A Note on FNX Circulating Supply
Given our unique FNX conversion mechanism, we provide DAILY UPDATES here on FNX circulating supply during the first 90 days.
As we described previously in “How to Convert UM1S and Redeem UM1S at the End of the Conversion Period,” we are doing something a little bit different with our initial token offering. Up to 80% of the 41,782,610 FNX (including some promotional airdrops) that were subscribed to from May 11 to May 17 are eligible to be converted into the UM1S stable asset. This figure includes some promotional airdrops as well.
As such, we provide a convenient place to keep the community up to date with how that conversion mechanism is affecting FNX circulating supply here.
Check out the table below:
Table for FNX Dynamic Circulating Supply in Conversion Period — UPDATED DAILY ON WEEKDAYS — Last Updated Aug. 26
Please refer to FNX token dashboard for up-to-date conversion details.
FNX Tokenomics Overview
Through the conversion mechanism of the FNX ICTO, up to 80% of the initial circulating supply may be burned during the conversion period, which is defined as the first 90 days after the initial listing of FNX on 26th May 2020. As much as 33,426,088 FNX could be converted during this time period. Please check back frequently to observe the changes in the table above. At the end of the conversion period, we will publish an article that provides specifics on the updated token supply distribution at that time.
Therefore, to keep FNX holders updated on the potential changes of FNX circulation numbers, we provide the relevant token supply distribution information in charts and graphs in this post. The information will be periodically updated during the conversion period.
FNX Total Supply
Key FNX Token Addresses
Address for team and founding investors: 0x490fbf44fbcdb0c19209ae013ac9174738e670c5
Address for Operational Reserves for future DAO: 0x70197ee9981c3415404b47541155873d69d5c510
Address for Variable Issuance Pool for mining incentives: 0xd5b5965754102660d9cce5bc57a7dc2a87e359d9
Institutional Investors:
0x81A71185f4EdB512051677426f1C95680356177B
Please noted that Phase two 100 Million FNX tokens have not been minted, including the undistributed tokens. Therefore, the total minted tokens, including the burnt, are 400 Million.
Please refer to FNX token dashboard for details.
FNX Circulating Supply Forecasts
As we disclosed in the FNX tokenomics article, different buckets of tokens that were not part of the ICTO are subject to different lockup terms. Within the first year after listing, the issuance of these FNX tokens will slightly influence the amount of FNX tokens in circulation. After the first year, the lockup schedule will have a greater influence on FNX circulating supply.
The graphs below provide two views on the evolution of FNX token supply. In both these models, we assume that 50% of FNX gets converted to UM1S and subsequently burnt. Please note that the final conversion amount could be substantially different from that assumption.
The first chart gives a 1-year view, showing the slightly dilutive impact from the release of institutional investor tokens starting on August 26, 2020.
Expected Circulating Supply for 1 Year After Listing
This second chart gives a 6-year view, for a total of 72 months, of how the expected circulating supply of FNX will evolve.
Expected Circulating Supply for 72 Months After Listing
Note: The listing date is 26th May 2020. The numbers along the X-axis represent the number of months passed since that initial listing date. (Suppose the DAO reserves will be released linearly in 5 years after 1-year lockup)
A Note on Locked Tokens
We previously stated this in the FNX tokenomics article, but it is worth restating again here. The following groups represent the different buckets of tokens that are currently locked and their associated release schedule over time.
- Institutional Investors — Locked for 3 months. Over the following 12 months, the tokens will be unlocked linearly by month.
- FinNexus Team — Locked for one year. Over the following 30 months, the tokens will be unlocked in stages.
- Founding Investors — Locked for one year. Over the following 30 months, the tokens will be unlocked in stages.
- Operational Reserves for future DAO — Tokens reserved for future DAO establishment will be frozen for 1 year after ICTO, and unlocked according to the distribution to the DAO members.
Fundraising Summary
Thanks to the massive support from all FinNexus communities, as well as the assistance from Bitrue and wanchain, we successfully finished the offering process from May 11th to 17th. During this time period, 41,456,509.57 FNX tokens were subscribed for and approximately 4,060,000 USDT was raised (calculated according to the relevant subscribing token price on Coinmarketcap).
As described in our tokenomics, the FinNexus’ institutional private sales were invested in by Genesis Capital, Consensus Capital, BKex Capital, and Cardinal Capital in late 2019. 8,333,333 FNX tokens were sold at this stage at the price of 0.06 USDT/FNX, and 500,000 USDT was raised.
Therefore, FinNexus has concluded the fundraising process in Phase One as described in the whitepaper, with a total figure of approximately 4.56 million USDT raised.
Now the hard work continues!
We look forward to bringing you news about our decentralized cross-chain solution for minting bitcoin options in the upcoming weeks.
Stay tuned!
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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