BitCanna Announces Locking of 73.5 Million BCNA

BitCanna
2 min readOct 27, 2021

We’re excited to share that we will vest 73.5M of BitCanna’s ~127M coins that are currently allocated for the project development, team, and marketing. This means 73.5 million BCNA coins will be removed from our circulating supply for the next 12 months.

Why, how and what? Keep on reading to find out more!

What is vesting?

Vesting comes pretty close to “locking” funds. Once coins are vested, they become untransferable. However, with vesting, you retain the ability to delegate, undelegate and vote. This means that we can keep delegating coins to new partners in our professional validator program, like we did with Cosmostation, who listed $BCNA in the awesome Cosmostation wallet, and also, Forbole; our Big Dipper Explorer partner.

Vesting effectively reduces the circulating supply, as the coins are unable to move for the designated period, and could therefore drastically reduce the sell pressure of a coin.

A Commitment to the Future of BitCanna

We decided to vest the 73.5 million BCNA coins to show you our intentions that we have no intent to sell large portions of our coins in the coming year(s). We’d like to showcase our commitment to build the decentralized network for the legal cannabis industry, and by locking the funds we’d like to emphasize that statement.

We will continue funding the project with investor & private funds to solve the problems we’re facing in the cannabis industry by means of the $BCNA coin.

Vesting amount & vesting period

73.5M BCNA of the 127M funds allocated to the project will be vested. This means 53.5M will remain unvested. These coins will primarily be used to incentivize liquidity and grow trading volume & pool depth on Decentralized Exchanges such as Osmosis, Sifchain and Emeris. We’ll publish additional information about Osmosis & Liquidity pooling in our next scheduled post (tomorrow)!

The 73.5M coins will be vested from October 28th 2021 13:00 UTC (tomorrow), until October 28th 2022 13:00 UTC. We’ll lock 100% of the coins allocated to the team, and we’ll lock roughly 50% of both the business development and marketing address. We will consider extending the vesting period before the 12 months are expired.

Expect our supply to update on Coingecko and Coinmarketcap within the next couple weeks (as this could take some time due to queues on their side).

That’s it for now! For additional questions, feel free to reach out to info@bitcanna.io, or join our Discord and Telegram and ask the team directly!

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BitCanna

BitCanna will provide a Decentralized Payment Network, Supply Chain and Trust Network for the legal Cannabis Industry. Join us: https://www.bitcanna.io/