Token Shenanigans: CZ’s Wild Ride to Save the Crypto World!

by

Story Highlights

  • CZ proposes a new token release model to prevent oversupply. (Because who needs more tokens, right?)
  • Only 10% of tokens unlocked initially for project development. (Just a taste, folks!)
  • CZ clarifies: This is just an idea, not a new token launch. (No, really! No new tokens here, folks!)

Changpeng Zhao (CZ), the former CEO of Binance, has come up with a brilliant plan to release tokens. He’s on a mission to stop the madness of minting tokens like they’re going out of style during market price drops. The initial 10% of tokens are like the appetizer before the main course of project development. The rest? Well, they’ll only come out to play when prices start doing the cha-cha! 💃 The contract system will be like a bouncer at a club, letting tokens in only when the party is hopping, thanks to a third-party keyholder.

CZ Proposes 10% Token Supply Rule for Project Launch

The 10% supply rate for tokens at project launch was introduced by CZ through his X social media platform. It’s like a token release party, but only 10% of the guests are allowed in at first! 🎉 The proceeds from selling this exclusive 10% will fund three priority areas: project construction, promotion initiatives, and, of course, keeping the lights on (employment costs).

Now, the rules for subsequent token unlocks are stricter than a gym coach on a diet! The release of new tokens must wait at least half a year after the last unlocking. The second rule? Tokens need to maintain a price that’s more than double the previous unlock rate for thirty days. And the cherry on top? Only 5% of the total supply can be unlocked at any given time. Talk about a slow burn!

CZ Proposes Strict Unlock Rules to Prevent Oversupply

No new tokens are allowed for unlocking until the token price exceeds $2 for thirty days, starting from $1 in January. For example, after the release period from July 4 to August 3, the token supply can increase by 5%. But wait! Token releases can only happen in March of the following year if the price stays above $6 for thirty days. It’s like waiting for the perfect moment to pop the champagne! 🍾

Project teams get to control when and how many tokens are released, but they can’t speed things up or access more than the allotted amount. Smart contracts will manage the token locking while a third party plays the role of the strict librarian, keeping everything in check.

The CZ token system is like a superhero swooping in to save the day from the evil clutches of excessive token releases during price dips. It’s all about encouraging project teams to focus on long-term business development. But don’t get too excited—CZ made it clear he’s not launching a new token himself. He’s just throwing this idea out there for a good ol’ chinwag! 🤔

 

Read More

2025-03-02 23:13