UM1S Conversion Concludes
28M+ FNX Burned and List of Converted FNX released
Thank you very much for the massive support from our communities, now over 30,000 strong worldwide. We proudly announce that the conversion period of FNX to UM1S has been concluded. Amazingly,
28,036,823.22 FNX tokens were burned during this process.
Combined with our initial burn of 2,543,490.4338 FNX unsold tokens, we have now achieved in reducing our max supply from 500,000,000 FNX tokens by 30,580,313.6538 FNX to 469,419,686.3462 FNX. We recently announced a reworking of our tokenomics to allocate more than 70% of our token supply to our community, so stay tuned!
Total Number of FNX Converted
As disclosed earlier here and here, FNX holders had the right to convert their FNX tokens to UM1S, a real-world asset-backed token, within 90 days (conversion period) from our initial listing day on Bitrue and BKEX (26th May 2020).
On 24th August 2020, the conversion period ended and we have 28,036,823.22 $FNX tokens converted to UM1S and burned, and
2,803,682.32 $UM1S tokens are minted.
UM1S is an asset-backed token with a fixed rate of return. The applicable token rate is different according to the time of conversion. UM1S token holders are eligible to claim the principal and interest after the conversion period is over.
The applied interest rate and interest calculation can be found here.
The detailed list of the converted FNX is found below. If you are a UM1S token holder, you can search to find your address here as well.
How to Claim the UM1S Principal and Interest
UM1S is backed by real-world cash flow and the transaction from fiats to cryptoassets is being processed. Please wait for further announcement to claim the UM1S Principal and Interest.
What’s Next for FNX?
The FPO v1.0 — The Universal Options Protocol with Multi-Asset Single-Pool (MASP) model is on the way. Please read the introduction in below.
FinNexus started the Uniswap liquidity mining initiative on August 21st, and once MASP is live we will have yet another way to reward our early adopters and community members via a special yield farming opportunity that will emerge with the launch of FPO v1.0.
FinNexus is building a suite of open finance protocol clusters that will power hybrid marketplaces trading both decentralized and traditional financial products. The headline product to be released is a fully decentralized bitcoin (and other cryptocurrencies) options model that will live on both Wanchain and Ethereum.
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