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FLEX Transparency

Leslie avatar
Shared by Leslie • April 03, 2023

FLEX is the token powering the OPNX ecosystem.

Let's take a closer look at FLEX and focus on its deflationary characteristics, rebalancing mechanism across different blockchains, and current circulating supply.

What is the maximum supply of FLEX?

At the genesis transaction, the supply of FLEX was fixed at 100M tokens on the SLP network with no option for further minting. CoinFLEX, the exchange which launched FLEX Coin, has pledged to buy and burn FLEX using 10% of profits and 10% of revenues to maintain the deflationary nature of the token. OPNX will also burn FLEX as a result of trading fees.

What is the FLEX rebalancing mechanism?

To maintain the correct circulating supply of FLEX across all supported chains, FLEX employs a rebalancing mechanism.

When FLEX Coin holders’ activity shifts to a blockchain with a lower current circulating supply, FLEX reduces the circulating supply on the less active chain and increases the supply on the one gaining traction. To support increasing withdrawals to ERC20 and SEP20, SLP FLEX Coins are locked into the dedicated FLEX Treasury Wallet, removing them from the circulating supply, and FLEX is minted on Ethereum or SmartBCH as needed in amounts equal to those sent to the Treasury Wallet, therefore keeping the total circulating supply unchanged.

This is necessary as the minting baton for the token on SLP has been destroyed, and burning FLEX on SLP would reduce the supply, making it impossible to ensure there is enough FLEX for users who wish to move back to SLP from ERC20 or SEP20 if that was ever the case.

For example, if a user moves 100 FLEX from SLP to ERC20, OPNX sends 100 SLP FLEX to the secure Treasury Wallet and mints 100 ERC20 FLEX. Conversely, if a user would move 100 FLEX from ERC20 to SLP, CoinFLEX would burn 100 ERC20 FLEX and unlock 100 of the locked SLP FLEX from the Treasury Wallet.

This rebalancing mechanism is vital for maintaining the integrity and reliability of the FLEX ecosystem across all chains. By implementing this mechanism, FLEX ensures that the correct supply of FLEX exists on each chain, and users can move between chains without worrying about supply imbalances.

How much FLEX has been burned?

To date a total of 1,334,693.0305 FLEX have been burned, which can be verified on the SLP, Ethereum, and SmartBCH blockchain explorers.

Here, you can see the total amount locked on Bitcoin Cash (SLP):

Here, you can see the total amount burned on Ethereum (ERC20):

Here, you can see the total amount burned on SmartBCH (SEP20):

What is the current circulating supply of FLEX?

As of 27-Feb-2023, the current circulating supply of FLEX is 98,665,016.8765.

The existing circulating supply of FLEX is determined by subtracting the number of burned FLEX and the number of FLEX held in the SLP Treasury Wallet from the total 100M token supply. This information is verifiable on the Bitcoin Cash (SLP), Ethereum (ERC20), and SmartBCH (SEP20) blockchain explorers.

The amount of FLEX tokens held in the FLEX secure Treasury Wallet can be verified here.