Distribution
1. Decentralized Lock-up and Vesting for Changer
Changer have been designed so that neither the issuer nor the holder can arbitrarily adjust the pre-announced Lock-up and Vesting periods. To transparently record all token distribution processes on the blockchain, temporary tokens have been issued for each type of holder.
All temporary token holders are able to deposit their tokens in the Vesting Portal, and they can claim the vested tokens at any time. By proactively practicing this fully decentralized and pre-programmed contract-based claim system, the circulating supply in the market can be predicted relatively transparently compared to other projects.
The circulation history and plans for each temporary token that can be claimed for Changer are as follows:
2. Circulation Status of Sale Tokens
1) Strategic Round Allocation (strCNG)
The strategic round allocation was initially allocated 10,000,000 tokens (5% of the total tokens) at the time of issuance. It was designed to have Vesting released at 1/12 per month, starting from April 2021, without a separate Lock-up period. Vesting for the entire allocation was released in March 2022.
2) Public Round Allocation (pubCNG)
The public round allocation was initially allocated 20,000,000 tokens (10% of the total tokens) at the time of issuance. It was designed to have Vesting released at 1/12 per month, starting from June 2021, without a separate Lock-up period. Vesting for the entire allocation was released in May 2022. (3,452,215 out of the 20,000,000 tokens that were not sold were burned.)
3. Circulation Status of Non-Sale Tokens
In accordance with the plan announced at the time of the initial token issuance, the issuer has reserved non-sale tokens for the future development of the Changer ecosystem. Here, we introduce how each reserve allocation has been utilized and will be utilized.
1) Ecosystem Development Allocation (ecoCNG)
At the time of issuance, 110,000,000 tokens were allocated to the ecosystem (55% of the total tokens) for use in the development of Changer's ecosystem. These tokens were subject to a very long circulation period of 12 months lock-up and 48 months vesting.
As of the end of March 2023, which is 24 months after the initial issuance, 23.99% of the ecosystem allocation tokens, equivalent to 13.20% of the total issued tokens or 26,393,570 tokens, have been used or planned for use for the following purposes. However, only 6,598,393 of these tokens have been vested as of the end of March 2023, due to the long vesting period of the ecosystem tokens (ecoCNG).
(1) Token Sale Rewards (Gas Fee Conservation, Referral Program, Large-scale Buyer Promotion, Etc.)
(2) Liquidity Supply Rewards (Supply through Harvest.finance, Supply through Uniswap, Etc.)
(3) Various Event Operations (Exchange Listing Events, Community Events, Etc.)
(4) Product Security Enhancement (Bug Bounties, Security Incident Compensation, Etc.)
(5) Community Activation (Ambassador and Partner Compensation, Etc.)
As of the end of March 2023, the issuer's Vault contained 83,606,429 unused ecosystem tokens (ecoCNG). These tokens were allocated for the development of the Changer ecosystem over the next five years, according to the plan at the time of initial issuance. The tokens will be utilized for public purposes for at least another 36 months.
Public purposes for the use of ecosystem tokens include the following cases:
(1) Exchange Listing
(2) Market Making
(3) Various Event Operations such as Listing and Community Activation
(4) Expansion of Changer Alliance Products
(5) Marketing and Promotion tasks for the Changer Ecosystem
(6) Legal Review and Litigation tasks for the Changer Ecosystem
(7) Other tasks Deemed Necessary for Public Purposes
Changer is committed to using the unused ecosystem tokens (ecoCNG) for the development of the Changer ecosystem over the next five years, as initially planned during the token issuance. However, the company will not use these tokens for illegal activities such as solicitation to individuals or corporate brokers for listing, or any other purpose that violates legal regulations.
In cases where tokens cannot be used as payment due to legal reasons, they may be converted to cash. However, Changer will make every effort to minimize market impact by trading through OTC markets, and all related transactions will be recorded for transparency and accountability.
2) Team & Advisor Allocation (teamCNG)
At the time of initial issuance, 30,000,000 tokens (15% of the total tokens) were allocated for the team & advisors as incentives. These tokens had a 6-month lock-up and a 30-month vesting period and were designed for Changer team members, as well as individual and corporate partners.
