[Announcement] FINIX Token Halving & Updates on Definix

SIX Network
2 min readJun 15, 2022

Dear Definix users and holders, today, we have some important updates on our platform to share with all of you, which is the halving of the FINIX token!

Halving effective date will be 21 June, 2022, at 04.00 P.M. (GMT +7)

What is halving?

Halving is an event to cut down the production rate of a cryptocurrency/governance token used widely; halving is the periodical reduction of the block subsidy provided to miners. Halving plays an essential role in the ecosystem to maintain the production rate by half, reduce the inflation rate, cause unpredictable value crashes, and improve the market circulation.

Benefits of halving

One of the main reasons halving is considered beneficial to the ecosystem of a decentralized finance platform like Definix is that it stabilizes the token value by reducing the number of tokens circulating in the market.

On top of that, halving also guarantees a more sustainable future for that specific governance token as it leads to the expectation of token scarcity.

What will happen on Definix when halving?

Making a decision of halving is importantly related to tokenomics. For example, in Definix, we once had our first halving in April last year (2021) for $FINIX to its current emission rate of 86,400 FINIX/day and for this event, the FINIX will be halved to 43,200 FINIX/day. This year, we have asked the vFINIX Holders community to help determine the direction of ecosystem operation through voting. As a result, we’re here to announce the halving details with the list of closing farms that will be effective very soon.

As some may already know, halving can have an advantageous or unfavorable effect on one specific chain. The decrease in the emission rate and token issuance due to the halving will also reduce the number of deposit rewards and the percentage of APR. Therefore, the vFINIX holders and our team have come to an accord to close the following farms:

Definix Klaytn Chain

  • WKLAY-oETH
  • WKLAY-oWBTC
  • WKLAY-oXRP
  • oBNB-oUSDT
  • oBNB-FINIX

Definix BSC Chain

  • USDT-BUSD
  • BNB-BUSD
  • BTCB-BNB
  • ETH-BNB
  • XRP-BNB
  • ADA-BNB
  • ETH-BTC
  • VELO-BNB
  • VELO-FINIX

Halving effective date will be 21 June, 2022, at 04.00 P.M. (GMT +7)

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