Today, we want to give more details on the announced IDOS Airdrop 1 for FCL holders at a 4 FCL:1 IDOS ratio and the burning of FCL treasury and ecosystem development tokens resulting on an updated total available supply of FCL 291,929,141.
In October 2023, we announced a plan to focus Fractal ID efforts in the idOS and discontinue support for the Fractal Protocol. We progressed with this plan in Q4 2023 and, as communicated, we have now stopped the FCL Substrate chain. We previously shared our rationale for this change, but once again, we want to reiterate our commitment to the growth of Fractal ID and the FCL token holders.
Fractal ID, as one of the main Building Partners, plays a key role in the idOS development, and Fractal ID users are key to the idOS adoption. We want to demonstrate Fractal ID’s commitment to building the future of the idOS. Therefore, we have two major announcements for FCL holders.
Important updates for FCL holders
- idOS recently announced a plan to launch the IDOS Token. As mentioned in the post, FCL holders will be eligible to participate in Airdrop 1 of the IDOS Token and receive IDOS tokens based on their FCL holdings at a 4:1 ratio — 4 FCL tokens = 1 IDOS token. Holders with FCL tokens located in both Ethereum and Gnosis chains will be considered equally for this airdrop. More details on the mechanics of this airdrop will be shared in the coming weeks.
- The Fractal ID team has decided to burn the FCL supply in Fractal ID’s control. This includes FCL in the Fractal ID Treasury wallets, as well as well as the Ecosystem rewards located in the FCL Substrate chain. This action enables Fractal ID to fully focus all its ecosystem development efforts on the idOS. This doesn’t impact the tokens held by the +24k unique user wallets across Ethereum and Gnosis Chain.
Additional details on the FCL burn
- As communicated at the launch of the FCL Token, the total originally planned supply of FCL was set to 865,000,000. As of 17/01/2024 at 11am UTC, the total updated available supply of FCL is 291,925,083, of which 148,843,171 tokens are vested and in circulation today. This supply is split across +24k unique wallets in Ethereum and Gnosis Chain.
- For the remaining FCL tokens still vesting, we will burn on a monthly basis the vesting FCL tokens from Contract 1 and Contract 2, which were originally allocated to the treasury and community funds. The remaining non-vested FCL tokens in Contract 3, allocated to the founding team and pre-seed investors, will keep vesting on a monthly basis for an additional 28 months (with an initial vesting period of 62 months from TGE).
- We have notified the CoinMarketCap and Coingecko team to reflect the changes, but they may take a few days to update.
Once again, we want to thank everyone that has contributed to the growth of Fractal ID to date, and we look forward to continuing this journey to build a true decentralized identity system with you!
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