PANews reported on February 5th that the Espresso Foundation announced that the Espresso Network will soon transition to a decentralized Proof-of-Stake (PoS) consensus mechanism, and will launch the ESP token. ESP is an ERC-20 token with a total initial supply of 3.59 billion tokens and no fixed maximum supply.
The ESP token will be used to support Espresso's HotShot consensus, pay protocol fees, and drive the network's decentralization and ecosystem development. The Espresso Network is designed for rollups, providing fast, secure finality and low-cost data availability, and enabling seamless inter-chain interoperability.
The ESP token allocation includes: contributors (27.36%), investors (14.32%), airdrop (10%), community launchpad (1%), staking incentives (3.01%), future incentive plans (24.81%), foundation operations (15%), and liquidity supply (4.5%). The airdrop portion will be fully unlocked, and the remaining portions will be allocated according to different linear unlocking plans.
