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On this page
  • $ITHEUM Token Max Supply is Fixed to 1 Billion: How do we balance this across multiple blockchains?
  • Who can burn? and where do the burn tokens come from?
  • Multi-Chain Current Supply Balances
  • Mint and Burn Transactions - Audit
  • Solana Mint Transactions:
  • MultiversX Burn Transactions:
  • Minting Max Supply on Solana and Moving Away From Burn <> Mint Design for Token Supply Balancing
  1. Protocol
  2. Token Bridge

$ITHEUM Token Multi-Chain Max Supply Rebalancing Transactions Audit

PreviousFAQ - Omni-Chain Portal BridgeNextToken Rewards

Last updated 3 months ago

$ITHEUM Token Max Supply is Fixed to 1 Billion: How do we balance this across multiple blockchains?

Please note that this design has changed and is no longer relevant — please read section "Minting Max Supply on Solana and Moving Away From Burn <> Mint Design for Token Supply Balancing" below for more info.

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:

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 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:

  • 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: 2 Nov 2024

Blockchain
Current Supply
Verify on Token Page
Notes

MultiversX

960,000,000

On MultiversX, the supply should show exactly as burning tokens are not allowed.

Solana

40,000,000

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 initial supply (batch 1) of $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.

Nov 01, 2024

Minted supply (batch 2) of $ITHEUM on Solana

20,000,000

Mint these tokens to move more ITHEUM from MultiversX to Solana. Primarily to facilitate the lauch of NFMe ID Liveliness Staking on Solana and seed the staking rewards for people who mint NFMe IDs.

MultiversX Burn Transactions:

Date
Action
MultiversX Transactions
Total Burned on MultiversX
Notes

Jul 25, 2024

Burn $ITHEUM on MultiversX (batch 1)

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.

Nov 01, 2024

Burn $ITHEUM on MultiversX (batch 2)

20,000,000

As batch 2 of same amount was minted on Solana, we burned on the same amount of MVX on the same day.

Minting Max Supply on Solana and Moving Away From Burn <> Mint Design for Token Supply Balancing

Note that on 31 Jan 2025 — we moved away from the burn (MVX) <> mint (SOL) bridge design. Previously, as above, we would burn ITHEUM tokens in batches in MVX (i.e. -20M and -20M as above) and then mint the same amount on SOL (i.e. +20M and +20M as above) to keep the supply balanced between all chains to 1 Billion. But we have now minted the max supply on Solana as well and have locked it off in wallets to only be loaded into bridge liquidity as needed. (see point 3 below) Why did we make this change? To mint tokens on Solana on-demand, we had to keep the token"mintable" (on Solana, we have to keep the Mint Authority settings). This was the only we can mint tokens on demand, unfortunately, keeping the Mint Authority is largely frowned upon in Solana and is considered unacceptable. Most tools like DexScreener and RugCheck marked the ITHEUM token on Solana as "Highly Risky" as you can see screen shot below. This really impacted the confidence of our users on Solana and we had to fix this. This is the reason for this change which we will do transparently and also feel it's the best interests of our community as it increases project and token confidence. Here are the details on the changes:

  1. 810,000,000 ITHEUM was newly minted on Solana on 31 Jan 2025. 40,000,000 ITHEUM was already minted previously. This makes the total supply on Solana 850,000,000 ITHEUM

  2. 850,000,000 ITHEUM was minted instead of the max supply on 1 Billion ITHEUM as 150,000,000 ITHEUM was committed to be burned on MultiversX side as part of Phase 1 : Token Burn Program

  3. Excess tokens on Solana (i.e. supply that is NOT bridged from MVX to Solana via the Portal Traveler 🌀 : Test the Itheum Omni-Chain Portal (Bridge)) — are locked in 4 seperate wallets :

    1. DFzgZbGdKA2vxe679dV15oHPE2HCE9kdXiViJxfKo8Sm

    2. EfLr6Bb94uZ5xgqbtSiaarUfBVrprZvVjYWKJfwyydLm

    3. 3KuaEAxbGbJ1VXD1eS1N3jTbjfXQALGjTyAnJP9wsfjc

    4. BYvPrDMXqPTRbVdL8AiBcQZVtbcffK3URqQkHemNYhAq

  4. Tokens from these wallets can be transparently monitored.

Tokens from these wallets can only move to the Portal Bridge liquidity when needed (i.e. large amounts of ITHEUM tokens are being bridged from MVX to SOL) We are committed to transparency, shuld you have any questions — please reach our team on Discord:

🌉
https://explorer.multiversx.com/tokens/ITHEUM-df6f26
MultiversX <> Solana bridge that uses an "LP Design"
https://explorer.multiversx.com/accounts/erd17exmcvh0wm2xx9ngas84vd3jyc4zgf6scg75tmncff6k3qnxux0qzw0mrf
https://itheum.io/discord
https://explorer.multiversx.com/tokens/ITHEUM-df6f26
https://explorer.solana.com/address/iTHSaXjdqFtcnLK4EFEs7mqYQbJb6B7GostqWbBQwaV
https://explorer.solana.com/tx/2bRUZ5HpnongTzgvHua6iXXzptifozWH6GFA1uTisWjr7rd4ER4vPXBb7BH62NNPaccyHqVhvyYpSy67dmTvtUpC
https://explorer.solana.com/tx/eTzCkC8Xx2tS89BNGGuXwQyJn46RrVU8Enhu58xAg6ARszkevqY3or569PfoZZn21aRzQUW1QH2DW6zBTSCMpoD
https://explorer.solana.com/tx/2AYgEDYLpqLyUj2nkBorQFtyhhGmfJbKsYBh5F3UBmy6NzxmvRyUiJDay6828JhHNxPuGaLaAm3y16cewTpCHB3T
https://explorer.multiversx.com/transactions/b31b7fe8bd23df8e1c382b4b943db655099328832f1dc24beb58382de96fd76a
https://explorer.multiversx.com/transactions/b99c32354170220fe68cf5ada779865eb9dcac950ace13c72fe435fb5ddd1129
Example of Token being Marked as Risky as it is mintable