FanCoin (FC) is the official pre-mainnet token of Conflux Network, led and issued by the Conflux Foundation. The Conflux Foundation utilized the FC token to fully mobilize the power of the community as well as provide early-access experiences for Conflux products. With our mainnet set for launch on October 29th, the FC coin will officially be converted to Conflux Token (CFX), the official native token of Conflux Network. There will be no public sale for CFX, the only way to acquire the token on launch day would be through converting your FC tokens from pre-mainnet transactions, or mining.
Since the beginning, FC has been functioning as an important carrier of the Conflux community consensus, embracing the efforts and contributions of core community members at the early stage. FC represents the hard work of community members, which the Conflux Foundation respects sincerely. Therefore, the Conflux Foundation has decided that it will never actively burn FC. After our Mainnet is launched on October 29th, community contribution rewards (such as AMAs, airdrops, bounties) will still be issued in the form of FC until the total circulating supply of FC reaches 21 million (hats off to Bitcoin).
After our Mainnet goes live, the Conflux Foundation will release the swap smart contract which exchanges FC to CFX. The foundation will stake 21 million CFX in the contract for holders of FC to exchange. FC holders can deposit FC to the exchange contract and get CFX at a 1:1 conversion rate.
If the holder does not withdraw the CFX immediately, CFX will be retained in the contract, and the holder can proportionally get staking dividends of the 21 million CFX with an annualized rate of return of 4% (for the detailed principle of staking interests, please see the Economic White Paper). Users can initiate a withdrawal at any time to withdraw the principal CFX swapped from FC and the additional CFX obtained through dividends. The deposited FC will be permanently locked in the contract and will no longer circulate in the market.
Users who deposit more than 1,000 FC in the contract will receive an exclusive ConfiCity NFT as a commemorative badge for your early participation in Conflux Network.
After the distribution of all the 21 million FC, the Foundation will then begin to distribute community contributions in the form of CFX, as FC issuance will be ended. FC minting permissions will no longer be available, FC will be managed by the community completely, and the Foundation will no longer participate in the governance of FC.
Thank you for all your support pre-mainnet! We look forward to continuing the journey together with the release of the CFX token and our mainnet.
A full breakdown of the CFX Economic Model:
About Conflux Network
The only state endorsed public, permissionless blockchain project in China, Conflux Network is an open-source, layer-1 blockchain protocol delivering heightened scalability, security, and extensibility for the next generation of open commerce, decentralized applications, financial services, and Web 3.0. Conflux Network is overseen by a global team of world-class engineers and innovative computer scientists, led by Turing Award recipient Dr. Andrew Yao. Fostering entrepreneurship and innovation, Conflux elevates startups and organizations across industries and continents to generate decentralized marketplaces and digital assets for meaningful business and social impact. Founded in 2018, Conflux has raised $35 million in capital from prominent investors including Sequoia China, Metastable, Baidu Ventures, F2Pool, Huobi, IMO Ventures, and the Shanghai Municipal Science and Technology Commission.