$ITHEUM Token Multi-Chain Max Supply Rebalancing Transactions Audit
$ITHEUM Token Max Supply is Fixed to 1 Billion: How do we balance this across multiple blockchains?
The $ITHEUM token has a fixed supply of 1 Billion (1,000,000,000) and was initially minted on the MutiversX blockchain. This is the original token: https://explorer.multiversx.com/tokens/ITHEUM-df6f26
As the $ITHEUM token is now a multi-chain token, which means it can exist on multiple blockchains, we need to ensure that the fixed max supply across ALL the blockchains for the tokens never exceeds 1 Billion. This balancing can be done manually or automatically based on how the token bridge technology works.
At this stage, we only have a MultiversX <> Solana bridge that uses an "LP Design" and performs a manual token burning and minting to balance the fixed max supply to be 1 Billion across Multiversx and Solana. All mint and burn activity is transparently done and the audit log is maintained below for anyone in the community to monitor and audit as needed. Traspenrecy all the way!
Who can burn? and where do the burn tokens come from?
The only wallet that has the rights to burn tokens on MultiversX is this dedicated wallet: https://explorer.multiversx.com/accounts/erd17exmcvh0wm2xx9ngas84vd3jyc4zgf6scg75tmncff6k3qnxux0qzw0mrf
When we burn tokens on MutliversX because we minted tokens on another chain (e.g. Solana), these tokens are burned from the "Ecosystem" bucket, as bridging is related to ecosystem growth.
Multi-Chain Current Supply Balances
Last Update: 25 July 2024
| Blockchain | Current Supply | Verify on Token Page | Notes |
|---|---|---|---|
MultiversX | 980,000,000 | On MultiversX, the supply should show exactly as burning tokens are not allowed. | |
Solana | 20,000,000 | The current supply might show less than the target amount as on Solana anyone can burn tokens, but it should NEVER be more than the shown amount. | |
TOTAL | 1,000,000,000 |
Mint and Burn Transactions - Audit
The following are the mint and burn transactions to balance the token supply to 1 Billion across Solana and MultiversX.
Solana Mint Transactions:
| Date | Action | Solana Transactions | Total Minted on Solana | Notes |
|---|---|---|---|---|
Jul 16, 2024 | Minted $ITHEUM on Solana | 20,000,000 | The target supply was 20,000,000 But we did it in two batches to test the process. This is why 2 transactions are seen. | |
MultiversX Burn Transactions:
| Date | Action | MultiversX Transactions | Total Burned on MultiversX | Notes |
|---|---|---|---|---|
Jul 25, 2024 | Burn $ITHEUM on MultiversX | 20,000,000 | The burn happened 9 days after the mint on Solana as we had to test and create a secure process for future burns to happen transparently. In the future, for mint/burn cycles, we will aim to do it on the same day. | |
Last updated