Transparency report: over 7.85% burned 🔥 The 7 days of Bridge Troll.

Following up on our post-crowd sale update and community update #2 on Telegram, we are releasing full information on company wallets and the current market cap, as well as the bridge troll dynamics of the first week. [Jan 24 stats]

UPDATE FEBRUARY 19

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Community Platform

To start with, all the funds have been liquidated into USD straight away, with the total raised amount from private sale + crowd sale = $2,677,500 USD. We are already building, looking into expanding the team (UX designer + Scala developer), and are preparing to be releasing new clients soon! We will constantly be updating you on all the steps.

This piece will have quite a few numbers in it, please bear with us!


Crowd sale burn: 7.85% forever out

As outlined in the post-crowd sale update, 54.16% of the crowd sale offering is to be burned. Aaaaaand… now it actually is.

Etherscan

39,267,891 out of 500,000,000 LTO are forever out of circulation. Because LTO blockchain uses in-network fees as validator rewards, those tokens will never come back. Ok, so we are left with 460,732,109 LTO. Let’s dig deeper.


Bridge Troll: almost 2M over and into the network!

Track real-time with this bot: t.me/troll_bridge

From ERC-20 -> Mainnet here. From Mainnet -> ERC-20 here. You can view the movements of seed/private sale investors on-chain and verify it all. As you know, only ERC-20 tokens are directly tradeable:

That is around 6% of all ERC-20 available tokens getting onto the mainnet, leaving the immediate circulating supply. As a comparison, only 189,703 LTO moved from mainnet to ERC-20 side, which is 10 times lower!

The community is disregarding the bridge troll fees and is joining the network to support it by running a node, leasing — and validating! That is so great to see, especially the cool analytical tools the community is building: go to our Telegram chat and type /tools to see them. Wanna build one together? :)


Transparency report: what is where?

Crowd sale biggest wallets by crypto_ELI5. You can see the movements on-chain.

460,732,109 LTO in total were left after crowd sale. Out of which 289,552 LTO were burned by crossing the bridge Mainnet -> ERC-20.

460,442,557 LTO are left for now. It never gets higher. Can only get less.

The supply exists on two blockchains (LTO Mainnet and Ethereum) at the same time, and then tokens flow from one side to another. ERC-20 tokens are for liquidity (directly traceable), while LTO mainnet coins are used for staking/leasing and participating in the blockchain. It is the same token, 1:1.

To be more exact on different groups distribution


ERC-20 <-> Mainnet split

This total amount might and will keep decreasing as Mainnet -> ERC-20 swaps continue

Secondary market sale liquidity: 33,182,178 LTO. These are considered to be directly circulating and tradeable tokens.

A part of market and partners wallet: 20,166,667 LTO. Those are intended for further community engagement (trading rewards in a locked form, community platform, etc. — not to be directly liquid).

BitMax MM wallet (mixed together with BitMax1 and Bitmax wallets on etherscan): 3,333,333 LTO. (Not for market selling, the amount has only been increasing slightly rather than decreasing)

Mainnet side:

Seed round: 65,000,000 LTO — you can see around 8M has been swapped from Waves. Those tokens are not directly liquid* bridge troll.

Private sale: 72,500,000 LTO. Those tokens are not directly liquid*.

Ecosystem Fund: 73,596,995 LTO. Some rewards have been distributed from there (to be reconciled with the marketing wallet later on). To be given in a locked form to builders and dApp/business developers, grants.

Team: 85,000,000 LTO. 33% unlocked after 8 months, 10 months, and 12 months.

Advisors: 20,000,000 LTO. Locked for 7 months.

Marketing and Partners: 33,046,000 LTO. Used for exchanges, liquidity providing, community platform rewards. Not to be market sold.

Foundation (B.V.): 50,000,000 LTO. Released gradually after a year.

*lockups are counted since January 17, 2019.

Bridge: 95,723,476 LTO. These are not extra tokens, those were accounted in the bridge on the mainnet side as the full swap potential.

LTO Network market cap

Counting the market cap of LTO is not that easy, but CoinGecko are doing a good job! CMC application is in progress. Let’s look at how one can count the market cap of LTO.

Simple way
ERC-20 circulating tokens (33,182,178 LTO) * current price.

This is directly-liquid market cap, excluding the private sale and seed.

Complicated way
simple way + (private sale + seed)*(100 — bridge troll fee)* current price.

This is the full market cap, including all sale rounds.

LTO Network valuation

All tokens (currently 460,522,687) * current price.
At the moment of writing this piece, it is less than 7,000,000 USD.

Here is an example of how one can calculate it. Based on Feb 5 numbers.

lto.banteg.xyz

Bridge, mainnet staking, leasing… there are tons of cool tools one can build! We are working on some of them, but it would be great to partner up with other skilled community members and make even more cool stuff 🔥


We kinda created an extra 50,000,000 LTO on mainnet before, but now it’s burned! All good, the supply has been restored to the above numbers ;)