A cryptocurrency for Texans supporting the ‘Texit’ movement launched in early 2023.
The TEXAN token’s white paper says that the blockchain has enabled a breakthrough way to strengthen nonprofit causes. This project represents “the tokenization of a community of like-minded individuals across the world who believe in Life, Liberty, Freedom, Sovereignty, and Self-Determination,” according to the website.
Appealing to supporters of the ‘Texit’ movement, which advocates the secession of Texas from the United States, the TEXAN token website urges viewers to “Declare Your Independence” and “Secure Your Future.”
Its creators have called the TEXAN token the first endowment contract on the blockchain.
The project aims to strengthen that support, stating that “the blockchain has the potential to create a new paradigm in value creation for existing communities.”
“The TEXAN token is essentially a way to unlock value in community. If you look at any other crypto asset, it’s not currency—that’s a misnomer. It’s a crypto asset that’s a store of value. If you boil down what money is, it is just a proxy for your labor. What drives the price of a token? More buyers and sellers. It’s completely decentralized finance, there are no admin keys, it’s not on any centralized exchanges, the power of that is the people in the community unlocking value together, and it’s very pure. It’s really about increasing people’s freedom and sovereignty,” Matt Frazier, a creator of the TEXAN token, told The Dallas Express.
Undoubtedly, the Texas secession movement has its advocates. The Texas Nationalist Movement (TNM) website boasts over 468,183 supporters.
Frazier says that cryptocurrency is a speculative asset, but in the long term, “one of the utilities is it helps the TNM raise more money than they ever have.”
However, the organization has made it clear there is no connection between TNM and the newly-launched cryptocurrency.
“TNM is not in any way affiliated with the creation, launch, or future value of the token,” Texas Nationalist Movement spokeswoman Yvonne Bailey told The Dallas Express.
Bailey went on to say, however, “Recently, TNM ran an initiative called the Catalyst Campaign, aimed at raising funds to support our mission. While we are not directly affiliated with Texan Token, our donors received the tokens as a premium for their donations during the Catalyst Campaign at the discretion of the folks over at the Texas Token. As a mission-focused organization, we see the power of decentralized finance and appreciate the support of our members, but the TNM is not in any way affiliated with the creation, launch or future value of the token.”
According to a promotional video, TEXAN token users can lock up financial principal to earn interest, paying users who stake their Texan tokens 5% per year in additional TEXAN tokens while strengthening the community that supports a Texas secession.
According to the website, if users stake for a maximum of 22 years, the maximum annual average of 87% can be reached.
As Frazier put it in a video posted to Twitter, “We’re building digital nations.”
“How do you preserve this? Why is it better? Because it’s immutable, there’s no centralized authority, there’s a fixed supply, it’s deflationary, and you get some rewards for locking it up,” Frazier claims in the video.
The project’s white paper calls the token true DeFi (decentralized finance), as the TEXAN contract is “immutable,” meaning that it cannot be changed, and there are no admin keys.
“Bitcoin was originally invented to remove counter-party risk—that was the whole point. It is true decentralized finance. The problem is all these centralized exchanges and banking decided to take all the features and functions of legacy finance and apply them to crypto,” Frazier said in an interview.
“Sam Bankman-Fried is a great example. He created a centralized exchange, convinced people by using celebrities to put their money in, and basically stole it. This is DeFi which is the reason bitcoin was created. [With the TEXAN token] there are no centralized parties, company, or admin keys. Everything happens on a decentralized change peer-to-peer. No one can change it. To me, this is the future of finance, true DeFi. All these projects you have seen fail around you is because you trusted someone with your keys and your coin, and they lost it all because they are corrupt. We are helping regular people unlock value in community through decentralized finance,” Frazier explained.
According to DEX Screener, the coin currently trades at $0.00004781 and has a total supply of 100 trillion.
At the time of writing, Etherscan shows that there are currently 21,354 holders of the TEXAN token.
