Chain (XCN)

Introduction:

Chain Token (“XCN”) is the native cryptocurrency and governance token of the Chain Protocol and Chain ecosystem of products. XCN is a utility-based cryptocurrency that is used for discounts, premium access, and to pay for commercial fees on Sequence, a ledger as a service, designed for enterprises, as well as other Chain products. XCN is also used for on-chain governance for various community-driven programs through Chain DAO.

XCN was upgraded and re-denominated in March 2022 to enable native goverance features inherent in the token smart contract.

Chain’s decentralized applications utilize XCN as the governance token that enables XCN stakers to participate in the Chain DAO to vote on Chain Improvement Proposals (CIPs), earn XCN rewards for securing the protocol, and to vote for grants provided by the DAO treasury.

⛓ Chain DApps Include:

1. 🗳 Chain Governance — Vote on Chain Protocol improvements and DAO activities

2. 🔐 Chain Staking — Stake XCN to secure the protocol and earn rewards

Tokenomics:

Chain Token was originally launched in November 2021 through a successful audit from CertiK, a reputable smart contract security firm, with a total supply of 100,000,000. A copy of the original Tokenomics document can be found here: https://chain.com/token.pdf

As specified in the original distribution documentation, 50% of the supply was allocated to Sequence users. A retroactive distribution was made to all Sequence users, excluding users from the United States of America and other OFAC restricted regions, who were able access these tokens through their assigned registered Ethereum address. Any Chain Token that was not claimed by transferring CHN to their own digital asset wallet will by March 1, 2022 was subsequently burned and the claim system deprecated. This resulted in over a 30% burn of the total supply of Chain tokens.

Thereafter a re-denomination of Chain token occurred, which split the token 1,000 Chain tokens per one burne. The new Chain Token ticker became XCN. The current distribution of the 68,895,442,185 tokens are as follow: https://chain.com/token

Binance Smart Chain Token Address:

0x7324c7C0d95CEBC73eEa7E85CbAac0dBdf88a05b

Utility (Day to Day Usage):

Chain Token (“XCN”) has utility in the Chain ecosystem of products including governance, payments, staking, access, discounts and towards fees. XCN is the native governance token of the Chain Protocol which hosts the Chain DAO and can be utilized for snapshot polling, on-chain voting of protocol improvements, vote for community events and grants, and for staking to secure the network. Chain (XCN) is an Ethereum token that powers Chain Pay, a network designed to enable users to pay for goods and services with digital assets while receiving cashback rewards. XCN can also be used for discounts, premium access, and to pay for commercial fees on Sequence, a ledger as a service, designed for enterprises, as well as other Chain products.

With the decentralized Wormhole Bridge, users can transfer XCN to the Binance Smart Chain by locking up their Ethereum XCN.

Staking:

Chain Staking comprises of staking and depositing your XCN into the non-custodial staking smart contract deployed on the Ethereum blockchain. By staking XCN you are securing the network by ensuring proper governance and risk controls are set to avoid malicious actors from attacking the protocol.

XCN that is staked in the protocol can participate in Chain Governance and earn rewards for securing the protocol.

The proposed parameters of staking will be:

• Rewards - Activates next epoch

• Withdrawal - Next epoch

• Rewards claim - 7 days after epoch

• Rewards Rate - 100,000 divided by your XCN weight % against the total XCN staked for Governance.

Rewards:

Chain Rewards are distributed from the Chain Distribution smart contract that has been re-purposes since Cip-2

The allocation available each month is 100,000,000 XCN while the reward program is in effect. These parameters can be updated with on-chain governance.

The Chain Staking reward rate is determined by your weight in the staking contract as shown in the formula below:

• Monthly Reward Pool / Your weight % of the total XCN staked