Who issued LUMIA coins?

The Phantasma blockchain issued LUMIA coins (LUM) in 2018 through an initial coin offering (ICO), distributing a total of 10 billion LUM to participants and allocating 20% to the team and advisors, and 20% as a reserve fund.

Dec 10, 2024 at 07:55 am

Who Issued LUMIA Coins?

LUMIA coins, also known as LUM, are the native cryptocurrency of the Phantasma blockchain, a high-throughput blockchain platform designed specifically for gaming and NFT ecosystems. LUMIA coins serve as the primary utility token for transactions, gas fees, and in-game rewards within the Phantasma ecosystem.

Issuance of LUMIA Coins

The Phantasma blockchain conducted an initial coin offering (ICO) in 2018, where a total of 10 billion LUMIA coins were created and distributed to participants. The ICO raised approximately USD 50 million.

Distribution and Allocation of LUMIA Coins

The 10 billion LUMIA coins were distributed as follows:

• Public Sale: 60%, or 6 billion LUMIA coins, were allocated to the public through the ICO.
• Team and Advisors: 20%, or 2 billion LUMIA coins, were allocated to the Phantasma team and advisors for their contributions and development of the platform.
• Reserve: 20%, or 2 billion LUMIA coins, were allocated as a reserve fund for future development, marketing, and ecosystem growth.

Uses of LUMIA Coins

Within the Phantasma ecosystem, LUMIA coins have several primary uses:

1. Transaction Fees: LUMIA coins are used to pay for transaction fees incurred when interacting with the Phantasma blockchain, including smart contract execution, asset transfers, and data storage.
2. Gas Fees: LUMIA coins are utilized as gas fees, which are required to process and execute transactions on the Phantasma blockchain. The amount of gas fees charged varies depending on the complexity of the transaction.
3. In-Game Currency: LUMIA coins serve as the in-game currency for games built on the Phantasma platform. Players can earn LUMIA coins through gameplay, quest completion, or other in-game activities.
4. NFT Purchases: LUMIA coins are used to purchase non-fungible tokens (NFTs) within the Phantasma ecosystem. NFTs represent unique digital items, such as in-game assets, artwork, or collectibles.
5. Staking: LUMIA coins can be staked to participate in the Phantasma consensus mechanism and earn rewards. Stakers contribute to the security of the network while also earning a passive income in the form of newly minted LUMIA coins.
6. Governance: LUMIA coin holders have voting rights in the Phantasma governance system. They can participate in decision-making processes related to the development and direction of the platform.