Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Self Chain Founder: Increasing token supply aims to enhance network security

Self Chain Founder: Increasing token supply aims to enhance network security

Bitget2024/09/03 06:32

In response to the recent community concern about "increased token supply", Ravindra Kumar, founder and CEO of Self Chain, posted on platform X addressing doubts and FUD faced after the project migrated from FRONT to SLF. Kumar emphasized that Self Chain was not taken over by a new team but strategically reshaped by the original team, expanding from a wallet project to a Layer1 blockchain based on Cosmos-SDK. Regarding the increase in token supply, Kumar explained the allocation of 360 million total supplies: 36 million permanently locked for foundation nodes, 90 million migrated from FRONT to SLF, 10 million allocated to new investors as validators (locked for 18 months), 36 million allocated to equity investors (locked for 36 months), 30 million allocated to core teams (locked for six years), and 68 million used for ecosystems (releasing one point five millions monthly). Kumar stated that increasing supply aims at strengthening network security against potential '51% attacks' while attracting more investors and validators participation.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!