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ChainPort to Burn 32% of PORTX Token’s Total Supply

We are thrilled to announce that towards the PORTX launch, we have decided to commence a significant PORTX token burn event! We have kicked off this initiative with a burn of 320,000,000 PORTX tokens, or 32% of the total supply of PORTX! 

As a result of the burn, the circulating supply of PORTX tokens has been reduced from 1,000,000,000 to 680,000,000. See the burn Tx here.

At ChainPort, our community and users come first. Both the fee mechanism and PORTX were planned to launch earlier this year. We delayed the launch due to global and crypto market conditions. The delay guaranteed the platform and fee model's performance before launch and ensured PORTX utility was integrated and working from day one.

Now, towards the launch, we have adjusted the token distribution to better support the current market size and share. The PORTX token burn amount allocation came from the team, future ecosystem incentives, partners, and other pools. ChainPort didn’t change early purchasers' pricing or allocations of PORTX tokens. Check the detailed distribution here.

We believe this action is in favor of all the ChainPort ecosystem community, tokenomics, and early supporters. The burn will positively affect the long-term results of the project.

PORTX token has a robust fee model, already launched ten weeks ago, in which fees collected will be utilized and redistributed. The fee model will work as such:

20% to the project of the source token. Claimable in PORTX. The 20% is from the fees accrued on the ports of that token only. Any fees not collected in PORTX will go towards purchasing the PORTX.

20% Participation rewards. For each port in or out made by an address, that address will receive participation points. The participation points will reward them with PORTX, which is claimable regularly.

20%  Referral/Affiliation Rewards - distributed to eligible referrers/affiliates who referred the porter to ChainPort.

10% PORTX buybacks - If users didn't pay the fee in PORTX, 20% goes towards buying back PORTX. Some to all of this amount may be used for continued R&D funding and/or removing tokens from liquidity (burns). 

10% Liquidity provision - ChainPort will utilize this portion to add liquidity in the various DEXs. Half of the amount will be used to buy PORTX, and the other half to purchase the base asset on the DEX pools with PORTX.

10% Redistribution to PORTX Fee Stakers - This portion rewards PORTX stakers on the official ChainPort fees manager contract. If not in PORTX, those funds will also be used to purchase PORTX before distribution as staking rewards. All those ChainPort users who stake PORTX in the official fee manager contract will be eligible to receive APY based on their relative stake in the contract.

10% for ChainPort Future Development - will be stored in the treasury for the project.

Future PORTX token burns will happen regularly, based on the above tokenomics, and will be published once they occur.

About ChainPort

ChainPort is a next-gen cross chain bridge that provides custodian-level security with full interoperability. ChainPort introduces an unprecedented level of security architecture, porting tokens safely across blockchains with just a click.

Security is always paramount for ChainPort, and 95% of the funds are stored in cold storage wallets provided by leading industry security experts: FireBlocks MPC and Gnosis-safe multi-sig.

ChainPort is a permissionless bridge that is already porting more than 191 tokens between blockchains, with additional projects joining daily. Porting is done in just minutes through a friendly and straightforward UI without the need for any technical integration. 

Since its launch in 2021, Chainport has managed 40,000 ports and more than $630,000,000 in volume. Learn more by visiting ChainPort.io or reading our documentation. 

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