MaxxChain is an EVM Layer 1 PoW Blockchain network that is decentralized, secure, and programmable powered by the PoW consensus mechanism that validate transactions, allows developers to build decentralized applications (dApps) and execute complex smart contracts using the EVM.
MaxxChain operates on a proof-of-work (PoW) blockchain, which results in the minting of 5 coins with each successful block mined. Gas fees incurred for on-chain transactions will be shared among miners, with a portion allocated to the Maxx team for ongoing chain development.
To maintain a balanced ecosystem, MaxxChain will implement fees on all on-chain utilities to counterbalance the newly minted coins through burn.
The blockchain coin of MaxxChain is dubbed Power (PWR), symbolizing the collective strength of the community that played a pivotal role in its development.
Name of Project: MaxxChain
Launch Date: Q3 2023
Symbol: PWR (Power)
Chain Form: Etherium (prior to EIP 1559)
Pre-Mined Supply: 1,000,000,000 PWR
Block Rewards: 5 coins
UPDATE ON PWR SUPPLY - 2023/09/26
Provision Wallet: The balance of the provision wallet will be burned. Going forward, developers and project owners seeking PWR coin for their project LP can now do so exclusively through the PWRSource Bridge or Coinstore.
Exchange Wallet: We will reduce the Exchange wallet from 45,603,946 PWR to 10,000,000 PWR, a 78% reduction, which we believe will be sufficient for future exchange listings.
Incubator Wallet: The entire balance of the Incubator wallet will be burned. Although this was a great initiative for the chain to have, we do believe that creating a supply shock will be more beneficial to our current holders while incentivizing projects to purchase PWR coin for their LP. We will still provide support to projects that intend to launch based on their requirements in the background.
Staking Wallet for Nexus Token: We will reduce this wallet from 18,013,407 PWR to 8,000,000 PWR, a 56% reduction, to maintain a reserve for staking pools for Nexus token.
Treasury Wallet: We’ll continue weekly burns of 1,201,600 PWR, totaling 62,516,780 PWR in 50 weeks time. We will then continue weekly burns of 201,600 PWR to combat minting while keeping a strategic reserve for potential VC ventures.
Team Wallet: A reduction from 56,986,800 PWR to 26,184,770 PWR, over 54%, will be made. This will lead to a gradual release of just over 2.3M PWR every 2 months among all team members, including mods and admins. These distributions will never increase, however, they may decrease in future months as we may potentially reshuffle team members and amounts owed over the course of the next 22 months.
In total, we will immediately burn 142,063,255 PWR, increasing our total burned to 745,737,188 PWR — nearly 75% of the entire supply. Over the next 50 weeks, we will continue to burn 1,201,600 PWR weekly, resulting in a deflationary effect. After the 50 weeks, we’ll sustain a weekly burn of 201,600 PWR to counter PWR coin minting.
These actions aim to significantly reduce the supply, creating a supply shock for better future value.
Distribution of Pre-Mined Supply:
Burned at Launch: 600,000,000 PWR
Treasury: 125,000,000 PWR
The treasury wallet will be reserved for any potential venture capital (VC) investments that might arise in the future. If the team determines that the entire supply is not necessary, they may opt to burn a portion of this supply.
Team Wallet: 60,000,000 PWR (vested)
The team wallet is distributed among all core team members and administrators who contribute to the day-to-day operations of MaxxChain and its social channels. These funds are allocated across 12 payments over a 24-month period.
Provisions*: 55,000,000 PWR
Part of this allocation is set aside for original projects' liquidity provider (LP) matters tied to relaunches and potential upcoming over-the-counter (OTC) agreements for capital generation, following vested schedules.
LP for Exchanges: 50,000,000 PWR
This supply is designated exclusively for any listing of PWR on centralized exchanges (CEX), decentralized exchanges (DEX), or bridge platforms.
Incubator Program: 50,000,000 PWR
This special reserve is established for projects seeking to launch and contribute to the chain's advancement through their unique initiatives and utilities. The evaluation of these projects will be conducted on a case-by-case basis, in collaboration with our partnership with GemPad. This opportunity offers potential projects the chance to secure additional liquidity provider (LP) resources to facilitate their initial stages.
Presale: 40,000,000 PWR
These coins were allotted across two distinct presale phases.
$MAXX Token Staking: 20,000,000 PWR
To be utilized, as needed, to augment the $MAXX token staking pools, either as bonuses or during periods of subdued volume for the $MAXX Utility tokens across BSC, ETH, and MaxxChain.
*Provisions for future on-chain project LP, OTC deals, prelaunch contests, PWRD airdrop at launch, and project migrations.