175 mln of WEST will be locked on a smart contract to increase the independence of the mainnet

WEST (Waves Enterprise System Token) is a utility token of Waves Enterprise mainnet, used for all its operations. In September 2020 we told that 160 mln of WEST had been locked in a smart contract till 2022.

Recently, Tokenomika, an operator of Waves Enterprise mainnet, has finished the purchase of 200 mln from early investors via an over-the-counter trade. Most of these tokens will also be stored on a smart contract till 2023 with no access available. You can check the address where the smart contract is stored, and the script itself.

From now, 25 mln of WEST remain in possession of the team to be used for mainnet development. Restricting WEST circulation to low volumes will help to develop the token and increase its value. It will also cut the risks of manipulating the LPoS-based chain. Closer to 2023 we’ll uncover the plans for unlocking tokens and putting them into circulation.