What is the issuance and circulation of TAO coins?

With a circulating supply of around 69 million TAO coins, the cryptocurrency has a market capitalization of approximately $320 million as of June 2023, offering a range of use cases in the decentralized finance and NFT ecosystems.

Oct 15, 2024 at 04:00 pm

Issuance and Circulation of TAO Coins

TAO coins (TAO) are a type of cryptocurrency based on the Ethereum blockchain. They are used to power the Tao Network, an ecosystem of decentralized applications and services.

Issuance

• Initial Issuance: The initial issuance of TAO coins occurred through an initial coin offering (ICO) in 2017.
• Total Supply: A total of 100,000,000 TAO coins were created at the time of ICO.
• Token Distribution: Approximately 60% of the TAO coins were distributed to ICO participants, 20% were allocated to the Tao Foundation, and 20% were reserved for future development.

Circulation

• Circulating Supply: As of June 2023, the circulating supply of TAO coins is estimated to be around 69,000,000 TAO.
• Trading: TAO coins are traded on various cryptocurrency exchanges, including Binance, HitBTC, and OKEx.
• Market Capitalization: The market capitalization of TAO coins fluctuates based on the price, with a current value of approximately $320 million (as of June 2023).

Use Cases

• Utility Token: TAO coins are used to access and interact with decentralized applications on the Tao Network, such as decentralized finance (DeFi) platforms and non-fungible token (NFT) marketplaces.
• Governance: TAO coins are used for governance purposes, allowing holders to participate in decision-making within the Tao Network community.
• Staking: TAO coins can be staked to earn rewards and support the network's security.

Key Features

• Ethereum-Based: TAO coins are ERC-20 tokens, which run on the Ethereum blockchain.
• Decentralized: The TAO Network is decentralized, with no central authority controlling the issuance or management of coins.
• Transparent: All transactions involving TAO coins are recorded immutably on the Ethereum blockchain, ensuring transparency and traceability.
• Scalable: The Ethereum blockchain's layer-2 solutions allow for high transaction scalability, reducing congestion and increasing transaction speed.