HIP-1: Proposal to Adjust $HEMPY Total Token Supply

Dear HempKnit Participants,

The ValleyDAO team would like to extend our gratitude for your patience as we prepare for the official launch of this project. We are excited to announce that the final token ticker will be $HEMPY, and you can stay updated on all project developments by following us on X (Twitter).

In line with the standard Catalyst framework, tokens launched from Catalyst currently begin with a total supply of 1,000,000 IPTokens. However, to address the common phenomenon of unit bias in crypto markets, the Hempy dev team proposes to increase the total supply to 1,000,000,000 $HEMPY IPTokens.

The additional tokens will be distributed pro-rata to all current Catalyst participants based on their existing holdings. This adjustment ensures that your relative ownership remains unchanged while aligning $HEMPY with more accessible tokenomics.

How This Affects You

Your percentage ownership will not be diluted; this change is purely a scaling adjustment.

For example: If your current claim under the 1,000,000 supply is 100 $HEMPY, Under the new 1,000,000,000 total supply, you will instead be able to claim 100,000 $HEMPY.

Implementation Timeline If approved, the updated supply will be minted and the pro-rata distribution will take place within a few days following the execution of this proposal.

Next Steps

We encourage all participants to review this proposal and cast your vote. Your feedback and engagement are critical to ensuring the success of $HEMPY and the broader HempKnit initiative.