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December 30, 2023

Enjin Blockchain 2024 Token Supply and Unlock Update

Enjin Blockchain 2024 Token Supply and Unlock Update
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Enjin Coin (ENJ) consolidated to include Efinity (EFI) and the Enjin Blockchain early governance rewards pool unlocking January 15, 2024, following the “triple” migration to Enjin Blockchain from Ethereum and Polkadot.

The entire supply of mainnet ENJ was allocated solely to migrate existing ENJ and EFI (and this supply is 91% unlocked as of December 31, 2023), except for the early governance rewards pool, as outlined below. No other ENJ pools were created and the former EFI pools serve the entire Enjin Blockchain ecosystem.

End 2023 Supply

Mainnet ENJ had an initial supply of 1.75 billion ENJ as of mainnet ENJ’s launch on September 13, 2023. This was 77% unlocked (90% unlocked excluding the early governance rewards pool), with 69% of 500 million ENJ allocated for EFI unlocked.

Enjin Blockchain has a token inflation at a rate of 4.8927482% per annum, with new tokens released per era or approximately daily. Mainnet ENJ inflation supports network governance and validators, and ERC-20 Enjin Coin did not support a native chain.

Factoring inflation and 2023 token unlocks, Enjin Blockchain would have a total supply of 1.78 billion ENJ as of December 31, 2023. This will be 77% unlocked (91% unlocked excluding the early governance rewards pool).

Early Governance Rewards Pool

Given the importance of securing a new proof of stake chain, Enjin Blockchain was created with a 250 million ENJ early governance rewards pool to facilitate this by incentivizing migrating holders to participate in governance and validator oversight. These rewards are to be released in 10 equal intervals beginning block height 3,247,000 (expected January 15, 2024 (Singapore time)).

25 million ENJ will be released at each release date. Each interval will be 30 eras in Enjin Blockchain or approximately 30 calendar days. An era in Enjin Blockchain is approximately 24 hours.

No other pool was created when Enjin Blockchain launched. The entire supply of mainnet ENJ was allocated solely to migrate existing ENJ and EFI, except for the early governance rewards pool.

Read: Enjin Governance and 250M ENJ Early Governance Rewards Pool

Enjin Coin Migration

Enjin Coin launched as an ERC-20 token in 2017 with a 1 billion ENJ fixed supply, composed of (based on its whitepaper):

37% of ERC-20 ENJ has been burned and migrated to Enjin Blockchain as of December 28, 2023, based on the Ethereum burn address.

ERC-20 ENJ was widely distributed and fully unlocked prior to Enjin Blockchain’s launch. There were no pools to support governance as ERC-20 ENJ did not support a native chain.

Efinity Migration

Efinity launched as an ERC-20 token in 2021 with a 2 billion ENJ fixed supply, and was the native token of Efinity, the first NFT parachain on Polkadot. Efinity was migrated to Enjin Blockchain to become Enjin Matrixchain, with Enjin Blockchain thus drawing on its NFT functions and supporting token pools.

The Efinity supply was composed of (based on its whitepaper):

92% of EFI has been burned and migrated to Enjin Blockchain as of December 28, 2023, based on the Ethereum burn address. The Efinity community approved the Efinity migration with a 4 EFI : 1 ENJ ratio in governance referendum GP-2023-06-14 on June 29, 2023.

Presales. All EFI from presales and the CoinList sale were fully unlocked prior to migration to Enjin Blockchain.

EFI Pools. EFI’s pools benefit the entire Enjin Blockchain ecosystem as part of Efinity’s migration to Enjin Blockchain. These pools retained their original vesting schedules.

Ecosystem Pool. The ecosystem pool will fully unlock by May 2024 and approximately 2.5% (4,444,444.445 ENJ) of the pool unlocks linearly each month. This pool is intended to support the ecosystem and rewards for the Efinity crowdloan for its Polkadot parachain lease were drawn from this pool prior to migration.

Staking Pool. The staking pool will fully unlock by May 2031, and monthly unlocks are summarized:

Company Pool. The company pool will fully unlock by May 2026 and approximately 3.6% (1,666,666.6675 ENJ) of the pool unlocks linearly each month.

Team Pool. The team pool will fully unlock by July 2025 and approximately 3.8% (1,041,666.66666667 ENJ) of the pool unlocks linearly each month. Recipients may be subject to individual restrictions, typically over a 5-year period, separate from the team pool unlock schedule of Enjin Blockchain.

Read: Enjin Blockchain “Triple Migration” Successful; 51% Complete in First 60 Days

Oscar Franklin Tan (press@enjin.io) is the Chief Financial Officer and Chief Legal Officer of Atlas Development Services, a core contributor to Enjin Blockchain.

Enjin Blockchain 2024 Token Supply and Unlock Update
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