While we are still working on deploying the staking contracts for our LP Program on the Ethereum Mainnet, Flame will hold a token sale launching immediately on SushiSwap on the Harmony network. With skyrocketing fees on Ethereum Mainnet, we thought it a good idea to open up the possibility of swapping tokens and providing liquidity with 2-second speed and less than $0.001 in fees.
At Flame we understand blockchain as a decentralized ecosystem containing many different protocols. Unfortunately, it is not a cumulative ecosystem, each blockchain is isolated from one another. The Bitcoin network is different from the Ethereum network, the Ethereum network is different from the Binance Smart Chain, and so on.
All these different networks don’t talk to each other. And this is where cross-chain technology comes in, so we can compensate for the limitation of a particular blockchain by leveraging the features of another chain. In our case, we can use the Harmony network to enjoy all the benefits of SushiSwap on Ethereum, except the high gas fees, and settle transactions quickly with Harmony’s 2-second finality.
Open the market up for retail buyers
We understand that people think twice if they want to buy Flame Token for $50 or $100 if a swap costs $20 or even more. Therefore we need a bridge that enables easy purchases of XFL through credit cards with super low fees. We believe that we have achieved that by moving 250M XFL to the Harmony network and opening a liquidity pool on SushiSwap.
We think it is just unfair that only whales or accredited investors have the opportunity to buy Flame Tokens early. Now small retail trades are possible, and the acquired Flame Tokens can be moved back to the Ethereum Mainnet at any time by using the Horizon Bridge by Harmony.
For the purchase of Flame Token on Harmony, you can find a detailed step-by-step guide on our website: https://flametoken.io/buy
Swap tokens for 1XFL on SushiSwap on Harmony
250M 1XFL are up for sale with a special price offer
In order to celebrate cross-chain projects like Horizon, and to open up to retail buyers, as well as to bridge the time until the launch of our Liquidity Provider Subsidy Program in December, Flame will hold a token sale with a very small % of the total XFL tokens (250M XFL tokens or ~1.2% of the total supply).
The sale will be held on SushiSwap on Horizon with the initial liquidity provided of 25M 1XFL tokens and 10,000 USD equivalent in 1USDC within the liquidity pool, which works out to a token price of 0.0004 USD per token. As the pool is depleted, Flame will continue to fund the pool with more 1XFL tokens and stabilize the token price somewhere between 0.0004 and 0.0008 USD.
While Flame will try to keep the price in range by funding the SushiSwap pool, we cannot guarantee the price if large purchases are done via the pool. As such, in the short term, the price might fluctuate a lot more than intended.
If all 250M 1XFL tokens are funded to the pool, this would be the equivalent of raising 100k-200k USD. 70% of the funds will be posted back to the pool as liquidity by Flame.
Sustainable token allocation
The Flame Token (XFL) is a blockchain-based token compatible with the ERC-20 standard of the Ethereum blockchain. The initial supply on the minting date on December 14, 2018, was 10.5 billion XFL. This was 50% of the maximum supply of 21 billion XFL.
The other 50% are held by a smart contract that is vesting 87,500,000 XFL per month when we call the contract and request a payout. This is a 10 year vesting period.
So far we requested 2 payouts:
On 04. March 2021 we received 2,362,500,000 XFL (which is 27 month x 87,500,000 XFL).
On 14. July 2021 we received 350,000,000 XFL (which is 4 month x 87,500,000 XFL).
This means that the current supply is 13.2125 billion XFL.
Sustainable Token Allocation
In order to bootstrap the early days of the system and ensure that there is plenty of XFL liquidity, 20% of the total XFL supply will be dedicated to rewards for liquidity providers for the USDC/XFL pair on SushiSwap on the Ethereum mainnet. 14% of the total XFL supply is reserved for the team and early investors. These tokens are vested over a period of 12 months. 6% of the supply is distributed amongst early adopters. 8% of the tokens will go into our ILO (which this token sale is a part of). 50% remain locked in the treasury.
The best way to start your journey into Flame Token is our website: www.flametoken.io
Especially these parts:
Flame Token Whitepaper: https://flametoken.io/whitepaper/
Flame Token Economy Paper: https://flametoken.io/token-economy/
Join the conversation here:
Ralf Kappe, Flame CEO & Founder