MEDIA Token Distribution: Building a Strong Protocol

PUBLISHED IN Media Network News, ON December 31st, 2022
MEDIA Token Distribution: Building a Strong Protocol

Update Dec 31, 2022:

Despite the recent challenges with FTX and Alameda Research, our team remains optimistic about the future. In response to these events, we have shifted our focus to building a more scalable and long-term strategy.

While the current situation has disrupted our initial plans to subsidize Media Edges with MEDIA SPL, our new approach will lead to a stronger and more resilient protocol.

Due to the FTX/Alameda bankruptcy, it has been widely reported that 93.5% of the MEDIA SPL supply has been seized and locked in wallets 1–2–3 by authorities. This happened during the MEDIA unlocking process on the FTX Exchange, which has impacted our ability to reward early nodes. The current unlocked circulating supply is 650,000 MEDIA or 6.5% distributed within 23,023 holders.

As a result, we have had to adjust our plans and will no longer be able to pay MEDIA SPL pre-mined rewards directly to Media Edge nodes, as previously announced. Instead, clients will now use smart contracts to pay providers, allowing the protocol to become self-sustaining and support itself without external funding.

Please note this doesn’t affect EVM versions of MEDIA (Ethereum, BNB Chain, Polygon).

Update Nov 13, 2022: Message from our team regarding FTX/Alameda situation.

We’re very sorry for whoever lost funds on FTX. Due to the public information regarding the FTX insolvency, there will be changes in the MEDIA tokenomics. The MEDIA circulating supply will likely be reduced. No action is expected to be required for MEDIA holders. We recommend always keeping your MEDIA tokens in a non-custodial hardware wallet.

Update Jul 24, 2022: As of today, the current circulating supply is 737,015.57 MEDIA— This is going exactly as stipulated. We’ve added a new sheet with the monthly unlock details to better understand how tokens will be distributed.

For more information about MEDIA tokenomics, check the full document.

MEDIA monthly unlocks

About Media Network

Media Network is a decentralized hub for web services, connecting providers and clients through smart contracts. Anchored on Media Protocol.

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