PANews reported on March 22 that according to official news, the cross-chain trading platform Chainflip Labs announced the token economic model and will airdrop to the community. FLIP is the ERC-20 native token of Chainflip Labs and is expected to be launched in the second quarter of 2023. The initial supply of the token is 90 million, with an annual inflation rate of 8%.

The distribution plan is as follows: (1) 4.75 million FLIPs will be airdropped to the community and allocated to service node operators who participated in the Service Node airdrop program in 2020 and 2021; (2) 6.9 million FLIPs will be used for token sales; (3) 13 million FLIPs will be allocated to contributors; (4) approximately 34 million FLIPs will be allocated to strategic investors; (5) 4.2 million FLIPs will be allocated to the Oxen Foundation; (6) 4,968,503 FLIPs will be used as working capital; and (7) 22 million FLIPs will be used as reserve funds.

Earlier in May last year, it was reported that Chainflip Labs completed a US$10 million financing, with Framework Ventures and others participating in the investment.