BLOCK is the native utility token of the Blocknet protocol. It was launched on October 20, 2014, through an Initial Token Offering (ITO) with no pre-mining. Blocknet aims to build a “blockchain internet” that enables interoperability between different blockchains through cross-chain data transmission and atomic swaps.BLOCK tokens play a key role in the Blocknet network, serving to pay network fees and reward service nodes and stakers who support the network’s infrastructure.

Total Supply of BLOCK Tokens

BLOCK币发行总量与流通量解析

According to data from platforms such as Coinbase and Bitget, the total supply of BLOCK is approximately 9,095,347.87 coins. However, it is worth noting that while BLOCK does not have a hard cap on its total supply, it does have an inflation cap. This means that although there is no fixed maximum supply, its annual inflation rate is controlled.

Circulating Supply of BLOCK

Regarding the circulating supply of BLOCK, there are some discrepancies among different data sources:

  • Coinbase shows BLOCK’s circulating supply as 0.
  • Crypto.com shows the circulating supply of BLOCK as 12.46 million.
  • The official Blocknet documentation states that the current circulating supply is approximately 12,414,416 coins, of which about 45% is locked due to staking by service nodes; if staked funds are included, the average lock-up rate is approximately 60%.
  • Bitget also shows the circulating supply as 0.

BLOCK币发行总量与流通量解析

These discrepancies may be related to the timing of data collection, the methodology used, and the definition of “circulating supply” (specifically, whether it includes tokens locked in service nodes or staked). When reviewing relevant data, investors should consider information from multiple sources and verify the latest figures on platforms such as Svmuu.

BLOCK Token’s Tokenomics Model

BLOCK is the fuel for the Blocknet protocol, and its token economic model revolves primarily around the following points:

  • Fee Payment: Users must pay BLOCK tokens as fees when using the Blocknet network.
  • Reward Mechanism: 100% of all network fees are distributed to service nodes to incentivize them to support the network and its infrastructure. Additionally, regular network transaction fees are rewarded to stakers in the form of BLOCK tokens.
  • Service Node Requirements: Running a service node requires staking 5,000 BLOCK coins.
  • Staking Mechanism: Blocknet employs a Proof-of-Stake (PoS) consensus mechanism. Users can participate in network maintenance and earn rewards by staking BLOCK tokens; there is no minimum staking requirement.

BLOCK币发行总量与流通量解析

The Blocknet protocol aims to maximize interoperability between different blockchains through components such as XRouter, XBridge, and XCloud, providing cross-chain communication, exchange, and data services for decentralized applications. BLOCK tokens, as the core of its ecosystem, underpin the operation of these functions.