token-update

The State of CanYaCoin

$CAN token supply, burn & circulation update


Recently, there's been a great deal of interest and enquiry from the community regarding the state of the CanYaCoin ($CAN) token supply— particularly since the impact of the Spartan Protocol 'burn'.
Here, we provide a token summary and update total supply (as of November 2020).

Ethereum Chain


Source:
https://etherscan.io/token/tokenholderchart/0x1d462414fe14cf489c7a21cac78509f4bf8cd7c0


In 2017, CanYaCoin ($CAN) was established as an Ethereum-based (ERC-20) token with an initial supply of 100M tokens.

Since then:
  • 4,173,016 were sent to a Burn (dead) address, and are permanently removed from circulation.
  • 30,229,650 now sit in a Binance Wallet, as a result of the token swap to Binance Chain. These are effectively out of circulation but have not been burnt by Binance yet.
  • 39,595,004 were burned via 0x0000000000000000000000000000000000000000 as a direct result of swapping 1:1 for Binance Chain (BEP2) tokens.
Current Ethereum Position:
26,002,330 unburnt ERC20-$CAN remain in circulation on Ethereum



Binance Chain (BEP2)

Token Swap
In 2019, the CanYaCoin community migrated from Ethereum to the newly-built Binance Chain blockchain to improve: the user & development experience, transaction costs and confirmation speeds.

Supply
CanYaCoin was first issued as a BEP2 asset on Binance Chain on 16 May 2019, with a theoretical* Total Supply of 95.827M which provided the ability to swap ERC20 -> BEP2 tokens at a 1:1 ratio.
Source: https://explorer.binance.org/asset/CAN-677

*Theoretical Total Supply of 95.827M is based on a 1:1 token swap being performed between Ethereum and Binance Chain and was derived from the circulating supply at the time of migration (i.e. 100M - 4.173M burn).

Binance Smart Chain

Binance Smart Chain (BSC) went live in September as a parallel chain offering smart-contract technology. The recent explosion of decentralised finance (DeFi) in the Binance ecosystem owes itself to BSC and is based on the BEP20 token standard.

Note: BEP2-$CAN can be reversibly interchanged with
$CAN-BEP20—it's Binance Smart Chain counterpart.

Spartan Protocol Burn on BSC

As soon as BSC went live, a new community-driven project, Spartan Protocol charged onto the DeFi scene with their $SPARTA token and a unique approach to initial token distribution through the 'burning' of existing tokens.



Shelving our own plans for decentralised liquidity services on BSC, the CanYa community decided to support Spartan Protocol' which gave BEP20-$CAN holders the ability to ‘Burn for SPARTA’ — and they did!

As of now, there are 56.1M CanYaCoin sitting in a Burn address on Binance Smart Chain!
The Binance Smart Chain burn address is 0x000000000000000000000000000000000000dead

Current Binance Chain Position:
39.751M unburnt BEP2-CAN/BEP20-CAN remain in circulation on Binance Chain/BSC.



Total Supply Breakdown

Ethereum
Of the original 100M ERC20-$CAN:
  • 74% are burned or swapped to Binance Chain (BEP2)


Binance Chain/BSC
Of the original 95.87M BEP2-$CAN:
  • 58.5% has been burned for Sparta
  • 41.5% remain tradeable on either the BEP2 or BEP20 networks
    (or continue to exist on the Ethereum network pending a user migration to BEP2).


Market Data Aggregators

We are aware that there are price & circulating supply discrepancies and inaccuracies with market data websites. For example:
  • CoinMarketCap does not account for the Spartan Protocol burn and the circulating supply does not reflect the figure here.
  • CoinGecko only prices the Ethereum (ERC20) token which is extremely unreliable due to limited support and volume.
In both cases, we are reaching out to the websites in an attempt to update coin and community information.

We will update you with any changes.



If you want more information or want to see how you can get involved in the community, join the community Telegram channel.



CanWork: https://www.canwork.io/
Twitter: https://twitter.com/CanWork_
Facebook: https://www.facebook.com/CanWorkPlatform

Johan Lives

Author

2020-11-19

Date posted

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 Token   Update   CanYaCoin   Binance Chain