To even the most seasoned crypto user, blockchain and cryptocurrency can be a minefield to navigate. Understanding the differences between a token or coin, network or blockchain, circulating vs non-circulating supply and many other concepts can lead to confusion- understanding the OMI token is no exception.
While many in the community are aware that 750b tokens were minted during creation, there are several considerations affecting the circulating supply of the token, including: out of circulation tokens, tokens which were inadvertently locked up and tokens that have been permanently removed from supply.
Each of these factors has had an effect on the total supply of OMI and the accurate reporting of the circulating supply of the token. We will be covering each of these topics in detail to show the resulting maximum circulating supply for the OMI token.
Circulating Vs. Non-Circulating Tokens
A circulating token is OMI which is available to the public and can be held in either a user’s personal or exchange wallet.
The fully diluted or maximum circulating supply of the OMI token at the time of writing is 310,882,499,574 tokens.
While the number of OMI tokens in the circulating supply can never exceed this number, due to tokens which will be permanently removed from the circulating supply via OMI utilities, this number may decrease over time.
A non-circulating token is OMI which will never enter the circulating supply but was created to support the original token model.
Of the initial 750b tokens created, 40b tokens were used to pre-seed the Vault wallet and 300b tokens were used to pre-seed the Reserve wallet, both of which were out of circulation wallets.
The totality of this 340b tokens were permanently removed from the Vault and Reserve wallets in September 2024, allowing for more accurate tracking of the token and ensuring that they would never enter the circulating supply.
OMI Non-Circulating Token Removal | by ECOMI | ECOMI | Sep, 2024 | Medium
Current Circulating Supply vs. Maximum Circulating Supply
The fully diluted or maximum circulating supply of OMI is currently 310,882,499,574 tokens.
The current circulating supply of OMI is 270,951,644,947 tokens.
The difference between the circulating supply and maximum circulating supply is that the current circulating supply includes only tokens which can be held by users on exchanges or in private wallets, whereas the maximum circulating supply includes these tokens as well as the ECOMI Business Development Fund, which currently contains 39,930,854,627 tokens.
The Business Development Fund represents approximately 12.8% of the total tokens available in circulation and is held by the company for business development and continuity.
Inadvertent Token Lock-up
The initial OMI token model had 410b tokens that were allocated to be in the circulating supply.
In December 2020, during the writing of smart contracts for business development and founder token unlocks, human error resulted in 97,961,508,700 tokens being inadvertently locked up for over 52,000 years.
The entering of the epoch time on chain in milliseconds instead of seconds ensured that these tokens were effectively permanently removed, resulting in these tokens not being included in any circulation calculations.
Permanently Removed Tokens
Throughout the years, there have been multiple instances where tokens which were designed to function either within or outside of the circulating supply have been permanently removed.
While the inadvertent token lockup accounts for a vast majority of these tokens, an additional 26.381b tokens were permanently removed when the token resided on GO-Chain.
25,225,265,101 tokens were Reserve OMI which was burned on GO-Chain and 1,155,991,726 tokens were removed directly from the circulating supply.
This occurred as a result of users being able to purchase Gems on the VeVe platform with OMI, resulting in the equivalent token amount being permanently removed from circulation.
With the introduction of OMI to NFT, a buyer’s fee has been introduced which will permanently remove a percentage of every transaction directly from the circulating supply.
Token Reporting
The OMI token is currently listed on platforms such as CoinGecko and CoinMarketCap, allowing users to track various information and statistics on the project.
The team has provided API data to these platforms which allows them to track the accurate circulating supply of the OMI token. Unfortunately, CoinMarketCap has not been able to integrate the API to date, leading to self-reporting supplies and conflicting data across the two platforms.
By entirely removing the non-circulation tokens and ensuring that token removal only occurs directly from the circulating supply moving forward, this will assist these platforms with the proper integration of the API and ensure accurate token reporting for users.
To further assist users in tracking the token, the OMI Token Tracker is being updated to properly reflect the accurate circulating supply of the token.
For more information and to stay up to date on all of the newest OMI features as they are released, join the ECOMI Discord and follow us on our socials.
Information on this channel is for educational purposes only. It should not be considered financial advice; all users are advised to do their own research. See Disclaimer.
About ECOMI
ECOMI is the issuer of the OMI token. The OMI token is intended for use in the VeVe digital collectibles ecosystem. With over 10 million digital collectible NFTs sold since the beginning of 2021 and a range of international brands, artists, and IP partners releasing content through the platform, VeVe is the world’s leading digital collectible platform.
The OMI token is intended to amplify the collecting experience and, when available, will provide VeVe collectors with a range of unique ways to build and expand their digital collections.
For more information on the utility features available and being worked on, please visit VeVe.me, follow our socials for the most recent updates, and subscribe to the blog to get updates delivered to your inbox. 📩
