Binance is set to list ENSO, the native token for the unified execution and data network of the same name, on Oct. 14, as a part of its 52nd HODLer airdrop program.
Summary
- Binance will list ENSO on Oct. 14 at 09:00 UTC with trading pairs against USDT, USDC, BNB, FDUSD, and TRY.
- ENSO will be launched with a total supply of 100 million, out of which 1.75% has been earmarked for airdrops.
- ENSO will be available on both Ethereum and BNB Chain at launch.
According to Binance, ENSO will be listed on the exchange today at 09:00 UTC, against the USDT, USDC, BNB, FDUSD, and TRY trading pairs. Before that, Binance will airdrop the token directly to the’ Spot Accounts of eligible users, specifically those subscribed to its Simple Earn and On-Chain Yields programs, an hour before trading is set to commence.
ENSO will also be made available across several other centralized exchanges, including Bitget, KuCoin, MEXC, Gate, etc., on the same day.
The airdrop and subsequent listing will coincide with the project’s Token Generation Event, during which the total supply of tokens will be created. Per the project’s tokenomics, ENSO will debut with a total supply of 100 million tokens and an initial circulating supply of 20.5 million tokens, which accounts for 20.59% of its total supply.
Enso will operate using a deflationary model that gradually reduces token issuance over time, starting with an annual inflation rate of 8%, which steadily decreases each month until it reaches 0.35468%.
Roughly 1.75% of the total supply has been earmarked for airdrops to the community, which accounts for 1.75 million tokens. On top of this, 500,000 tokens will be allocated to marketing campaigns after the spot listing, and 1,750,000 will be allocated to future marketing campaigns 6 months later.
Official documentation further reveals that the largest portion of ENSO’s total supply, 31.305% has been allocated to investors who backed the project from its earliest stages. Another 25% is set aside for the project team, and the Enso Foundation will retain 16.605% of the supply to support governance and operational costs.
However, it must be noted that the tokens would be unlocked per a vesting schedule, and investors, team, and advisors are all subject to a 1-year lockup period, following which tokens would be released gradually over a period of 24 months.
ENSO tokens would be available on both the Ethereum and BNB blockchain at launch on day one, according to the developers.
What is Enso?
Enso describes itself as a unified execution and data network that wants to simplify the complexity of decentralized finance by allowing developers and users to be able to express complex, multi-chain actions in a single intent. In simple terms, developers are able to build complex apps by just stating what they want to happen, instead of coding every single step.
Enso’s network then automatically handles all the backend complexity for integrating different protocols across chains, orchestrating the necessary steps through its partnerships with key projects. This means developers can access the functionality of established names like Uniswap, LayerZero, Stargate, and Sushiswap, as well as newer ecosystems like Berachain, Plume, and Virtuals, without needing a huge amount of manual, low-level coding.
The project has been developed on a Tendermint-based Layer-1 blockchain using the Cosmos SDK, and is reportedly already powering over 100+ enterprise-grade products.
ENSO token will power the project’s ecosystem and allow holders to participate in network governance, delegate stake to professional node operators for network validation, and pay fees for executing multi-chain transactions on the network.
Some of the project’s backers include crypto-focused investment firm Polychain Capital, Multicoin Capital, The Spartan Group, Hypersphere Ventures, among others. Angel investors supporting the project include Aave founder Stani Kulechov and executives from various prominent projects such as LayerZero, 1inch, Yearn Finance, etc.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
