By Insolar Founders — Andrey Zhulin and Peter Fedchenkov.

Dear Insolar Community,

We are glad to present to you the updated INS to XNS swap terms. We have reflected on your feedback and improved the terms. The updated swap terms offer a fair balance to ensure both the long-term success of Insolar and the community.

Total supply of XNS

Total supply of XNS following the swap will be reduced to 1 billion coins

Public Allocation pool

Public Allocation (50 million INS ERC-20 tokens) will be converted to 500 million XNS coins at a 1:10 swap ratio

Public Allocation constitutes 50% of the total supply of XNS

For every INS token swapped, the token holder will receive 10 XNS coins

Multistack Ventures

Multistack Ventures (fund) will not be receiving any allocation

We decided there should not be any preferred terms for the fund over our community. Multistack will purchase XNS directly from the market at the same terms as everyone else following the listing of XNS on exchanges, and will not take part in the swap.

XNS Coin Allocation

Improved vesting schedule

Public Allocation vesting has been reduced to 3 years

Other pools have vesting from 3 years to 10 years

Your vested tokens will be released on a daily basis

Balanced supply and demand to align the network with regulations

Vesting is absolutely required to make Insolar MainNet compliant with regulations, so that it can be used by enterprise customers. This is a critical point to drive real-world adoption of Insolar MainNet.

Insolar MainNet Launch Date

Insolar MainNet will be launched on February 3, 2020 at 12PM UTC

The launch date for Insolar MainNet was moved a few days forward because the developers need to implement the updated swap terms.

Summary of updated swap terms

We will soon publish an article with answers to the most frequently asked questions to address questions asked by our community.

Thank you!

Check our Github and leave feedback on the code.

Follow Insolar on social media: