MaxxChain Update: November 28, 2023
TL;DR:
- MaxxChain recently deployed wPWR on Ethereum, allowing users to trade for PWR on platforms like Uniswap and Sphynx Swap. Future integration with Sphynx Swap and Bridge will enable seamless trading and 1:1 bridging to MaxxChain.
- To compensate for the increased wPWR supply on Ethereum, PWR will be drawn from team-controlled wallets, including the Team wallet. Team wallet allocations are being reduced by 45%, with 4M PWR used to back wPWR on ETH.
- The current circulating supply is 248M PWR, with corrections underway for the API discrepancy. Notably, 34.5% of the total supply (85.5M PWR) is in “actual” circulation, with the team having a goal to keep it under 100M.
- Behind the scenes, significant discussions with influential crypto stakeholders are ongoing. If successful, these discussions could lead to substantial growth for MaxxChain, positioning it as a top-tier blockchain. The first crucial meeting is scheduled in over 7 hours. If all goes well, December could bring positive developments for MaxxChain users.
wPWR on Ethereum (ETH)
Following the recent deployment of wPWR on Ethereum, users now have the option to trade for PWR using familiar platforms such as Uniswap and the newly listed Sphynx Swap.
Once the integration of Sphynx Swap and Bridge on MaxxChain is complete, users will be able to seamlessly trade for wPWR on Ethereum, bridge to MaxxChain (for 1:1 backed wPWR that sits on the bridge), and trade for any project on-chain — all within one feature-filled dApp including live charts.
PWR-Backed Supply of wPWR on ETH
Originally, 10,000,000 PWR coins were allocated for CEX/DEX listings. However, with the deployment of a 20,000,000 wPWR supply on Ethereum, we needed to compensate for the additional PWR coins. To address this, we will draw PWR from team-controlled wallets, including the Team wallet.
Reduction of Team Wallet Allocations
Presently, the team wallet holds 23.6M PWR, with approximately 1.2M allocated monthly to team members on a bi-monthly basis. Although the team wallet has already been reduced by 55% in Septmeber, to support the extra allocation required for backing the supply of wPWR on ETH, we have decided to further reduce team wallet allocations.
The bi-monthly allocation has been cut by over 45%, decreasing from 2.4M to 1.3M PWR. This will leave approximately 10M PWR in excess within the team wallet, with around 4M used to supplement the backing of wPWR on ETH and the remaining reserved for potential future team hires or similar opportunities.
Current Circulating Supply Status
The current circulating supply stands at about 248M PWR, differing from the numbers listed in our supply API and on CoinMarketCap (approximately 270M). Our dev is currently reviewing the API and will make corrections accordingly (it appears that the supply of wPWR is double-counted within the API calculation).
The breakdown of the 248M circulating supply is as follows:
- 111M in Treasury (expected to reduce to 63M after weekly burns in 40 weeks)
- 23.5M in Team Wallet (4M going to wPWR on ETH, 6M sitting in exccess, leaving 13.5M in circulation over the next 20 months)
- 22M in wPWR on MaxxChain (approximately 60% is in project LP, resulting in about 9M in circulation)
- 13.5M in Coinstore (9M currently in Market Maker account, with 4M used to back wPWR on ETH, resulting in 4.5M in circulation)
- 20M in wPWR on Ethereum (6M in LP, making 14M in circulation)
- Resulting in appoximately 58M PWR in DeFi
Taking the above into consideration, 34.5% of the total supply (85.5M PWR) is currently in circulation. The goal is to keep this number under 100M, and steps are being taken to ensure it remains within this target range.
Behind the Scenes
Significant discussions are currently underway with a few stakeholders who have a large footprint within the crypto space. If these discussions go according to plan, we believe there can be substantial growth for MaxxChain in the coming months which can help us position ourselves as a top tier blockchain in this space.
The first of these crucial meetings is scheduled in just over 7 hours from now, and, of course, we will keep everyone informed as developments unfold. If things go according to plan, December may be full of presents for every user on MaxxChain :)
