FinNexus Moves Part of FNX Token Supply to Ethereum
Uniswap Listing on Monday, July 27
While the FinNexus project was initially built on and partially funded by Wanchain, the vision for FinNexus expands beyond its home blockchain. The original whitepaper calls for an “application layer protocol that connects users at one end and various public chains and second layer networks on the other.” Our intention has always been to be able to grow our products on multiple blockchains.
Today that journey begins as we prepare for the launch of an exciting new pool-enhanced version of our FNX Options platform on the Ethereum blockchain. While we have previously launched our options protocol FPO v0.1 earlier in July, the version of the protocol we will launch on Ethereum is much more advanced. The second version of our decentralized option products will support multiple public chains starting next month. Initially, the updated protocol will be available on both Wanchain and Ethereum, with plans for expansion to other public blockchains in the future. Our recent partnership with Elrond is indicative of this direction. These new versions of our options product will combine liquidity pool mining incentives as well as a fully customizable options trading mode.
In anticipation of this critical enhancement of our options product offering, we must first move some of the supply of our FNX tokens to Ethereum. To facilitate the distribution of FNX ERC20 tokens among Ethereum users, FinNexus expects to launch an FNX/ETH listing pair on Uniswap Version 2 on Monday, July 27, 2020. We have not created the FNX ERC20 contract yet, so please do not succumb to some of the ill-natured schemes we’ve already seen out there. As is our habit, we will let you know the specific contract address on our website (and only our website) prior to the official listing.
The launch of FNX on Uniswap is a key first step before launching our decentralized options products on Ethereum. The current token of FNX is a Wanchain WRC20 token. The deployment of ERC20 tokens on Ethereum will not result in the issuance of additional FNX tokens. After making this bold decision as a project during these past few weeks, the FinNexus Foundation began to repurchase a certain amount of existing FNX WRC20 tokens via OTC channels and public markets. To jumpstart the FNX ERC20 supply on Ethereum, we will use these repurchased tokens to lock a certain amount of these WRC20 tokens in a publicly declared Wanchain address and mint the same amount of ERC20 tokens on Ethereum. Those WRC20 tokens will remain locked and can be observed by the community.
This lock-and-mint process ensures that FNX can begin to circulate on Ethereum well before the new version of our options product goes online. The Foundation will update the status of both the FNX WRC20 and FNX ERC20 token supplies in real-time on its FNX Dashboard located at FNX.finnexus.io. Later, the flow of these WRC20 tokens and ERC20 tokens will take advantage of the two-way exchange channels made possible via Wanchain’s cross-chain direct bridges, which should go live in early Q4 2020.
Specifically, the FinNexus Foundation will provide liquidity for this initial Uniswap listing with an amount of $100,000 worth of FNX tokens (price to be determined) supplied from the repurchased and locked tokens in the publicly declared address on Wanchain. The Foundation will also provide an equivalent amount of Ethereum (ETH) to the liquidity pool.
It is important to note that FNX WRC20 and FNX ERC20 represent the same token. They share the total supply and issuance mechanism, which means that an increase in the supply of one will inevitably cause an equal decrease in the other supply. Both have exactly the same function. If there arise any discrepancies in the price between these two versions of the FNX token, those differences should evaporate after the two-way exchange channel is opened.
Thank you for your support of our project and we look forward to bringing you the first taste of our long-term vision of cross-chain DeFi! Stay tuned to our social channels below to be the first to know about the specific details of this exciting new development in the FinNexus token economy.
About FinNexus
FinNexus is building a suite of open finance protocol clusters that will power hybrid marketplaces trading both decentralized and traditional financial products. The headline product to be released is a fully decentralized bitcoin (and other cryptocurrency) options model that will live on both Wanchain and Ethereum.
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