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What is the issuance amount of Orchid Protocol (OXT) coins?
Orchid Protocol's total issuance of 1 billion OXT coins ensures a stable value and minimizes inflation through its distribution, coin burn mechanism, and negligible inflation rate.
Dec 01, 2024 at 04:38 pm
Understanding the Issuance of Orchid Protocol (OXT) Coins
Orchid Protocol (OXT) is a decentralized privacy network that enables users to securely access the internet without the risk of censorship or surveillance. OXT tokens are the native cryptocurrency of the Orchid platform, used to facilitate transactions and incentivize network participants. This article delves into the specifics of the OXT coin issuance, providing a comprehensive overview of its key aspects.
1. Total Issuance Amount
The total issuance amount of Orchid Protocol (OXT) coins is 1,000,000,000. This fixed supply ensures that the value of OXT coins remains stable and inflation is minimized over time.
2. Distribution of OXT Coins
The initial distribution of OXT coins was conducted through a series of token sales, with a portion of the tokens allocated to the team, investors, and community members. The distribution breakdown is as follows:
- Seed Sale: 2%
- Private Sale: 23%
- Public Sale: 55%
- Team and Advisors: 10%
- Community and Ecosystem: 10%
3. Coin Burn Mechanism
Orchid Protocol employs a coin burn mechanism to reduce the supply of OXT coins over time. A portion of the transaction fees collected on the network is used to buy back and burn OXT coins, effectively reducing the total supply and increasing the value of remaining coins.
4. Inflation Rate
Due to the limited issuance of OXT coins, the inflation rate is negligible. The coin burn mechanism further contributes to deflationary pressure, ensuring that the value of OXT coins remains stable or even appreciates over time.
5. Token Utility
OXT tokens are essential for the operation of the Orchid Protocol ecosystem:
- Payment for Bandwidth: Users pay OXT tokens to bandwidth providers in exchange for access to private and secure internet connections.
- Provider Incentives: Bandwidth providers earn OXT tokens for providing reliable and high-quality services to users.
- Staking and Governance: OXT holders can stake their tokens to earn rewards and participate in the governance of the Orchid Protocol through voting on proposals.
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