The MWC project is closing in on its one-year anniversary – having commenced in January 2019 and forked from Grin in February to create a vastly superior MimbleWimble financial vehicle; and thus far, every aspect has been better, and quicker, than anticipated.
I’m not going to rehash the progress I’ve discussed in 100+ articles already – all of them, posted at www.mwc.mw. However, I do want to discuss the airdrop claim process, which started December 2nd (nine days ahead of schedule) - and will end in just four days, on January 2nd.
More than 148,000 BTC were registered for the 6.0 million MWC airdrop, to be administered at the rate of 40.41 MWC per BTC. The 148,000 BTC represents roughly 1% of the entire BTC float - and the 6.0 million MWC, 30% of the 20.0 million lifetime supply cap. Which, I might add, will be supplemented by an additional 2.0 million in the MWC HODL program.
In the first two weeks of the claims process – which like the registration process, has not had a single material issue – 5.2 million of the 6.0 million were claimed. However, that number has barely changed in the ensuing 10 days, leaving the total number claimed, as of today, at 5.26 million.
This is 100% expected for an airdrop, for a variety of reasons – including the loss of passwords; forgetting about the airdrop; or having exited crypto, due to the bear market conditions since the April to July registration period.
Thus, it’s very likely a significant amount will be unclaimed – which in all scenarios, is a bullish development. To that end, the dev team is considering all available options for the unclaimed MWC, as discussed in this article from last week.
As for the MWC market – which trades actively on HotBit, and a lesser extent OTC – the price has been remarkably steady at .0001 BTC for the past week to ten days, despite terrible crypto conditions that have seen Bitcoin, as well as fellow “MimbleWimbleTrinity” coins Grin and Beam decline. In other words, a roughly $6 million market cap, representing approximately 10% of said “MWT.”
There is clearly very strong buying support - and the amount of MWC sold, over the entire claim period, has been shockingly small considering 5.2 million free coins were released in bear market conditions. In other words, the “airdrop overhang” has been very small – and likely, will shortly be over, as nearly all of the airdropped coins have been available to sell for two full weeks.
In my view, this is a VERY strong portent for the post-claim period – especially when the HODL program commences shortly afterwards…let alone, if (WHEN?) the inevitable Bitcoin “halving rally” commences.
The MWC airdrop registration ended July 19th; MainNet launched November 11th; and airdrop claims commenced December 2nd (5.25 of 6.0 million claimed already) ending January 2nd…at which point, details of the “MWC HODL” rewards program will be announced. A total of 148,474 Bitcoin registered – roughly 1% of the entire BTC float - yielding an MWC/BTC ratio of roughly 40.41…and currently, it trades at HotBit.io. For more information, please check out the MWC website, Discord room, Twitter feed, and Telegram Forum.
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