Dear Eden community,
Following token distribution, we would like to provide greater transparency on the circulating supply of tokens. The circulating supply for Edenchain tokens will be as per the table below, with a 5-month vesting period.
Here’s a detailed breakdown on the source of tokens for the entire circulating supply (From 16 Jan onwards):
Before we begin, it is important to note that the figures below will be vested over 5 months!
Edenchain tokensale was massively oversubscribed and we achieved our hardcap of 24mil USD, representing 40% (400,000,000 EDNs) of the total supply of tokens.
In addition to that, the 15% (150,000,000 EDNs) strategic partners allocation was used to bring onboard several strategic partners including exchanges and consultants who have helped to make Edenchain a success! These strategic partners have been helping Edenchain to make new connections with high-quality startups who might be keen to leverage on blockchain technology to accelerate their growth.
4.9% (49,000,000 EDNs) allocation for Marketing and Bounty was used as allocation for top influencers. 0.1% (1,000,000 EDNs) from Marketing and Bounty was used for the bounty program.
1.3% (13,191,760 EDNs) were paid out as tokens to exchanges and other marketing-related expenses. These expenses were either incurred or earmarked for exchange listing. We made such a provision as exchanges would usually request for EDNs tokens as a form of payment for listing.
These represent the entire circulating supply of 613,191,760 EDNs from 16 Jan onwards.
Here’s a detailed breakdown on the source of tokens that are NOT in the circulating supply:
Founders, Team and Advisors are locked for 1 year from the smart contract issue date (16th September 2018) and account for 180,000,000 EDNs.
Accelerator tokens account for 120,000,000 EDNs. These would be used to encourage adoption of Edenchain platform. Should there be any of such high potential startups identified by Edenchain, we will surely share the great news with the community!
Remaining foundation tokens represent 86,808,240 EDNs. The foundation tokens will only be used for future exchange listings, marketing campaigns or other relevant expenses that can help Edenchain achieve the goals of becoming a world class platform for the enterprise of tomorrow.
In total, these represent the entire non-circulating supply of 386,808,240 EDNs.
That’s confusing. Can you explain simply?
Most of the current and future distributions are given to public and strategic investors who have a strong incentive to maintain a positive Eden price. All of the strategic preferential allocations are given to individual or groups that have strong industry or crypto connections that can help Edenchain succeed.
That includes preferential exchange opportunities, contacts to industry and academia leaders, community and marketing support, etc. We are already starting to see some of the positive results of these partners. Going forward, we expect these special allocations to reap greater dividends for Edenchain in the middle term, and drive enterprise blockchain adoption.
That sounds cool! What does it mean for ICO holders?
Our ICO token distribution period is 5 months and we have all the intention to provide good value to our early supporters and that also means maintaining a sustainable marketing and listing strategy around it. Please be well assured that every token that we expended is done in good faith and on the first principles of supporting the success of Edenchain. Our communities have extended to over 20+ countries with ambassadors driving local efforts; this can be seen in the growth of in number of token holders in the past few weeks. We aim to do more.
In the meantime, you can rally your friends and community into supporting Edenchain to accelerate its progress!
Gee! I am in for a quick flip, what should I do?
Well, we are a real and legit project and we left respectable high paying jobs to work for Edenchain because we believe it will change the world we know. We do not build sandcastles in the air nor do us overpromise or compromise on tech. We cannot control the short term pricing of the tokens, but we believe if we continue to grind and improve on the project, the price will work itself out. On the next months, with further testnet maturity and partnerships and masternode details lined up, we expect strong organic demand for the project which will provide a positive price impact on Eden Tokens.
Thank you for your ongoing support and we will work very hard.