This article was first published on Stories by Theta Labs on Medium
With our Mainnet launch coming soon on March 15th, we will be moving some Theta Tokens from their existing Theta Labs addresses to a set of new Theta Labs addresses. The tokens will be separated into multiple addresses to be used for staking by the multiple validator nodes on the Theta Network. Additionally, we are implementing new security procedures that require us to not hold such large amounts of tokens in a single address.
Currently, the circulating supply of THETA stands at 710,502,689 based on CoinMarketCap’s (CMC) methodology. The difference between that figure and the total supply of 1,000,000,000 THETA is the balance in these three addresses controlled by Theta Labs:
The tokens in these three addresses were previously locked for periods ranging from six months to one year. In December 2018 the last of these tokens were unlocked, but because they have not moved from their addresses, they are not considered by CMC to have entered the circulating supply.
While these transfers will not constitute a material change to supply (all tokens will simply move from one Theta Labs address to another Theta Labs address), it’s possible that CMC may treat any tokens moved as newly-circulating supply (it’s unclear and we are still waiting for a direct answer from CMC). Regardless, we need to move forward with our procedures for mainnet launch. Since we know many users rely on CMC’s information, we wanted to announce these steps publicly so that there is transparency about what could look like a sudden increase in circulating supply. To minimize any volatility, we’ll be shifting the tokens over the following three Mondays (2/11, 2/18, and 2/25).
The Theta team
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Stories by Theta Labs on Medium