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EFYT
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glasgowm148 committed Nov 7, 2023
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Expand Up @@ -12,29 +12,32 @@ Ergo's development journey began in 2017, culminating in the successful launch o

EFYT was airdropped and distributed on the Waves DEX, starting with 100,000 EFYT tokens in May 2017. The dual purpose of EFYT was to build an early community of stakeholders and enthusiasts for Ergo and to raise funds for the platform's development and promotion before the mainnet launch.

> Note: EFYT is a Waves token and is not the same as Erg, the native token of Ergo. After Ergo's mainnet launch, mining began to produce ERG tokens.
> **Note: EFYT is a Waves Platform asset and is not the same as Erg, the native token of Ergo. After Ergo's mainnet launch, mining began to produce ERG tokens.**
The maximum supply of EFYT is 1,970,945.0, which corresponds to 10% of Ergo's first-year token emission. The Treasury receives an equivalent number of ERG, allowing for the conversion of EFYT to Erg.
100% of Ergo was available via mining. In the first two years after the mainnet launch, the Treasury received 7.5 Ergs per block which equals 4.43% of the total supply. EFYT was swapped back in the first year from the treasury wallet just like any other spending.

Here are some resources related to EFYT:

- [Asset Distribution Report](http://pywaves.org/assets/725Yv9oceWsB4GsYwyy4A52kEwyVrL5avubkeChSnL46)
- [EFYT on Waves Explorer](https://wavesexplorer.com/assets/725Yv9oceWsB4GsYwyy4A52kEwyVrL5avubkeChSnL46?search=725Yv9oceWsB4GsYwyy4A52kEwyVrL5avubkeChSnL46)
- [EFYT on livecoinwatch](https://www.livecoinwatch.com/price/ErgoFirstYearToken-EFYT)


## What's going on with that warning on CoinMarketCap?

If you head over to the [coinmarketcap page for Ergo](https://coinmarketcap.com/currencies/ergo/), and toggle between the 'Price' and 'Market-cap' chart, a clear deviation from what most people expect to see is shown. To our knowledge, Ergo appears to be unique in this aspect, with no other projects exhibiting such a marked difference in their data representation.
If you head over to the [CoinMarketCap page for Ergo](https://coinmarketcap.com/currencies/ergo/), and toggle between the 'Price' and 'Market-cap' chart, a clear deviation from what most people expect to see is shown. To our knowledge, Ergo appears to be unique in this aspect, with no other projects exhibiting such a marked difference in their data representation.

Recognizing the potential for confusion among users, we proposed that CoinMarketCap address this issue. We suggested that the EFYT data either be presented in an independent chart, similar to accommodations made for other projects, or be depicted in an alternative format that would mitigate any misunderstanding.
Recognizing the potential for confusion among users, we proposed that CoinMarketCap address this issue. We suggested that the EFYT data either be presented in an independent chart, similar to accommodations made for other projects or be depicted in an alternative format that would mitigate any misunderstanding.

This request follows an extensive two-year effort to rectify inaccuracies in our reported circulating supply. In the course of resolving this issue, we were unexpectedly presented with an invoice for $5,000 to continue the process. However, after publicizing this situation on Twitter, and with corroborating accounts from other projects like Radix, Nano, and Kujira, the fee was promptly rescinded, and the necessary corrections to our circulating supply were made.
This request follows an extensive two-year effort to rectify inaccuracies in our reported circulating supply. In the course of resolving this issue, we were unexpectedly presented with an invoice for $5,000 to continue the process. However, after publicizing this situation on Twitter, and with corroborating accounts from other projects like [Radix](https://twitter.com/Kansuler/status/1720954238723833966), [Nano](https://twitter.com/nano/status/1720048947450757522
), and [Kujira](https://twitter.com/technologypoet/status/1719326079700083069) appearing, the fee was promptly rescinded, and the necessary corrections to our circulating supply were made.

Despite our intentions being solely to ensure accurate and transparent information for users, CoinMarketCap has responded unprofessionally. A note has been placed on the Ergo page which misrepresents our actions and intent. We believe this to be an unjust portrayal and remain committed to advocating for clarity and accuracy in data representation for the benefit of the entire cryptocurrency community.


## Why 97,739,924 ERGs?

The maximum supply of 97,739,924.5 ERGs was determined by a pre-agreed smart contract that controls emission in Ergo. The goal was to create a simple emission curve with a total limited supply close to 100 million Ergs, to be completed within 8-10 years.
The maximum supply of 97,739,924.5 ERGs was determined by a pre-agreed smart contract that controls emission in Ergo. The goal was to create a simple emission curve with a total limited supply of close to 100 million Ergs, to be completed within 8-10 years.

This specific amount was chosen to cover the initial genesis state, including:

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