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Chain Token Updates: Extending Token Release Time Locks and Unclaimed Burns

Chain Token Updates: Extending Token Release Time Locks and Unclaimed Burns

Chain is excited to share with our community that we have updated our Chain Token Release schedules in accordance to CIP-1 to further extend the dates in which the CHN token vests as well as information on upcoming CHN token burns for unclaimed distributed allocations.

Chain Token New Vesting Schedules

The Chain Sequence Distribution allocation is now known as the Chain Distribution allocation with a monthly cap of 100,000 CHN. Previously, this amount was fully unlocked, but it was not distributed yet. Additional monthly caps were added to the unlocked portion of the Team allocation, which now has a monthly cap of 250,000 of 12,500,000 CHN. Previously, this amount was also fully unlocked and distributed. Lastly, 50% of the unlocked Team/Founder tokens have been migrated to a time lock smart contract with a 100,000 CHN monthly unlock. Previously, this amount was fully unlocked and distributed.

We have made the decision to extend the token time locks via multisig spending limits and time lock smart contracts. We have also re-designated the Chain Sequence Distribution allocation to just Chain Distribution.

Previously, there was no limit on how this allocation could be distributed to Sequence. Now, we have extended the availability of the program for rewards as we plan to acquire and launch other applications which will be unveiled in upcoming announcements. The vesting periods designated to the CHN token supply now have elongated linear release while previously these allocations were freely unlocked.

Chain Token Unclaimed Burns

The Chain Token is a utility token that powers the Chain ecosystem. Products like Sequence can utilize the Chain Token to access premium features, receive discounts, and to be used as a way to remit feed. For Chain Governance and Chain Staking, CHN is utilized to vote for proposals and secure their weight in the network through staking on the decentralized application.

In November of 2021, we announced the official token economics (Tokenomics) of Chain Token and how the distribution would take place. Fifty percent (50%) of the allocation was placed aside to distribute to prior and future Sequence users. We distributed approximately 32 million of that allocation collectively.

As of today, there still remains many clients that have unclaimed CHN. Chain placed a long stop date of March 1, 2022 for users to claim their CHN from the assigned and registered Ethereum wallets. Any CHN that is not claimed from allocations that are already distributed will be purged from the Sequence system and those respective tokens will be burned.

The burn of those unclaimed tokens will occur on-chain to the publicly available Ethereum burn address, thus effectively reducing the Chain token total supply. A notice has been placed on those accounts so that action may be taken. Once burned, Chain does not have the ability to mint additional tokens. If clients have questions they can email support@chain.com

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