QANX Token Burn: Total Supply Reduction
QANplatform is delighted to share a significant development that will have a profound impact on the QANplatform ecosystem. At QANplatform, our unwavering commitment to innovation and decentralization drives our decisions. With great pleasure, we announce the initiation of a one-time QANX Token burn, leading to a substantial reduction in the QANX Token supply.
QANX Token Burn Details
In pursuit of an optimized tokenomics model, the project and associated partners made the decision to burn a significant amount of the total QANX Token supply currently held by them. This burn will effectively reshape the tokenomics, granting more decentralization, and more power to the community in the QANplatform ecosystem.
After the successful token burn, you will find the transaction hashes of the burn of QANX Tokens on Etherscan [link] and on BscScan [link].
Old Total Supply: 3,333,333,000 QANX
Burned amount: 1,133,333,000 QANX
Total Supply after burn: 2,200,000,000 QANX
Motivation behind Token Burn
The driving force behind the token burn originates from a thorough evaluation and careful planning undertaken by the project team, advisors, and partners. Subsequent calculations and analysis led to the conclusion that this surplus of tokens is not essential for the successful execution of the project, but on the other hand it would result in an unfair voting power at the upcoming mainnet launch which goes against core decentralization principles.
For above reasons, the token supply will be reduced and as thus voting power will be heavily redistributed to the community for a more equitable ecosystem, amplifying the influence and participation of our community.
Change in Tokenomics
One of the crucial aspects of the token burn initiative is the significant shift in the tokenomics. Prior to the burn, the project and partners held more than half of the total token supply. However, with the implementation of the burn, the token ownership ratio will be reduced significantly. This adjustment ensures a healthy distribution of tokens and positions QANplatform to achieve the upcoming milestones, specifically the development of a fully functioning mainnet and the establishment of a thriving ecosystem.
By reducing the project’s token holdings to a sufficient level, we are confident that we have allocated ample resources to meet all our project objectives. These include successfully running the project, launching a grant program in the future to support further development, and maintaining efficient operations after the mainnet release. The revised tokenomics reflect our commitment to maintaining a balanced and sustainable ecosystem that benefits the entire community.
The new tokenomics will be allocated as follows:
Research & Development: 150,000,000 QANX (30%)
Marketing & Rewards: 110,000,000 QANX (22%)
Team: 90,000,000 QANX (18%)
Operations & Business Development: 50,000,000 QANX (10%)
Floating Liquidity: 50,000,000 QANX (10%)
Advisors: 40,000,000 QANX (8%)
Reserve: 10,000,000 QANX (2%)
Circulating Supply
Prior to the burns, the circulating supply included not only the initially distributed tokens but also unlocked tokens.
With the reduction in total token supply, the new circulating will be updated as well. This adjustment accounts for the removal of tokens from the circulating supply due to the burns, ensuring a more accurate representation of tokens actively available within the market.
Next steps and action items
- Conclude final analytics checks,
- Relaunch claiming on claim.qanplatform.com,
- Claim QANX Tokens to be burned,
- Send burn amount to burn address,
- Share burn transaction hashes publicly,
- Report the Total Supply reduction to Etherscan to update data,
- Report the Total Supply reduction to BscScan to update data,
- Report the Total and Circulation Supply change to CoinGecko to update data,
- Report the Total and Circulation Supply change to CoinMarketCap to update data,
- Request data verification from CoinMarketCap,
- Claim all remaining balances from QANX smart contract.
The question of why a significant number of tokens exists at a particular address has been raised multiple times. This address is the QANX Token smart contract address, where the total number of unclaimed tokens and the amount designated for the bridge are listed. To reduce the token balance at this address, the amount allocated to the bridge will be transferred to labeled addresses. Additionally, unclaimed tokens must be claimed to further reduce the balance of the QANX Token smart contract. Prior to the burn, we will ensure that the claim.qanplatform.com webpage is fully functional again. We will inform the community through our Telegram Announcement Channel and Twitter.
We express our gratitude for your unwavering support as part of the QANplatform community.
Disclaimer:
This announcement is intended to inform QANX Token holders and alleviate potential concerns or misinformation, as the token burn process involves the transfer of a substantial number of QANX Tokens. Initially, the tokens will be claimed to separate addresses and subsequently sent to the burn address. It’s crucial to emphasize in advance that the transfer of these tokens to the burn address is a planned action, not the result of a bug or a hack. Under no circumstances should you send QANX Tokens or any cryptocurrency to the burn address (0x000000000000000000000000000000000000dEaD) or the QANX Token smart contract (0xAAA9214F675316182Eaa21C85f0Ca99160CC3AAA), as such actions will result in permanent inaccessibility. Tokens sent to these addresses cannot be recovered, nor can they be transferred to another address by anyone. Cryptocurrency market is inherently volatile. Prior to engaging in token transactions, conduct thorough research. This announcement does not constitute financial advice.
About QANplatform:
QANplatform is the quantum-resistant Layer 1 hybrid blockchain platform that will allow developers and enterprises to build quantum-resistant smart contracts and Web3 solutions on top of the QAN blockchain platform in any programming language. In February 2023, Alpine Esports, a Group Renault brand, and inter alia in the Formula 1® Esports Series, signed QANplatform as its Official Blockchain Partner to create practical use cases. QANplatform was selected for the EY (Ernst & Young) Global Startup Academy 2023 Program.
Website: https://qanplatform.com
Twitter: https://twitter.com/QANplatform
Telegram Announcement Channel: https://t.me/QANplatform_ANN
UPDATE (December 13, 2023):
- The tokenomics audit was successfully completed.
- The claim.qanplatform.com website is live again.
- The token burn will be initiated within 24 hours.
- All transaction hashes related to the burn will be publicly shared after completion.
- Users don’t have anything to do related to the burn.
UPDATE (December 10, 2023):
Our partner is still in the process of conducting the internal tokenomics audit. Once we receive the final audit in the upcoming days, we can proceed to relaunch the claiming website and initiate the token burn.
UPDATE (November 24, 2023):
We are pleased to inform you that the calculation process on our end has been successfully completed. Currently, our partner is in the process of conducting an internal tokenomics audit, expected to conclude within the next two weeks. Upon the successful completion of the audit, we will proceed to relaunch the claiming website and initiate the token burn. All transaction hashes related to the burn will be publicly shared.
We want to highlight that the claiming website will be live before the burn happens. In urgent cases, users who held tokens in a wallet (not involving smart contracts) and want to access them during this short period can continue to do so by sending an email to support@qanplatform.com as always.
The next two weeks will be exciting for us, because we are preparing a significant partnership announcement which will shape the future of QANplatform.
We appreciate your patience throughout this process.
Thank you.
