The First FNX Token Burn
FinNexus confirms the details of burning unsold FNX tokens.
On May 17, our innovative token offering on Bitrue concluded. We had an overwhelming response. Our FNX tokens were fully subscribed every single day for 7 days. We are humbled by the confidence our community has placed in us. We are so proud that we were able to distribute 40 million FNX tokens during this event.
At the same time, we held a small concurrent event for WAN token holders only. Of the 4 million FNX tokens we made available in that event, 1,456,509.5662 FNX were exchanged for WAN. Today, we announce that we have now burned the remaining FNX tokens from that allocation.
The total FNX tokens burned amount to 2,543,490.4338 FNX in this transaction. You can verify the amount of the burn in the following link on Wanscan that we made in an on-chain transaction today:
With this burn, our initial circulating supply drops from 44,000,000 FNX to 41,782,610 FNX. This number includes the 41,456,509.5662 FNX that were subscribed to earlier this month. This initial circulating supply figure also includes all promotional airdrops conducted by the FinNexus team and in conjunction with Bitrue and BKEX, which came to a total of approximately 326,100 FNX. We will update this exact amount (if necessary) upon the release of these incentives and confirmation by the exchanges.
The upper limit of this number will not change until after other FNX tokens begin to unlock exactly 90 days after our first listing, which occurred on May 26, 2020. However, FNX token holders should remember the UM1S conversion mechanism, which could result in the burning of up to 80% of the current circulating supply at the end of the 90-day conversion period. If the maximum conversion limit is reached, we estimate that 33,426,088 FNX would be burned, leaving a new circulating supply of 8,356,522 FNX. At that time, institutional investor tokens would unlock, but only at a rate of less than 700,000 FNX per month.
We aim to keep the current circulating supply figure current on our Coingecko FNX page and also at fnx.finnexus.io. We may also conduct further limited promotional airdrops to raise awareness of FinNexus and/or in conjunction with potential future listings. For more detail on our token supply, please read Ryan Tian’s article on FNX tokenomics in case you missed it:
FNX Tokenomics
All the details you need to know about the FinNexus Token (FNX) distribution
medium.com
From time to time over the next few months, in addition to the burn related to FNX conversion to UM1S, we will be burning some of the 500,000,000 FNX maximum token supply as we refine our go-to-market strategy. We expect that this will not be the last FNX token burn. So stay tuned to our social media channels for more information!
About FinNexus
FinNexus is building an open finance protocol to power hybrid marketplaces that trade both decentralized and traditional financial products. The FNX token will live on the Wanchain blockchain to take advantage of the most robust cross-chain capabilities currently available in the industry. The first products FinNexus will release are innovative tokenized assets with value based on real world cash flows that live on Wanchain and XRP Ledger. The second product to be released is a fully decentralized bitcoin options model
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