HomeCoinsDigitalBits (XDB)Mainnet Circulating Supply. Dear Community | by Sara Sciusco | DigitalBitsOrg |...

Mainnet Circulating Supply. Dear Community | by Sara Sciusco | DigitalBitsOrg | Oct, 2022

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Dear Community

We are very proud that all the technical and communication activities related to the token swap have been successfully completed and that participating exchanges have smoothly supported this process.

The DigitalBits ecosystem now begins a new chapter with a continued focus at growing mainnet adoption by leveraging the powerful functionalities of the DigitalBits blockchain.

It is important to remember the key dates that have already been previously disclosed concerning ERC20 and mainnet token supply.

Nevertheless, tracking websites (such as Coinmarketcap and Coingecko) have not yet updated the mainnet total supply and mainnet circulating supply figures, as they still refer to DigitalBits token (XDB) in ERC20. This will be corrected in the coming days, and from now onwards, the project will solely refer to its mainnet supply.

It was previously announced that Token Swap would be finally completed on Dec 31st 2022, thanks to the extension granted by one of the participating exchanges. All swapped ERC20 tokens will be burned. Any ERC20 tokens that fail to be swapped by this date will no longer be usable, and any remaining ERC20 token holders will forfeit their opportunity to swap for mainnet tokens.

The mainnet circulating supply is listed below, along with a recap since inception with the goal of helping the DigitalBits community to fully understand the process that has led to the current supply.

DigitalBits is a project founded in 2017, and mainnet was v1 first launched in March 2018 with a total supply of 100B. In 2019 the project anticipated that approximately 2.0 billion mainnet tokens would enter circulation between 2020 and 2021, however, early participants subsequently agreed to a multi-year lockup.

In November 2019, to address concerns about the quantity of ERC20 tokens created in August 2019, 98.5B out of 100B of ERC20 token supply were burned and disclosed on tracking websites and DigitalBits official channels, reducing the total ERC20 supply to 1.5B tokens.

In February 2021, the mainnet total supply was reduced from 100B to 20B with the completion of the Mainnet v2 upgrade. However, this technical change caused no change to the circulating supply.

Finally, in August 2022, the first participating exchange completed the technical integration of mainnet to enable mainnet tokens to enter distribution on a broader level.

At this time, both ERC20 and mainnet tokens were co-existing in exchanges and it was problematic to provide a comprehensive view of two different tokens representing the same project during an active token swap window.

This process continued with the addition of more participating exchanges in September until October 7th, 2022, when more than 1 billion ERC20 tokens were swapped on one of the participating exchanges.

As far as the circulating supply is concerned, this has increased since the token swap started because of a concurrence of several events, such as the distribution of tokens to previous and existing team members, partnerships and 2018–2019 seed investors.

The current digitalbits circulating supply that includes ERC20 swapped tokens on 31 October, 2022 is 2,967,721,287.52 XDB .

From November 2022, circulating supply will be tracked on XDBexplorer.com and tracking websites like CoinMarketCap and Coingecko, to provide a comprehensive view of the tokens in circulation from now onwards.

The mainnet circulating supply (currently 2,967,721,287.52 XDB) represents the sole circulating supply of DigitalBits blockchain with the completion of the token swap, while the total supply is and will always be 20 billion. This is being capped and will never increase during the project’s entire lifetime.

With this, we feel all elements of disclosure have been provided, so let’s now focus on growing together the DigitalBits ecosystem by leveraging the DigitalBits mainnet.

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