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Edition 2026-08-20

CRYPTO

Arthur Hayes Proposes 20% Allocation of FLOP Tokens to Testnet Participants

Arthur Hayes, co‑founder of BitMEX, has proposed allocating roughly 20% of the Flop Network’s FLOP token supply to testnet participants over a ten‑year period, without conductin...

By cryptonews · 66d ago · Source: cryptonews

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Arthur Hayes, co‑founder of BitMEX, has proposed allocating roughly 20% of the Flop Network’s FLOP token supply to testnet participants over a ten‑year period, without conducting a presale. The proposal describes a decentralized computing network that would connect AI agents needing processing power with miners providing hardware resources, using FLOP as the payment and reward token. Under the plan, testnet participants could receive about one‑fifth of the total token supply while miners would earn block rewards and inference fees for processing AI inference requests. The scheme includes no presale, as Hayes funded development personally, and aims to reward contributors who supply compute, memory storage, or validation services. Details on the total token supply, release schedule, and eligibility criteria have not been disclosed, and technical aspects such as verification of inference work, blockchain hosting, validator count, and consumer‑hardware compatibility remain unspecified. No white paper, security audit, or official token contract has been published. The proposal also envisions a machine‑payment market that would accept stablecoin transactions, with AI agents currently settling $73 million in USDC‑denominated transactions. Legal frameworks for agent commerce are being developed by the American Arbitration Association and Integra Ledger. Hayes indicated that a subsequent article would explain the pricing model based on floating‑point operations per unit of time and the network’s implementation plan. The proposal leaves several unanswered questions regarding token economics, technical implementation, and regulatory compliance.

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Publisher
cryptonews
Reliability
high
Published
8/20/2026, 10:00:32 AM
Retrieved
8/20/2026, 10:00:32 AM
Relevance
80%
Confidence
85%
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