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Hardcoded VAL supply removed #162

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merged 3 commits into from
Aug 21, 2023
Merged

Hardcoded VAL supply removed #162

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3d0f05b
Hardcoded `VAL` supply removed
bgodlin Aug 18, 2023
9cf24d6
Revert "Hardcoded `VAL` supply removed"
bgodlin Aug 20, 2023
1e78d46
Information related to the supply was consolidated
bgodlin Aug 20, 2023
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9 changes: 1 addition & 8 deletions src/val.md
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Expand Up @@ -12,9 +12,8 @@ head:
# VAL (≚)

- VAL is a new token used to reward SORA network validators that secure the network, created by [community governance](https://medium.com/sora-xor/sora-v2-implementation-1febd3260b87); all contracts and executable code were released in a disabled form and could not be used until activation by a community member (by insertion of cryptographic proof of the referendum); now it is fully activated.
- VAL fully diluted supply will be 100,000,000. Only 33,900,000 VAL are currently circulating and the supply is capped until SORA v2 network launch.
- VAL fully diluted supply is around 100,000,000 (query `tokens.totalIssuance` to get the precise number). Current VAL circulating supply can be checked [here](https://mof.sora.org/qty/val).
- The VAL token contract is also available on [Etherscan](https://etherscan.io/token/0xe88f8313e61a97cec1871ee37fbbe2a8bf3ed1e4).

- VAL has [Decreasing supply](https://medium.com/sora-xor/sora-validator-rewards-419320e22df8) over time, with tokens burned at every SORA v2 network transaction.
- Elastic rewards to validators and stake nominators are given in VAL, as a percentage of the daily burned VAL
- Holders receive a part of the XOR created by the token bonding curve
Expand All @@ -28,12 +27,6 @@ VAL is the validator reward token for the SORA network, used to reward those tha
[VAL tokens were formerly v1 XOR tokens](https://medium.com/sora-xor/sora-validator-rewards-419320e22df8), but were turned into VAL with new tokenomics, through [community governance](https://medium.com/sora-xor/sora-v2-implementation-1febd3260b87). VAL is a multichain token that lives on the SORA v1 network and on Ethereum, with a trustless bridge—_HASHI_—that spans the two networks.
:::

## VAL Token Supply

- 100 million initial total supply and decreasing [with tokens burned](https://medium.com/@sora.xor/sora-validator-rewards-419320e22df8) (current supply [here](https://sora-qty.info))
- VAL is a free-floating token where the price is decided by the market
- Current VAL circulating supply can be checked [here](https://mof.sora.org/qty/val)

## VAL Token Distribution

**VAL** token was distributed to three groups approximately equally, in 3 stages:
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