[SAINT KITTS AND NEVIS] (June 3, 2022) — Chain announced today that it has burned over 15 billion Chain tokens (XCN), representing 22.39% of the total supply. This amount contains the entire Chain Rewards distribution allocation. The Chain Reward distribution allocation was designed to be a cash-back allocation rewarding users on Chain’s products. At writing, the value of this burn is estimated to be $2.6 billion dollars.
Initially, XCN was issued an incentive used to access discounts, pay invoices, and unlock premium features in Chain’s flagship product, Sequence. With the launch of Chain’s decentralized autonomous organization (DAO), XCN holders have direct access to DAO Treasury and governance capabilities on the Chain Protocol. XCN will continue to be allocated by Chain’s DAO governance, rewarding worthy products, projects and developers with XCN grants.
“The XCN token burn signifies the shift toward Chain’s decentralized DAO governance. This milestone recognizes both XCN’s impact on web3 development and the innovators who have used it to build on Chain,” said Chain CEO Deepak Thapliyal.
XCN serves as the token holder’s vote in the DAO’s governance decisions. The launch of Chain Governance deemed it necessary to burn tokens as the DAO controls a substantial monetary budget of XCN, and token holders vote on-chain to decide allocations of the treasury.
With the Chain Reward Distribution supply burned, the new Chain Token (XCN) supply is now 53,467,098,639 tokens with the circulating supply unchanged at 23,470,523,779 tokens. Approximately 2 billion tokens are unlocked but not publicly distributed.
The current release schedule also remains unchanged. View the schedule and distribution details at chain.com/token.
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