PWR Supply Update — 09/26/2023

The entire Maxx team has been closely monitoring the price action on Coinstore. While we’ve already made significant reductions to the supply and initiated weekly burns from the treasury wallet, we are committed to creating a more impactful supply shock for the benefit of our current holders and to incentivize projects to engage with PWR coin.

Here are the changes we’re implementing for our team-controlled wallets:

1. Provision Wallet: The balance of the provision wallet will be burned. Going forward, developers and project owners seeking PWR coin for their project LP can now do so exclusively through the PWRSource Bridge or Coinstore.

2. Exchange Wallet: We will reduce the Exchange wallet from 45,603,946 PWR to 10,000,000 PWR, a 78% reduction, which we believe will be sufficient for future exchange listings.

3. Incubator Wallet: The entire balance of the Incubator wallet will be burned. Although this was a great initiative for the chain to have, we do believe that creating a supply shock will be more beneficial to our current holders while incentivizing projects to purchase PWR coin for their LP. We will still provide support to projects that intend to launch based on their requirements in the background.

4. Staking Wallet for $MAXX Tokens: We will reduce this wallet from 18,013,407 PWR to 8,000,000 PWR, a 56% reduction, to maintain a reserve for staking pools for $MAXX tokens across all three chains.

5. Treasury Wallet: We’ll continue weekly burns of 1,201,600 PWR, totaling 62,516,780 PWR in 50 weeks time. We will then continue weekly burns of 201,600 PWR to combat minting while keeping a strategic reserve for potential VC ventures.

6. Team Wallet: A reduction from 56,986,800 PWR to 26,184,770 PWR, over 54%, will be made. This will lead to a gradual release of just over 2.3M PWR every 2 months among all team members, including mods and admins. These distributions will never increase, however, they may decrease in future months as we may potentially reshuffle team members and amounts owed over the course of the next 22 months.

In total, we will immediately burn 142,063,255 PWR, increasing our total burned to 745,737,188 PWR — nearly 75% of the entire supply. Over the next 50 weeks, we will continue to burn 1,201,600 PWR weekly, resulting in a deflationary effect. After the 50 weeks, we’ll sustain a weekly burn of 201,600 PWR to counter PWR coin minting.

These actions aim to significantly reduce the supply, creating a supply shock for better future value. We appreciate your support, and this journey continues to be driven by our shared commitment to MaxxChain’s success.