Self-Chain Founder on Excessive Supply Concerns
CryptoNewsTerminal Staff02 Sep, 2024
Self-Chain Founder on Excessive Supply Concerns
Self-Chain (SLF), a modular layer-1 blockchain project, has sought to address concerns raised by the community regarding its rebranding of FRONT. The founder of Self-Chain, Ravindra Kumar, stated that these concerns were excessive and that SLF's tokenomics have been carefully designed to protect the network from external attacks. Kumar clarified that FRONT has not been sold to SLF, but rather the existing wallet project has undergone a strategic rebranding to Self-Chain, a layer-1 project instead. He also addressed concerns regarding an increase in supply, stating that SLF's supply is 360 million. Of this supply, 10% is permanently locked in the Foundation Node, 90 million is allocated for migration, 100 million SLF is allocated to new validators with an 18-month lockup, and 36 million SLF is allocated to investors with a 36-month lockup. Only 30 million SLF is allocated to the team, with a 6-year lockup. The ecosystem allocation of 68 million SLF has a monthly unlock of just 1.5 million SLF. Kumar emphasized that the tokenomics of SLF have been carefully designed to protect the network against external attacks and ensure its long-term stability.
