QASH Update blog 07/2021

Hello everyone, it’s been a while.

It’s Mike Kayamori of Liquid / QUOINE.

As the COVID-19 vaccination progresses, we can start to see the light at the end of the tunnel, but on the other hand - mutants of the virus are spreading so we can not feel relieved yet.

Please remain careful and safe during these times. 

In the meantime, Liquid has been hard at work adhering to the regulations, and as mentioned in our previous posting on July 5, 2021, the future is bright with the lifting of the improvement order. 

Today, we would like to sincerely apologize for the delay of the quarterly QASH/Liquid (LQT) blog and provide our latest update following the blog from January 26, 2021.

In terms of the QASH / Liquid Token (LQT) update, the audit of Liquid Chain and the Liquid token smart contract was successfully completed on June 1st, 2021.

As the next step, we will conduct the necessary procedures to list the new cryptocurrency asset, beginning with swapping the QASH Token to Liquid token. We will share the schedule in another blog as soon as the migration schedule is set. 

In addition, although we announced the introduction of QASH utility with trade fees on March 20, 2019, I am sorry that we could not make any new utility announcements after that.

March 20, 2019, use QASH now to unlock trading fee discounts on Liquid.

We will now announce a new token economy that follows the token mechanics of many other “exchange” tokens. 

Specifically, (1) we will burn and distribute tokens, not in circulation (in treasury), and (2) we will burn tokens received as fees.

① 650M to be burned and distributed from the treasury 

• 50% burned
• 50% distributed to developers who build apps on Liquid Chain and contributors to the ecosystem (staking, etc.).

② The amount received in fees will be burnt and distributed under the following conditions:

• The ratio of burnt tokens and tokens distributed will be determined by management every quarter
• The burn ratio will remain <1% of the circulating supply for each month
• The tokens distributed ratio will fall under these conditions:
• 80%: Distributed tokens as rewards (eg liquidity providers, Liquid Earn, referrals, ambassadors, staking, etc.)
• 20%: Tokens for discretionary use

We will announce the specific launch date of these token mechanics in our next blog. 

We will continue to operate a platform that ensures your confidence and security and thank you for your ongoing support.

Sincerely,

Mike Kayamori,

CEO at Liquid Group / QUOINE Pte. Ltd.