Chainflip (FLIP) is a decentralized exchange platform that enables swapping of assets across different blockchains without the need for wrapped assets or facing liquidity fragmentation. Founded by Simon Harman (CEO), along with Martin Rieke (CTO) and Alicia Hatt (CFO). The platform's native token, $FLIP, an ERC-20 token is used as collateral for validator auctions, where validators stake $FLIP to participate in maintaining the platform's state chain and control liquidity vaults. These validators earn rewards, contributing to the security of Chainflip. Additionally, the DEX converts network fees into $FLIP and burns them, effectively managing the token's supply and increasing its value for holders. Chainflip has an elastic supply of $FLIP tokens, similar to Ethereum’s model post-EIP-1559, starting with 90 million tokens but varying over time based on demand. This dynamic supply is managed through a token-burning mechanism driven by swap fees, aiming to reward holders and validators.
