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Self Chain founder: Increasing token supply aims to strengthen network security
2024-09-03 05:29:28
Odaily News In response to the recent community concern about the "increase in token supply", Self Chain founder and CEO Ravindra Kumar posted on the X platform to respond to the doubts and FUD faced by the project after migrating from FRONT to SLF. Kumar emphasized that Self Chain was not taken over by a new team, but the original team was strategically reshaped, expanding from a wallet project to a Layer 1 blockchain based on Cosmos-SDK. Regarding the increase in token supply, Kumar explained the distribution of the 360 million total supply: 36 million permanently locked for foundation nodes, 90 million migrated from FRONT to SLF, 10 million allocated to new investors as validators (18-month lockup period), 36 million allocated to equity investors (36-month lockup period), 30 million allocated to the core team (6-year lockup period), and 68 million for the ecosystem (1.5 million released per month). Kumar said that the increase in supply is intended to strengthen network security, prevent 51% attacks, and attract more investors and validators to participate.