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Chainflip Token Generation: Hello, world!

One small step for Chainflip, one giant leap for DeFi
24 November 2023Alex Linton

In the midst of the infamous DeFi summer, we dropped a concept for a new protocol that would enable true cross-chain swaps: ChainFlip. Chainflip was a protocol that could be bigger than DeFi — it wouldn’t be limited to one network, or even one blockchain — it could unlock value across the entire industry. 

Chainflip was DeFi endgame. 

Today, Chainflip has taken their biggest step so far, with an enormously successful Token Generation Event. A big good onya mate to our Berliner friends across the pond — this is a massive achievement, and with a product launch around the corner, there are more amazing achievements on the horizon.  

Chainflip’s old friends

As a project originally incubated in the Oxen Labs, Chainflip wouldn’t exist if it wasn’t for the wave of enthusiasm and support you—the Oxen Community—gave it from the very beginning. The Chainflip Airdrop Program recognised the contribution and support that the Oxen Community gave to Chainflip. It also rewarded the ongoing work of our Service Node Operators — meaning that Chainflip was giving back to the Oxen Network, too!

In total, 4,500,000 $FLIP was allocated to the Oxen Community in the program. 

This is 5% of the total supply, and (because of lock-ups) more than 25% of the unlocked tokens on Day 0. 

Because of this large allocation, it is safe to say that the Oxen Community is going to play a very big part in the future of Chainflip. Chainflip’s success is your success, too — you’re well and truly along for the ride. By the way, if you’re one of the lucky few with $FLIP in your wallet right now, you should totally stake it

Securing Session

Of course, the OPTF also has its own $FLIP allocation. Although much of it is committed to be staked, with our own treasury of over 3,000,000 $FLIP, the development future Session has received a boost after the successful launch of Chainflip’s token. 

Chainflip and Session are both disrupting their sectors with better and more decentralised products — we are excited to support Chainflip’s network, and believe in what they are building. Their success will boost and encourage us as we strive towards the launch of Session Token. 

A decentralised future

Today is a day to celebrate. 

Chainflip’s launch will mark the beginning of a new era for cryptocurrencies. One where self-custody of assets and decentralised, transparent exchanges reign supreme. This is something that the Oxen Community is already a part of, and something you’ll play a big part in shaping going forwards. For us, we have a bright and secure future ahead of us — we’re ready for the journey, and we’re excited for everyone who’s journeying with us. 

$FLIP: Generated. Next stop: $SENT. 

Let’s send it. 

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