Self Chain Founder: Increasing Token Supply Aims to Strengthen Network Security

2024-09-03 13:34:17

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ChainCatcher message, in response to the community's recent concerns about the "increase in token supply," Self Chain founder and CEO Ravindra Kumar posted on the X platform addressing the doubts and FUD faced after the project's migration from FRONT to SLF.

Kumar emphasized that Self Chain is not a new team taking over, but rather the original team has undergone a strategic transformation, expanding from a wallet project to a Layer 1 blockchain based on Cosmos-SDK. Regarding the increase in token supply, Kumar explained the distribution of the total supply of 360 million: 36 million permanently locked for foundation nodes, 90 million migrated from FRONT to SLF, 10 million allocated to new investors as validators (18-month lock-up period), 36 million allocated to equity investors (36-month lock-up period), 30 million allocated to the core team (6-year lock-up period), and 68 million for the ecosystem (released at 1.5 million per month).

Kumar stated that the increase in supply aims to enhance network security, prevent 51% attacks, and attract more investors and validators to participate.

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