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!
- 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.
Last Update: 2 Nov 2024
| Blockchain | Current Supply | Verify on Token Page | Notes |
|---|---|---|---|
| MultiversX | 960,000,000 | https://explorer.multiversx.com/tokens/ITHEUM-df6f26 | On MultiversX, the supply should show exactly as burning tokens are not allowed. |
| Solana | 40,000,000 | https://explorer.solana.com/address/iTHSaXjdqFtcnLK4EFEs7mqYQbJb6B7GostqWbBQwaV | 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 |
The following are the mint and burn transactions to balance the token supply to 1 Billion across Solana and MultiversX.
| Date | Action | Solana Transactions | Total Minted on Solana | Notes |
|---|---|---|---|---|
| Jul 16, 2024 | Minted initial supply (batch 1) of $ITHEUM on Solana | https://explorer.solana.com/tx/2bRUZ5HpnongTzgvHua6iXXzptifozWH6GFA1uTisWjr7rd4ER4vPXBb7BH62NNPaccyHqVhvyYpSy67dmTvtUpC |
20,000,000 | The target supply was 20,000,000 |
| Nov 01, 2024 | Minted supply (batch 2) of $ITHEUM on Solana | https://explorer.solana.com/tx/2AYgEDYLpqLyUj2nkBorQFtyhhGmfJbKsYBh5F3UBmy6NzxmvRyUiJDay6828JhHNxPuGaLaAm3y16cewTpCHB3T | 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. |
| Date | Action | MultiversX Transactions | Total Burned on MultiversX | Notes |
|---|---|---|---|---|
| Jul 25, 2024 | Burn $ITHEUM on MultiversX (batch 1) | https://explorer.multiversx.com/transactions/b31b7fe8bd23df8e1c382b4b943db655099328832f1dc24beb58382de96fd76a | 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. |
| Nov 01, 2024 | Burn $ITHEUM on MultiversX (batch 2) | https://explorer.multiversx.com/transactions/b99c32354170220fe68cf5ada779865eb9dcac950ace13c72fe435fb5ddd1129 | 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. |