What are premines?

Premining is the act of mining or the creation of a quantity of blockchain-based tokens (coins) before a cryptocurrency is launched to the public.

The Electra Protocol blockchain was officially launched at the beginning of January 2021 with a total supply of 30 billion XEP (its native currency). Electra Protocol did not publically raise funds via an initial coin offering, or initial exchange offering, or venture capital. But a minor part of the total supply was allocated to support its technical operation:

Ten percent of the total supply (= 3 billion XEP) was reserved as community coins (premine) for the Electra Foundation in order to conduct its work as a caretaker and supporter of the blockchain ecosystem. The 3 billion XEP premine coins have no lockups, and coins are fully in circulation, but there’s a soft lock of 50% to the premines. The premine dropped to 2 billion XEPs in January 2022, because of burn events and collaterization measures.

Why is there a premine at all?
Electra Protocol - coins - XEP - blockchain money

3 Billion XEP Premined

Electra Protocol was originally launched on January 1, 2021, with 3 billion XEP premined. These coins are in full circulation and are reserved for necessary expenses of the community. These network addresses of the premines are listed below including their original values:

The Binance Smart Chain collateral (view in Block Explorer) originally was 500 million XEP and used to be part of the 2021 premine. The balances of the 2021 premine and the Binance Smart Chain premine have decreased already from its original values.

2 Billion XEP Remaining

The original community premine (3 billion XEP) declined through burning events and collateral measures by ~33%. As of January 2022, the original community premine is ~2 billion XEP. The funds are held in these wallets:

Usage of Premines

The developers (and anyone else working on the projects) are not paid. In fact, every team member is contributing to the project voluntarily, which helps in keeping the costs low. Being a community-based project has allowed the pre-mined funds to cover the costs of servers and the occasional critical 3rd party service needs.

Initial XEP Coin Allocation (January 2021)

January 2021 - Initial tokenomics of XEP - Electra Protocol - stakes - supply

About the initital XEP coin allocation: The tokenomics are as of January 1, 2021 when Electra Protocol was officially launched.

46% of all XEP coins were originally held by the public (which are today partly offered on exchanges), while 44% were reserved to pay for XEP staking rewards.

The community premine made up 10% of the initial token allocation (3 billion XEP out of 30 billion XEP). Please be aware that this number is not current anymore, as it sharply dropped due to coin burning events and collaterization measures which took place in the meanwhile (see January 2022 figures).

The wrapped XEP tokens traded on PancakeSwap are part of the shown allocations.

Updated XEP Coin Allocation (January 2022)

January 2022 - Updated tokenomics of XEP - Electra Protocol - stakes - supply

About the updated XEP coin allocation: The tokenomics are as of January 1, 2022 when the Electra Protocol Mainnet became one year old.

46% of all XEP coins are held by the public (which are today partly offered on exchanges), while now 47.3% are reserved to pay for XEP staking rewards.

The community premine dropped from 3 billion XEP to 2 billion XEP during 2021, because burn events and collaterization measures took place. As of January 2022, this means that 6.7% of the total supply are left to be used as community premines. However, these numbers it will sharply drop further with every upcoming coin burn of unused XEP coins.

The wrapped XEP tokens traded on PancakeSwap are part of the shown allocations.

Why is there a premine at all?
Understand
Support

Buy and Hold

Electra Protocol is a novel blockchain for instant transactions. We're revolutionizing payments and related areas. Participate now
Proud Member of
Binance Charity
 
ETA - Electran
Electrafying the world.
Electra Protocol
Electra Protocol