Observing the rapid development of Oraichain Mainnet and its ecosystem including aiRight, OraiScan, Oraichain Studio, OraiWallet, cross-chain ORAI Bridge, and yAI.Finance as well as listening to the community’s feedback, the Oraichain team feels the need to update the ORAI tokenomics regarding the circulating supply.
- Increasing circulating supply to above 10% to meet demands for ORAI tokens by upcoming major products, partnerships, and use cases.
- Locked rewards will be released immediately, and 3,000,000 ORAI will be burned from Team, Advisor, and Foundation allocations.
Let’s start with several statistics on how Oraichain ecosystem is operating:
- Total number of transactions on Mainnet: 405,848
- Total staked ORAI on the Mainnet: 338,000
- Total number of ORAI wallet users: 391
- Total number of ORAI holders: 10,509 (8,990 on ETH, 1,128 on BSC, 391 on Mainnet)
- Total number of users on aiRight: 205
- Total number of NFTs on aiRight: 809
- Total AI Oracle requests: 2,233
- Total number of users on yAI.finance: 10,000+
- Total staked ORAI on yAI.finance: 166,368
- Total number of users via OraiBridge: 1,130+
- Total number of users on Oraichain Studio: 60+
As we are completing the fundamental products and about to launch several key components of Oraichain ecosystem from Q3 2021, we expect an increasing demand of ORAI tokens for AI and data requests, Oracle services, cross-chain data services, and farming. Consequently, Oraichain’s core team, advisors, and ambassadors have discussed and agreed on the following proposed update of the current tokenomics so that the current circulating supply of tokens can be above 10% of the total supply.
We will immediately release all the remaining locked rewards so that ORAI holders can benefit from the many available opportunities for staking and farming on various platforms, including Oraichain Mainnet, aiRight, yAI.Finance, and Wault Finance.
The original release of locked rewards was scheduled from 10 January to 31 October (294 days) in order to reduce the supply shock. However, as of 18 June, 159 days have passed and the ratio of remaining locked rewards to the current circulating supply is getting less significant (only 21.8%). Consequently, the immediate release of locked rewards will supposedly not cause any shock in the price of ORAI tokens. As a preventive measure, Oraichain team will also provide a large amount of locked liquidity (4 months) to the liquidity pool.
Please note that in addition to the AIRI airdrop program, there will be an ORAI-AIRI swap program that benefits ORAI holders too:
Oraichain enables its ORAI token holders to immediately participate in the aiRight platform via a swapping mechanism for ORAI tokens: ORAI token holders can swap ORAI for AIRI at a discount with a 6-month vesting period. This direct swap program will last for one year in several campaigns.
All swapped ORAI will be burned. The details of this ORAI-AIRI swap and burn will be announced in due time.
The high-speed development for 2021 roadmap marks important progress of Oraichain and in the 3rd quarter of 2021, we will witness the mature growth of several major products of Oraichain. The following release and burn of ORAI tokens are needed to meet the demand of circulating supply in response to the upcoming products, partnerships, and use cases.
Two portions from Ecosystem and Foundation allocations will be used for releasing locked rewards and providing liquidity for ORAI liquidity pools, respectively.
Additionally, we will arrange a burn of 3,000,000 ORAI tokens from Team, Advisors, and Foundation allocations.
The corresponding amount of burning and releasing from each allocation is shown in the following table:
After releasing locked rewards from the allocation and burning, the circulating supply and new total supply will be as shown below:
- Circulating supply: 2,044,424 ORAI (10.34%)
- New total supply (max supply): 19,779,272 ORAI
The release curve will be almost flattened in Q3 and gradually increase from 2022. Its figure will be updated tomorrow.
1. What is the main objective of this tokenomics update?
Answer:
The main objective of this update is to increase the circulating supply of ORAI tokens as the Oraichain ecosystem is developing quickly and there is a demand for ORAI tokens for utility and investment purposes. These utility purposes include AI and data requests, Oracle services, cross-chain data services, and farming.
2. What are the previous updates of tokenomics? Why are there several updates?
Answer:
👉 This was a minor update in the distribution period and the cancellation of Public Sale.
👉👉 This was the first major update after the cancellation of Private Sale. In this update, the total supply was drastically reduced and the distribution was rebalanced to take into account the cancellation of private sales.
This update:
👉👉👉 This is a minor update for improving the circulating supply in order to be ready for a near future development and sustainable growth of Oraichain’s ecosystem. The ORAI holders will also benefit greatly from releasing their locked rewards via staking and farming platforms.
3. Will there be another burn/update in future?
Answer:
There will be some burns of ORAI tokens via the ORAI-AIRI swap program and potentially burns in future depending on the development progress of the Oraichain ecosystem.
Oraichain is a long-term project (7 years) with an ambitious vision of building a complete ecosystem for interconnecting AI and Blockchain. As technology achievements and tokenomics go together, we will make strategic updates when necessary. However, the benefits of investors will always be at the core of our every decision and we will continue to listen and adjust accordingly.
4. When will the release of locked rewards happen?
Answer:
The locked rewards will be released immediately after this announcement. The estimated time is 17:10 UTC, 18 June 2021.
5. Where can one claim the locked rewards?
Answer:
Since there are many staking and farming options for ORAI holders on BSC, we have decided to distribute the locked rewards on BSC.
The locked rewards will be claimable from a new yAI.Finance vault, available from 17:10 UTC, 18 June 2021.
Please use the real-time cross-chain bridge if you want to bridge your ORAI tokens to Ethereum or Oraichain Mainnet.
6. How does Oraichain prevent the supply shock from the release of locked rewards?
Answer:
Although the ratio of locked rewards to the current circulating supply is getting less significant, Oraichain will provide a large amount of liquidity and will lock it for 4 months as a preventive measure.
Additionally, we are ready to launch several technical updates from June into Q3 2021.
7. When will the 3,000,000 ORAI be burned?
Answer:
The burn is expected on 23 June 2021.
Oraichain is the world’s first AI-powered oracle and ecosystem for blockchains. Oraichain’s data oracle platform aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications. Founded by Dr. Chung Dao, Oraichain’s mission is to be the portal between AI and blockchain technologies, serving as a foundational layer for the creation of a new generation of smart contracts and DApps leveraging AI.
Unlike the competitors, Oraichain presents a complete AI Oracle, ready for deployment. Tested and verified, our services will enrich the ecosystem and bring confidence to transactions in the open marketplace with the aid of machine learning. Heightened security and transparency, alongside verifiable originality certification, will open the door for prolific mainstream NFT adoption, free of the burden and risk fraud imposes on both creator and consumer.
Beyond data oracles, Oraichain interconnects Artificial Intelligence and Blockchain technologies. With AI as the cornerstone, the Oraichain ecosystem contains an AI marketplace, a Data & Request Hub, Publisher Service, Training Service, and Dapp Hosting. Oraichain network provides the infrastructure and consensus mechanisms for Blockchain and AI training. These interconnected ecosystems accelerate the development of Web3, DeFi, enterprise and academia applications.
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Source: https://blog.orai.io/updating-orai-tokenomics-for-sustainable-development-48536becdf49?source=rss——-8—————–cryptocurrency
