After our successful token sale, people started asking: what is the circulating number of Flixx tokens? If Flixxo sold less than expected, will the team burn their tokens to match the intended % token distribution between team, company, and contributors?
Transparency first!
So, let’s add, starting from the beggining:
- 66M tokens were minted for the presale. 40,185,768 were sold, and 25,814,232 were burned (https://etherscan.io/tx/0xb808e4a6fc5d0c513ceb14055ecc6542cdbd8a4ec3ae4179422d446b5a395b94).
- 134M tokens were reserved for the token sale. 23,151,329 were sold, leaving 110,848,671 tokens out of existence: never minted, and unmintable.
- 100M tokens were assigned to the company. Of those, 10,289,612 are due as fees and partnership agreements. Leaving 89,710,388 in hands of the company.
This adds up to 300M tokens, of which 45% don’t exist, leaving only 163,337,097 that are technically transferrable. However a great part are held by Flixxo Limited, and can be publicly seen in our wallet (https://etherscan.io/token/0xf04a8ac553fcedb5ba99a64799155826c136b0be?a=0x412790a9e6a6dd5b201bfa29af8d589cb85ff20c), leaving around 73M tokens in the hands of the public.
Also, this explains why the “total supply” shown by the token smart contract (https://etherscan.io/token/0xf04a8ac553fcedb5ba99a64799155826c136b0be) is currently about 189M (66+23+100). Because of how the smart contract works, burned tokens do not substract from the total supply.
So that’s it, 300M, all accounted for. But max cap was 900M, what about the other 600M?
There are 600M tokens that were not yet minted, with 100M belonging to the team and the other 500M being reserved for incentive programs (please see https://medium.com/@flixxo/incentives-for-social-economy-growth-or-how-to-give-away-free-lunches-a11d7096ad14).
Team’s tokens are vested for 2 years, so that 33M tokens could be minted now, 33M in a year, and the remaining 34M in October 2019. We have not minted our tokens yet, and are still in the process of understanding the best course of action to give the greater value to the community as a whole.
Some contributors say that since we raised less than our hard cap, the ratio of tokens held by Flixxo is skewed in relation to the original plan, and we are holding a larger percentage of what was intended. However, when looking at the other extreme… imagine if we sold only our soft cap: we would have only a few ETH but a lot of FLIXX. It could be argued that this situation would be fair: if people didn’t buy a big part of FLIXX, it’s ok for the company to hold a larger slice — presumably at a lower value per token. Anyway, while the rules were clear from the beginning, we still believe in listening to our community and are willing to give away or burn tokens if it would benefit the project.
Last but not least, we need to understand the legal implications of burning or redistributing (airdrop) tokens. If you run a company, I’m sure you can imagine your accountants wouldn’t be happy if you started giving away your company’s money!
Thanks for staying with us, more news will follow soon.
