Back at the end of September, we announced that we would be upgrading TIME – the native token of the Chrono.tech ecosystem. This is a necessary step because DeFi moves fast and the original token contract had become outdated, expensive and inflexible.
We encouraged TIME holders to swap to the new token contract through the month of October, and are pleased to be able to say that around 70% of all TIME has been swapped so far. The swap process will continue on TimeX until the end of the year. Swapping TIME for TIME 2.0 is fast and easy thanks to our one-click process.
The total supply of TIME 2.0 will remain the same as before: 710,112.8108 tokens. Inevitably, though, not all TIME will be swapped to the new contract. Next year, we will hold a vote so that the community can decide what to do with any remaining tokens. The options are as follows:
- Nothing – continue to operate with the swapped TIME 2.0 tokens alone.
- Burn any unswapped tokens, thereby reducing the total supply of TIME 2.0.
- Establish a ‘community treasury’ with the unswapped tokens, using them for liquidity mining rewards and bonuses for existing holders.
We’ll be publishing more information in due course.