To be able to settle transactions locally, the CRD Network has internal tokens that are called “CRD Tokens” (CRD). They can be traded in decentralized exchanges, like SushiSwap, UniSwap, and TacoSwap, just as any other ERC-20 token.
That said, their primary purpose is to be able to make the apps built on the CRD Network operate smoothly by providing a dependable and predictable environment. Hence price stability is the chief concern, as any extreme volatility would jeopardize our app designers’ long term business viability; which goes counter to our mandate of creating a vibrant Decentralized Financial (DeFi) ecosystem.
As such, in contrast to many other cryptocurrencies, the CRD has been pre-minted and there is a firm cap of 1bn. Unlike Ethereum or BTC, they’re not actively mined and the minting function of the tokens has been inactive since 2018 as the contract has been closed for minting. You can verify this information on this link.
That said, as a consequence of this, there are various wallets containing the bulk of the network’s tokens, and they remain inactive to avoid flooding the market. Major withdrawals from most of these wallets rely on community approval.
We submitted a request to Etherscan to update the public wallet tags and the request is still pending.
As of 20th June 2021, the wallet distribution is as follows:
This distribution is subject to change over the next few months. Chiefly, it’s worth mentioning that 85m CRD of the DAO Reserve fund wallet will be distributed in our airdrop, while up to 259m CRD are planned to be burnt by October 20th, if we reach a certain level of interest in our airdrop.
The burning event, which we colloquially term as a “deflation bomb”, will mark the launch of a new iteration of the CRD Network, as we unveil a suite of microservice DApps and partnerships over the next few months.
The CRD Network has a firm policy to retain the value of the CRD Token and to preserve the interests of small stakeholders. Large CRD holders are subject to anti-dumping and market preservation strict compliance protocols.
The prime goal for the CRD Tokens is to remain as a stable medium of exchange that can be operated within the network to facilitate internal and external transactions.