FanCoin (FC) is the pre-mainnet token of Conflux Network which is led and issued by the Conflux Foundation. The Foundation has used FC to draw on the power of the community as well as offer early access for Conflux products. At launch on October 29th, FC will be converted to Conflux Token (CFX), which is the native token of Conflux Network. No public sale will be held for CFX; instead, you can get it when launching day arrives either by converting your FC tokens from pre-mainnet transactions or mining.
Since inception, FC has served as a significant means of Conflux community consensus, applauding the commitment and participation of core community members in the early stages. The Conflux Foundation gives its sincere appreciation to the efforts put in by members of the community and thus has determined it will not actively burn FC. Following our Mainnet launch on October 29th, rewards for contributions (e.g., AMAs, airdrops, bounties) will still be distributed in FC until the circulating supply reaches 21 million (a nod to Bitcoin).
Once our Mainnet is launched, the Conflux Foundation will launch a swap contract that will enable FC holders to trade their tokens for CFX. The foundation has set aside 21 million CFX to be used in this exchange, with a 1:1 conversion rate. Those who possess FC can send them to the exchange contract and receive an equivalent amount of CFX in return.
If the holder does not withdraw their CFX immediately, it will stay in the contract, allowing them to receive staking dividends of 21 million CFX with an annualized rate of return at 4% (more information on this can be found in the Economic White Paper). Users can request a withdrawal whenever they want to take out their principal CFX swapped from FC and any extra CFX gained through dividends. The deposited FC will remain locked in the contract and won’t re-enter circulation.
Users who deposit more than 1,000 FC in the contract will receive an exclusive ConfiCity NFT as a commemorative badge for your early participation in Conflux Network.
Following the dissemination of all 21 million FC, the Foundation will then start to disperse community donations as CFX since issuing FC will be terminated. Authorization for minting FC won’t be given anymore, and its governance will be taken over exclusively by the community with no more involvement from the Foundation.
