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Chainflip

Chainflip

FLIP
#403
$0.3524Up 0.34 percent($0.00)

Key Stats

Market Cap$31.32MUp 0.34 percent
Volume (24h)$23.18K
Fully Diluted Value$31.32M
Vol/Mkt Cap (24h)0.07%
Total Supply88.87M FLIP
Max Supply∞
Circulating Supply88.87M FLIP
Launch Date2023-10-04
Built OnETH
Token StandardERC20
Smart Contract Address0x8261…678A
Decimal Places18

Chainflip Information

Websites
chainflip.ioWhitepaper
Industries
Cross-Chain Infrastructure

Chainflip Price Converter

ChainflipFLIP
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Latest Chainflip News

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Chainflip Markets

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InstrumentExchangeBenchmark DataPrice24h Change
ChainflipUSDT logo
FLIP-USDT
FLIP_USDT
gateio logogateio
A
0.3518USDT
0.09%
ChainflipUSD logo
FLIP-USD
FLIP_USD
cryptodotcom logocryptodotcom
AA
0.3511USD
0.23%
ChainflipUSDT logo
FLIP-USDT
FLIP-USDT
kucoin logokucoin
BB
0.3511USDT
-0.14%
ChainflipUSDT logo
FLIP-USDT
FLIP_USDT
cryptodotcom logocryptodotcom
AA
0.3640USDT
0.00%
ChainflipUSDT logo
FLIP-USDT
FLIP_USDT
poloniex logopoloniex
C
1.50USDT
0.00%

Chainflip Supported Platforms

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Trading AsToken StandardBuilt OnSmart Contract AddressLaunch Date
FLIPERC20ETH0x826180541412D574cf1336d22c0C0a287822678A2023-10-04

About Chainflip

Chainflip (FLIP) is a decentralized exchange platform that enables swapping of assets across different blockchains without the need for wrapped assets or facing liquidity fragmentation. Founded by Simon Harman (CEO), along with Martin Rieke (CTO) and Alicia Hatt (CFO). The platform's native token, $FLIP, an ERC-20 token is used as collateral for validator auctions, where validators stake $FLIP to participate in maintaining the platform's state chain and control liquidity vaults. These validators earn rewards, contributing to the security of Chainflip. Additionally, the DEX converts network fees into $FLIP and burns them, effectively managing the token's supply and increasing its value for holders. Chainflip has an elastic supply of $FLIP tokens, similar to Ethereum’s model post-EIP-1559, starting with 90 million tokens but varying over time based on demand. This dynamic supply is managed through a token-burning mechanism driven by swap fees, aiming to reward holders and validators.

Frequently Asked Questions

Chainflip is a cutting-edge decentralized exchange that provides a seamless and permissionless method for swapping assets across various blockchains, including Layer 1 and Layer 2 networks. It stands out in the crypto space for its ability to facilitate cross-chain swaps without introducing wrapped assets, liquidity fragmentation, tail risks, or excessive confirmation times. The platform is designed to offer a highly decentralized, user-friendly, and efficient swapping experience, maintaining credible decentralization through audited open-source software and transparent network operations.

Chainflip was developed under the leadership of Simon Harman, the Founder and CEO, with key contributions from Martin Rieke, the CTO, and Alicia Hatt, the CFO. This team brings together a blend of expertise in technology, finance, and blockchain, driving Chainflip's vision of becoming a primary solution for cross-chain asset swapping in the evolving crypto landscape.

$FLIP, the ERC-20 protocol token of Chainflip, plays several crucial roles in the platform:

Collateral for Validator Auctions: Validators, who maintain the state chain and control the liquidity vaults of Chainflip, require $FLIP as collateral. They earn rewards from block rewards, contributing to the network's security and efficiency.

Network Fee Conversion and Burning: The Chainflip DEX automatically converts network fees collected in USD into $FLIP and then burns them within the protocol. This mechanism benefits $FLIP holders, as it reduces the token supply, potentially increasing its value.

Liquidity Provision and Relaying Services: For processing instructions on the decentralized exchange, $FLIP is necessary for liquidity provision and relaying services.

Token Supply Management: Chainflip features an elastic supply of $FLIP tokens, with minting and burning mechanisms similar to Ethereum’s post-EIP-1559 model. The network genesis begins with 90 million $FLIP tokens, but this number changes over time based on demand. The burning mechanism, primarily fueled by swap fees, aims to reward holders and validators while managing the token supply effectively.

In essence, $FLIP is integral to the Chainflip ecosystem, serving as a key utility token that underpins the platform’s decentralized exchange functions, validators' operations, and the overall economic model of the protocol.