Recently, ACX was launched on Binance, and within just three days its circulating supply increased from 138 million to 332 million and then to today's 555 million, cutting a wave of retail investors.
Regarding what the actual circulating supply is, and whether it can provide warnings to investors, I believe the regulatory oversight from the listing department is definitely lacking, at least the work has not been done properly. Because even an ordinary retail investor like me can see problems and draw conclusions through investigation and analysis. As a blockchain practitioner, being much more professional than me, not seeing these issues inevitably raises doubts about any hidden tricks inside.
While DYOR (Do Your Own Research) is advocated now, shouldn't you provide us with some normal projects to study? Projects that you don't even understand, just throw them at us to research. The circulating supply changes three times in three days, and it may change again in a few days.
Below, Brother Chicken will guide you to DYOR and study this project, explaining why the maximum possible actual circulating supply is 865 million.
Below is the tokenomics, excerpted from the official website:
[Initial Allocation]
The Across Protocol token $ACX was launched in November 2022, with a total supply of 1 billion. Below is the distribution of the token.
115 million ACX airdrop
250 million ACX for strategic partnerships and financing
100 million ACX for protocol rewards
535 million ACX for cross-DAO treasury reserves
The entire tokenomics does not mention anything about locking or unlocking, only the following sentence seems to be a promise:
Currently, AEC promises not to spend more than 400 million ACX on LP incentives (40% of total supply) and will ensure that this allocation (DAO) does not run out before the end of 2028.
This confirms that ACX is fully circulating, with no promises of locking or token unlocking, only a commitment that spending of 535 million will not operate more than 400 million, and the DAO treasury reserves are indeed doing the same, having already spent 285 million, leaving 250 million. Brother Chicken is too lazy to worry about how to maintain the remaining 250 million until 2028. (See on-chain information of DAO treasury reserves below)
[Conclusion]
Since there was no mention of locking, only a promise that spending would not exceed 400 million, if we calculate based on 400 million, the current maximum circulating supply could be: 1.15 + 2.5 + 1 + 4 = 865 million.
Additionally, there is an Easter egg, the largest recent expenditure from the DAO treasury is 50 million, which is not a small amount. What was it used for? (The 50 million expenditure marked in the above image)
In many industries, brand owners open franchises with a gimmick, claiming zero franchise fees. While there is no franchise fee for joining this brand, there will be marketing fees, technical maintenance fees, deposits, etc., and then an annual brand management fee, leaving franchisees in distress.