96% of Enjin Coin (ENJ) will be unlocked as of October 31, 2024, following the final unlock of the Early Governance Rewards on October 11, 2024. There have been no tokenomics changes since the launch of Enjin Blockchain and its token migration in September 2023.
Enjin is a “high float” and mature token ecosystem with an almost completely unlocked token supply. The remaining locked ENJ consists of the remaining Staking and Pools, Company, and Team pools.
Approx. 42% (486 million ENJ) of ENJ effective circulating supply was staked as of October 2, 2024, as discussed below.
See Enjin Blockchain 2024 Token Supply and Unlock Update (December 30, 2023) and Enjin Coin 95% Unlocked: June 2024 Token Supply Update for the discussion of the Enjin Blockchain token supply breakdown prior to the launch of Enjin Blockchain and token migration.
Approx. 42% of ENJ effective circulating supply (as computed below) and approx. 26% of ENJ total supply was staked, as of October 2, 2024.
Staking rewards were at approx. 12%, as of October 2, 2024, based on Enjin Wallet. Early governance rewards recipients would hopefully continue to stake ENJ after the full unlock and distribution of these rewards.
Approx. 486 million ENJ was staked as part of governance as of October 2, 2024, based on enjin.subscan.io.
Approx. 415 million (415,197,388.67212580817850872) out of 1 billion ERC-20 ENJ (42%) and 1.92 (1,921,020,842.561004766980093228) out of 2 billion ERC-20 Efinity Token (EFI) (96%) were migrated to mainnet ENJ and burned, as of October 2, 2024, based on etherscan.io. Thus, the token migration is approx. 60% complete and approx. 604.5 million ENJ of the initial 1.5 billion ENJ (40%) reserved for token migration remains unclaimed and dormant, as of October 2, 2024. This unclaimed ENJ may be excluded from the circulating supply for analysis.
Holders may stake ENJ in nomination pools to take part in validator selection and oversight, as part of Enjin Blockchain network governance. Such holders receive ENJ governance rewards.
See Enjin Governance and 250M ENJ Early Governance Rewards Pool (December 19, 2023).
The final 25 million ENJ of early governance rewards will unlock on October 11, 2025. These will be received as staked ENJ, subject to unbonding and cannot immediately be transferred.
Enjin Blockchain was created with a 250 million ENJ early governance rewards pool to facilitate proof of stake by incentivizing migrating holders to participate in governance and validator oversight. These rewards were released in 10 equal unlocks of 25 million ENJ each, beginning on January 15, 2024 (block height 3258776), in intervals of 30 eras (one era in Enjin Blockchain is approximately 24 hours).
The staking pool will fully unlock by May 2031, and monthly unlocks are summarized:
The remaining staking pool ENJ not yet unlocked, projected as of October 31, 2024, represent only approximately 33 million ENJ, or 1.8% of total supply as of October 31, 2024.
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.
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.
The remaining company pool and team pool ENJ not yet unlocked, projected as of October 31, 2024, represent only approx. 32 million ENJ and 9.4 million ENJ, or 2.2% of total supply, projected as of October 31, 2024.
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.
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 and Isabel Guidote-Pangalangan is the General Counsel of Atlas Development Services, a core contributor to Enjin Blockchain.
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