FLIP Token Generation Event

FLIP Token Generation Event

The mainnet has been bootstrapped. It’s sitting on idle right now, with the Genesis validators already being onboarded, waiting for the FLIP to drop. Finally, after years of development, months of negotiations, and weeks of preparation, we are now flying towards the Token Genesis Event.

The FLIP TGE will take place exactly 7 days from now at 1200 UTC on the 23rd of November, 2023.

We are also very happy to announce that Chainflip has a series of solid exchange listing announcements coming over the next few days. Coordinating the timing of all this has been a challenge, but at last, it is done.

The market is picking up steam and demand for native cross-chain swaps is at an all-time high. Although we’d like to be able to say the timing was a result of 4D chess on our part, we’re just lucky that we are entering the market after some very positive developments in the space.

A Recap on How Token Distribution (TGE) Will Work

As a reminder of our https://blog.chainflip.io/chainflip-mainnet-preparation/ blog post, all end users will get their tokens at about the same time. No one will be allowed to send, trade, or distribute tokens until 1200 UTC on the 23rd of November, 2023.

The exception to this rule is that the following parties will have tokens pre-distributed to them in order to prepare for the TGE:

  • Coinlist for community sale participant distribution
  • Oxen Foundation for SN operator airdrop distribution
  • Some exchanges for listing preparation
  • Market making partners to prepare exchange accounts for listings
  • Internal Chainflip Labs & affiliated wallets for accounting, testing, and security purposes

These parties must hold these tokens until the TGE unless otherwise agreed by Chainflip Labs.

Then, at the exact hour of the TGE, all parties are free to release their tokens to their recipients:

  • Coinlist users will receive tokens directly into their Coinlist accounts. Contact Coinlist for support with this.
  • At the same time, spot trading will open on Coinlist and other markets to be announced throughout the next week.
  • Oxen Airdrop holders will receive FLIP directly to their wallet, but this distribution is handled by the Oxen Foundation, not Chainflip Labs.
  • Chainflip Labs will be directly distributing tokens to Investors and their vesting contracts, service providers, and others who are owed FLIP, such as Soundcheck and SmoothOps participants.

Tokens may not be distributed at exactly the same time. We are doing our best to ensure this can happen but due to the sheer number of recipients, parties, and transactions involved, we do not and can not guarantee that tokens will be distributed all at once.

We have scripted the distribution as much as possible to make it as fair as possible, but the real world is rarely perfect, and it’s almost inevitable that some recipients get their tokens slightly before others.