Chainflip

Chainflip is a decentralised cross-chain bridge protocol whose native token is FLIP. It is designed to let people exchange cryptocurrency assets across different blockchains without giving up custody of those assets and without relying on wrapped tokens or traditional bridging infrastructure. The intended users are anyone who wants to move value between major blockchains directly, without a centralised intermediary handling the transfer.

The protocol operates its own blockchain secured by a set of 150 validators, each of which must stake FLIP tokens to participate and earn FLIP rewards in return. Swaps are executed through a proprietary Just-in-Time Automated Market Maker, which sources liquidity at the moment a trade is settled rather than relying on pre-deposited pools in the conventional sense. A portion of every swap automatically triggers the purchase and burning of FLIP tokens through the liquidity pool system, linking swap activity to the circulating supply of the token.

Fees are generated by swaps conducted on the protocol and flow indirectly to validators as compensation for securing the network and processing transactions. The burning mechanism means a share of swap-derived value is removed from supply rather than distributed as cash, so there is no direct fee dividend to token holders outside of the validator set. At the point in time captured here, the protocol held a total value locked of 16,303,985.08 USD, and the ratio of market capitalisation to that TVL stood at 1.655133, meaning the market cap of roughly 27,099,240 USD exceeded the locked collateral by that factor. The fully diluted valuation to TVL ratio is identical at 1.655133, consistent with the circulating supply representing 100 percent of all tokens issued and no additional supply pending.