Announcement About GGT (GARD Governance Token) Updated Supply in Circulation
Dear Hashgard Community:
Today, we present the latest update on GGT — Hashgard decentralized governance token:
GGT (GARD Governance Token) serves as the decentralized governance token on Hashgard public chain, which is used to build up and promote DeFi ecosystem on the public chain. GGT Holders are entitled to vote on DeFi protocol governance. Hashgard is developed based on the mature cross-chain technology Cosmos-SDK, featured with high performance, high scalability, and support for smart contracts. Hashgard is devoted to a prosperous DeFi system in the Cosmos ecosystem.
GGT total supply reaches 1 billion without any additional issuance, of which 20% is generated by mainnet GARD staking, 40% distributed for various on-chain DeFi applications, 20% for ecosystem construction, and 20% for the team rewards. Currently, GARD staking on Hashgard mainnet has generated about 57.3million GGT.
Recently, Hashgard decentralized protocol is progressing well. We aim to launch the first DeFi protocol based on Hashgard in the fourth quarter of 2020.
In order to guarantee the normal operation of new applications on Hashgard public chain, and the continuous development of subsequent new protocols, Hashgard decides to unlock some GGT (including on-chain DeFi applications, ecosystem construction and team rewards) on 3rd November, 2020.
Unlocking details as below:
DeFi applications: unlock 40%, 0.4 billion GGT in total
Ecosystem construction:unlock 20%, 0.2 billion GGT in total
Team rewards: unlock 5%, 50 million GGT in total
A total of 650 million GGT will be unlocked, with the total circulation supply reaching 707 million, at a circulation ratio of 70.7%.
Thank you for your support and trust in Hashgard team!
Variations of GGT supply in circulation will be updated after it gets listed on major exchanges.