mining. Each round of mining lasts for 6 months and new rounds will be launched every 3 months. The total reward for a liquidity mining round is `7/8` of previous round. and the reward for the initial round is `1, 048, 576` (`6.25%` of the maximum supply)
+
+> **OUTDATED**
+> | round | start time | end time | reward                  |
+> | ----- | ---------- | -------- | ----------------------- |
+> | 0     | month 0    | month 6  | `1, 048, 576` (`6.25%`) |
+> | 1     | month 3    | month 9  | `917, 504`   (`5.47%`)  |
+> | 2     | month 6    | month 12 | `802, 816`   (`4.79%`)  |
+> | 3     | month 9    | month 15 | `702, 464`   (`4.19%`)  |
+
+the reward will be distributed to liquidity providers of:
+
+- `CALL` and `COLL` pairs
+
+    majority of the reward will be distributed to liquidity providers of `CALL` and `COLL` pairs to provide better liquidity and better lending and borrowing user experience.
+
+- `COLLAR` pairs
+  
+    about `1/8` of the reward will be distributed to liquidity providers of `COLLAR` pairs.
+
+- `COLLAR` single token stake
+
+    the rest of the reward will be distributed to Collar governance pool.
+
+# Treasury
+
+`20.3125%` of the maximum supply (`TODO`) will be distributed to treasury.
+
+The token in treasury will be used to airdrop, IDO, bug bounty, insurance and so on to support Collar project. The release speed here is same as above.
+
+# Team Members
+
+`18.75%`of the maximum supply (`TODO` will be distributed to team members.
+
+The `COLLAR` token distributed to team members is gradually unlocked at the end of each liquidity mining round. The unlock token for each round is `7/8` of previous round. and the unlock token at the end of the initial round is `393, 216` (`2.34%` of the maximum supply)
+
+# Investors
+
+`9.375%`of the maximum supply (`TODO`) will be distributed to investors and it is gradually unlocked in the same way we described above.
+
+# Advisors
+
+`1.5625%`of the maximum supply (`TODO`) will be distributed to advisors and it is gradually unlocked in the same way we described above.