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$WORM was launched in October 2022 as the second update in the Foraging rollout. There were no presale or team allocations, and all FarmLand holders received an airdrop proportional to the size of their FarmLand.
This resulted in an initial airdrop of 25 million $WORM to FarmLand holders.
The initial $WORM supply cap was set at 24 billion $WORM, however, this is not a hard cap. The Chikn team has the ability to increase the supply cap by 2 billion $WORM at each quarterly review as needed. This is to ensure that there is sufficient $WORM if the player and userbase increase as the ecosystem and partner network grow.
Changes to the $WORM supply cap will only occur if it is in the best interest of the project, and the community will be notified ahead of time. Decisions relating to $WORM supply will ultimately be placed in the hands of the Chikn DAO.
$WORM emissions are expected to reach 8–10 billion $WORM in the first five years. These projects take into account projected $EGG emissions and their conversion into LP, as well as FarmLand multipliers over the estimates.
Circulating supply will depend heavily on how $WORM is utilized in Foraging. As more features are added to Foraging, including Crafting, $WORM burn rates are expected to increase.
It’s also important to note that Foraging occurs off-chain. When players move $WORM from their wallet into their Worm Farm, the tokens are burned and added to the player's Wormcount in the game database. These tokens cannot be removed from the game and readded to the blockchain. This means that the circulating supply will technically diminish even if players still have high Wormcounts.