To kick start our new token model for CanWork, we are happy to announce a limited ‘Buy-Back’ of BEP20 $CAN tokens. It will be taking place from 14 February - 14 March 24.
Why now?
To answer that question, we have to briefly discuss the history of the token and our CanWork platform:
The token launched on Ethereum in late 2017 with a circulating supply of 95,827,000 tokens.
The token was designed to be the underpinning of our DAO and a method to pay for our digital freelancers on CanWork (which was launched in early 2018).
In May 2019, due to the excessive time and fees involved with the Ethereum blockchain, the team decided to switch the token (and platform) to Binance Chain. This created a much better user experience by reducing fees and payment settlement times.
The DAO went live in October 2019 to fulfill the promise of having a ‘freelance platform run by freelancers’. The DAO members would perform tasks and help run the platform into the future and receive $CAN tokens from the 1% platform fee as compensation.
In September 2020 the DAO decided to un-stake and swap their tokens, along with a large number of our existing token holders. This reduced the circulating supply of $CAN tokens by approximately 70%.
In line with the rest of the Binance ecosystem, CanWork and the $CAN token moved to Binance Smart Chain (BSC) in January 2022. This allowed more functionality for the platform (specifically smart contracts) while still benefiting from the fast and cheap transactions afforded by Binance Chain.
Today, CanWork is a functional freelance platform with the benefits of Web3 and has a global user base, cheap fees (20x cheaper than legacy freelancing platforms), blockchain-backed security, and on-chain transparency.
With the dissolution of the DAO and the evolving needs of our platform, we're revamping our token model. Moving forward, freelancers will receive payment in $USDT (BEP20), while clients will enjoy various payment options facilitated by our hedged escrow system on BNB Chain.
We recognize that not all token holders may align with this vision, hence offering an opportunity to exchange BEP20 $CAN tokens for $USDT (BEP20) during the buyback initiative.
The new token model will be quite simple. Rather than the platform fees going to the DAO, it will go to a liquidity pool that any $CAN holders can use to exchange into $USDT (BEP20)
How does the Buy-Back initiative work?
The Buy-Back period will run from 0001 GMT on February 14, 2024, until 2359 GMT on March 14, 2024.
Token holders can participate by "staking" their BEP20 $CAN tokens into a smart contract via our Buy-Back portal, accessible at https://buyback.canya.io/
A minimum of 1000 CAN is required to participate.
A total of $50,000 USDT (BEP20) will be available in the staked contract, evenly split among staked tokens.
The split of USDT among participants will be based on token holdings, following a pro rata distribution.
At the end of the staking period, participants have the option to accept their claim and receive USDT based on the Buy-Back rate or reject the claim and receive their CAN tokens back.
Instructions for Participation:
Ensure tokens are Binance Smart Chain (BEP20) $CAN. Participants can convert from BEP2 using Trustwaller or the Binance Browser Wallet.
You may use Trust Wallet, Wallet Connect or wallets like Metamask.
Ensure that wallets are connected to Binance Smart Chain (not Ethereum).
If you have any questions please contact us on Telegram.
What’s been happening with CanWork and what does the future hold?
CanWork has been growing from strength to strength throughout 2023. We have a strong community of dedicated, passionate freelancers from all over the world.
Last year saw a lot of development work including:
Hedged Escrow Version 3
Hedged Escrow contract audit
Back-end security audit
Back-end re-engineer for cost reduction and future-proofing
Angular upgrades
New front end and landing page design (to be rolled out 2024)
Quick escrow development and launch
If you’d like to read more about the quick escrow or other CanWork developments we recently released our end-of-year review: https://canwork.io/blog/eoy-2023