As of the end of March 2023, two years after issuance, 17,932,666 tokens, which represents 59.78% of the allocation, have been utilized. Out of this, vesting has been completed for 10,759,600 tokens or 60%.
However, only 2,100,000 tokens have actually been requested for payment and transferred to wallets as of the end of March 2023. The remaining vested tokens are still kept in the issuer's Vault and can be transferred at any time upon individual request. Unused tokens are reserved for future team members and entirely stored in the issuer's Vault.
All team & advisor tokens must be returned according to contract if the mandatory work or activity period is not fulfilled and the employee resigns or the contract is terminated. Therefore, some of the utilized tokens may be reclaimed, and these will be allocated to new employees and long-term employees, along with the unused tokens.
The CNG Token contract was developed to make it impossible to issue additional tokens (inflation) since initial issuance. Therefore, all unused and reclaimed tokens will be executed as conservatively as possible for the long-term success of the project.
3) Early Backer Allocation (backCNG)
At the time of initial issuance, 30,000,000 tokens (15% of the total tokens) were allocated to early backers as compensation for their contributions. These tokens were subject to a 6-month lock-up period and a 30-month vesting period.
Two-thirds of the early backer allocation were distributed to shareholders of Chain Partners, the parent company of token issuer DFX Pte Ltd. The remaining one-third was distributed to holders of DAY tokens issued by the Daybit exchange, developed by Chain Partners in 2018, provided they held their tokens until the service termination of the Daybit exchange in June 2021.
As of the end of March 2023, 92.46% or 27,738,235 of the total tokens have been utilized. Of these, 10,987,472 tokens have been requested and transferred to wallets, while the remaining 16,750,763 tokens are still stored in the issuer's Vault as no payment requests have been made.
Of the total utilized tokens, 60% or 16,642,941 tokens have completed vesting. Among the 10,987,472 tokens transferred to wallets, a total of 6,592,483 tokens have completed vesting and are available for circulation in the market.
As of the end of March 2023, the 430,895 tokens initially allocated but unclaimed by some early backers have been completely burned through this TX. Consequently, combining the unsold pubCNG burned tokens, the final available supply of CNG has been reduced by approximately 1.94%, from 200,000,000 to 196,116,890 as of the end of March 2023.
4. Nominal, Real and Market Circulation
As of March 2023, 93,500,000 tokens have completed vesting, theoretically accounting for 46.75% of the total 200,000,000 issued tokens. (Nominal Circulation)
However, out of all the tokens that have completed vesting, only 64,000,933 have a designated owner or business purpose, which accounts for 32% of the total 200,000,000 issued tokens. (Real Circulation)
Out of these, only 45,290,876 tokens have been transferred to the actual owner's wallets, accounting for 22.65% of the total 200,000,000 issued tokens. (Market Circulation)
Even among these market circulation volumes, the actual tradable amount may be lower if you exclude less flexible volumes, such as long-term holders, liquidity providers through Uniswap or partner Harvest.finance, and CNG depositors at Mesher Center.
Tokens stored in the issuer's Vault can enter the market at any time, with a slight delay, upon the request of the holder. Therefore, calculating the accurate circulation based on Real Circulation is more prudent. The issuer's Excel sheet discloses the most conservative (i.e., theoretically maximum) 'Nominal Circulation', and the actual circulation may be much lower than this. Please keep this in mind when considering circulation figures.
[Warning]
Digital assets are not legal tender and carry the risk of principal loss upon purchase. Changers are not securities such as stocks, bonds, or investment contracts and do not grant any rights to alliance products or operating entities. The purchase or holding of Changer should always be exercised with caution, and DFX Pte Ltd. and its affiliates do not guarantee principal or provide any financial guarantees or warranties. All responsibility for the purchase and holding of tokens lies solely with the buyer. Changers are not linked to the success or failure of any business beyond simple marketing and promotional purposes.
The token overview, utility, manifesto, and circulation data are for reference purposes only and are not guaranteed or warranted to be accurate to anyone. All information presented here is subject to change without notice based on market conditions, regulatory environments, and business success or failure. The token circulation data is based on information available to the issuer, but it may not be accurate depending on the time of assessment and the aggregation method, and is therefore not guaranteed or warranted..
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