According to official news from ChainCatcher, 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 allocation 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 for token sales;

3) 13 million FLIPs are allocated to contributors;

4) About 34 million FLIPs are allocated to strategic investors;

5) 4.2 million FLIPs are allocated to the Oxen Foundation;

6) About 5 million FLIPs as liquidity;

7) 22 million FLIPs as reserve funds.

According to previous news, Chainflip Labs completed a $10 million financing in May last year, with Framework Ventures and others participating in the investment. (Source link)