Circle releases whitepaper for Arc token, allocates 60% to ecosystem

Circle has released the whitepaper for ARC, the native token of its Layer 1 chain, Arc, BlockBeats reported. The total supply of ARC is 10 billion tokens. Initially, a 2-3% inflation model will provide rewards to validators and stakers. Network fees, which can be paid in any cryptocurrency, will be automatically converted to ARC. A portion of these fees will be allocated for rewards, while the remainder will be permanently burned to curb inflation. Of the total supply, 60% is allocated to ecosystem development, 25% to protocol development and operations, and 15% to long-term reserves. The Arc testnet, which launched last October, has processed 2.441 billion transactions to date. The mainnet is expected to launch this summer. Circle previously announced it had raised $222 million through a pre-sale of ARC.