Chainflip To Launch The Expected Community Sale On CoinList On August 31

Key Points:

• Chainflip’s Community Sale begins August 31, 2023, with 4.5 million FLIP tokens at $1.83 each.
• FLIP tokens unlock fully at the mainnet launch, expected around October 24, 2023.
• Chainflip’s protocol allows seamless asset exchange between different blockchains, introducing innovative JIT AMM and permissionless swapping.

Chainflip, a revolutionary decentralized cross-chain transaction protocol, is gearing up for its Community Sale on the popular platform CoinList. The highly anticipated sale is set to commence at 17:00 UTC on August 31, 2023.

Chainflip’s innovative protocol allows users to seamlessly exchange native assets between various blockchains, including BTC, EVM, and substrate networks. Unlike traditional cross-chain bridges or centralized exchanges, Chainflip’s Just-in-Time (JIT) Automated Market Maker (AMM) taps into liquidity from connected chains and partner aggregators, enabling competitive pricing and low fees for spot trades.

The Community Sale will offer a total of 4.5 million FLIP tokens (ERC-20) at an attractive price of $1.83 per token. Once the Token Generation Event (TGE) occurs at the mainnet launch, which is projected around October 24, 2023, all tokens will be 100% unlocked. However, it is essential to note that this launch date is subject to change, with a possible window of up to 120 days after the conclusion of the sale.

During the Community Sale, participants will have the opportunity to buy FLIP tokens within the range of $100 as the minimum purchase limit and $4,000 as the maximum. Interested individuals must complete their registration by 12:00 UTC on August 28, 2023, to be eligible for the sale.

To participate in the Chainflip Community Sale, users must have a funded CoinList Wallet with a minimum purchase amount of $100 before the registration deadline. Moreover, they should ensure their CoinList account is fully funded with the desired purchase amount before the sale starts.

Chainflip has ambitious plans to revolutionize the decentralized exchange (DEX) landscape by combining the best elements of existing cross-chain solutions and introducing unique optimizations. The protocol’s distinctive features include up to 150 validators per vault, guaranteeing redundancy, security, and anti-censorship. Leveraging Schnorr signatures and a groundbreaking signing scheme, these validators can efficiently support multiple assets without incurring excessive hardware costs.

The JIT AMM design of Chainflip minimizes slippage and provides precise pricing, making it ideal for conducting large trades with high liquidity. The protocol’s permissionless nature enables users to swap assets between different chains and networks effortlessly without introducing newly wrapped assets or facing prolonged confirmation times.

It’s worth noting that ChainflipLabs had previously announced their token economic model in March, outlining a plan to airdrop 4.75 million FLIP tokens to the community. The native ERC-20 token FLIP, which is set to launch in Q2 2023, has a starting supply of 90 million and an annual inflation rate of 8%. The distribution plan allocates FLIP tokens for various purposes, including airdrops, token sales, contributors, strategic investors, the Oxen Foundation, liquidity, and reserve funds.

ChainflipLabs has also made significant strides in securing funding. In the past year, the cross-chain DEX project successfully completed a financing round worth $10 million, attracting participation from notable investors like Framework Ventures, Blockchain Capital, and Pantera Capital. The company had been actively developing its validator network and running its blockchain.

While Chainflip had previously completed a $6 million financing through a private token sale in August 2021, the actual issuance of the FLIP token had not occurred at that time. However, the project had already signed relevant contracts with investors to move forward.

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