The NEWT token, the foundation of the Newton Protocol, recently made its debut on major cryptocurrency exchanges. This article examines the token launch, its price dynamics, and general information about the protocol.
NEWT Token Launch on Exchanges
On June 24, the NEWT token was officially launched on Binance, marking its token generation event (TGE). This was quickly followed by listings on other major exchanges like Coinbase, Bybit, KuCoin, and more. The TGE established a fixed total supply of 1 billion NEWT tokens, with 100 million allocated to early users of the Kaito/NEWT ecosystem.
Price Fluctuations Post-Launch
After trading commenced, the NEWT token initially surged by 67% from an initial price of $0.49 to $0.82. However, the price soon fell by 44%, down to $0.46. This sharp decline may have been caused by immediate profit-taking by airdrop participants, which is a common practice in new token markets.
Overview of Newton Protocol and Its Tokenomics
Newton Protocol is a ZK-powered automation infrastructure developed by Magic Labs, known for its contributions to Web3 technologies. The NEWT token serves utility and governance functions within the ecosystem, facilitating validator staking and automation payments. 60% of the total NEWT supply is earmarked for community-focused programs and ecosystem development.
The launch of the NEWT token represents a significant event in the cryptocurrency market, accompanied by volatility. Nevertheless, the targeted tokenomics and support from the Magic Newton Foundation suggest long-term sustainability for the protocol.
