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How many Voyager tokens are there? VGX crypto circulation analysis as FTX takeover looms

By Ankish Jain

Edited by Georgy Istigechev

10:00, 16 October 2022

Voyager token crypto currency digital payment system blockchain concept. Cryptocurrency isolated on earth night lights world map background.
VGX is trading around the $0.4 mark as of mid-October 2022

Several crypto ventures have filed for bankruptcy amid the impending financial catastrophe that has enveloped the global markets.

In July 2022, crypto trading business Voyager Digital filed for chapter 11 bankruptcy, leaving customer funds locked on its platform. Voyager, the issuer of the Voyager Token (VGX), halted customer accounts due to liquidity concerns caused by an onslaught of withdrawals.

Three Arrows Capital, a prominent cryptocurrency hedge fund, defaulted on a $650m loan from Voyager and subsequently went bankrupt, dragging the firm down with it.

This interconnection has made the cryptocurrency market susceptible to contagion, with significant companies tumbling like dominoes due to the system's unsustainable leverage being unwound by a decline in token values.

In light of these concerns, one of the world’s major cryptocurrency exchanges, FTX (FTT), bought the insolvent cryptocurrency lender for $1.42bn in September.

What effect will this acquisition have on VGX and its stakeholders? Before diving into further details, let’s answer the question, how many Voyager tokens are there? In addition, we will examine VGX’s tokenomics and other variables to determine the token’s likely future path.

What is Voyager Digital?

According to its whitepaper, Voyager Digital is a cryptocurrency broker offering investors a reliable and safe access point for trading crypto assets. Voyager is designed to provide institutional and retail investors with a quick solution for trading crypto assets.

Voyager was developed by prominent Wall Street and Silicon Valley entrepreneurs to provide additional trading options, transparency and a more cost-effective alternative for crypto assets.

Voyager also offers upto an annual interest rate of 12% for those who maintain a minimum monthly balance without locking up their savings. In contrast to other broker services and products, the Voyager app does not charge a fee for investing. 

Voyager released its mobile app in 2019 to provide smartphone customers with a simple but effective cryptocurrency brokerage service. Over 30 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Dash (DASH), and others, are eligible for compound interest.

Voyager Digital has a Smart Order Routing algorithm that capitalises on price disparities on cryptocurrency exchanges. This technology lets it connect almost instantaneously with over a dozen crypto exchanges, allowing investors to choose the best exchange rate.

When they beat their advertised price, they retain a portion of the earnings and send the remainder to the buyer, enabling them to provide commission-free trading.

This function also enables investors to assess the margins between the bid and ask prices and liquidity on various cryptocurrency exchanges. It becomes significantly simpler for traders to initiate entry and exit positions.

Voyager Token (VGX) is the cryptocurrency exchange's native token. Voyager bought Ethos.io in 2019 and integrated the company's workforce, technology and native token into its ecosystem. 

Later, Steve Ehrlich, Voyager's CEO, announced in October 2019 the rebranding of Voyager Token from Ethos (ETHOS) to VGX. As an ERC-20 cryptocurrency, the VGX coin retains a presence on the Ethereum network.

By holding VGX, customers could receive 7% staking incentives and increase their profits by enrolling in the Voyager Loyalty Program.

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How many Voyager coins are there: VGX tokenomics

Let’s take a look at the data to see how many Voyager coins are available on the market.

Voyager token’s maximum supply is hard-capped at 279.38 million tokens, out of which 278.48 million are already in circulation, according to CoinMarketCap.

Maximum supply is the number of coins or tokens that will ever be minted. This implies that once the maximum supply has been achieved, no additional coins will be mined or created.

The combination of a constant issuance rate and a predetermined maximum supply could help regulate the inflation rate of a cryptocurrency, which may lead to long-term asset appreciation.

VGX token reached an all-time high of $12.54 on 5 January 2018. As of 14 October, VGX was trading at $0.43, down more than 97% from the peak and had a market capitalisation of $120.97m.

vgx/usd all-time price chart
 

US100

19,697.10 Price
-0.580% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 21:00 (UTC)
Spread 1.8

XRP/USD

0.58 Price
-8.930% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,414.15 Price
-0.160% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Gold

2,458.28 Price
-0.030% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 21:00 (UTC)
Spread 0.30

Voyager provides an annual growth pool of tokens to fuel the Voyager Loyalty Program and finance promotional efforts for new and current clients. This growth pool will provide a variety of limited-time promotions and special events, including trade incentives, loyalty awards and more.

According to its whitepaper, the growth pool tokens were distributed at 40 million in year one, 20 million in year two, and 10 million annually between years three and eight.

Who owns the most VGX crypto?

According to CoinCarp statistics, as of 14 October 2022, there were 5,156 active wallet addresses for VGX, up nearly 3% from 5,010 on 15 September.

According to the statistics, the top 10 holders control 90.39% of the current VGX supply, while the top 100 holders control 98.97% of the supply.

This data reveals that a small number of VGX token holders control most of the token supply, making it vulnerable to pump-and-dump operations.

Voyager was among the largest holders of VGX, holding more than 60.38% of the coin’s total supply, or 176.89 million tokens.

An anonymous wallet with 31.07 million VGX tokens was the second-largest VGX holder, controlling almost 10.61% of the supply; it might belong to an insider or a private investor.

Binance (BNB), the world's largest cryptocurrency exchange, was the third-highest VGX token holder, with 20.32 million tokens. Binance owned VGX tokens in other wallets, bringing its total quantity of tokens to 31.83 million, or 10.87% of the total.

Coinbase (COIN), another major cryptocurrency exchange, was the 10th largest VGX holder, with 2.88 million tokens.

Among other VGX holders, FTX (FTT) exchange had 553,317 tokens, and Gate.io held 213,947 tokens.

As crypto wallets are essentially anonymous, the names and other details of those with the most VGX are inaccessible to the public. Additionally, as a single user may keep many anonymous wallets, this information cannot be utilised to determine the top VGX token holders.

The road ahead

With an offer of around $1.422bn, cryptocurrency exchange FTX earned the winning bid for the assets of Voyager Digital in September. The offer was made up of the fair market value of Voyager's crypto assets.

According to Voyager, its shares' fair value was roughly $1.311bn at current market values (14 October), and the sale included an "additional consideration" valued at around $111m.

According to Voyager, the acquisition agreement between FTX US and Voyager will be brought to the United States Bankruptcy Court for the Southern District of New York on 19 October. It will be subject to a creditor vote.

Furthermore, US monetary authorities, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), have ordered Voyager to delete inaccurate and deceptive assertions that its users' deposits were protected by both institutions.

In a joint letter, Seth Rosebrock and Jason Gonzalez, associate general counsel at the FDIC, claimed that Voyager's statements "certainly mislead and were relied upon" by clients who placed assets on the platform.

It also cautioned that even if Voyager accepted the requests stated in the cease-and-desist letter, the regulator might still take additional action if necessary.

As of today, Voyager is in a bind due to FTX's recent ownership, a pending court action, locked user funds and its diminished status. As a result, predicting how the boat would sail would be difficult.

While it is vital to be aware of these VGX facts, they should not be used as a replacement for your own research. Keep in mind that crypto markets are high-risk and very volatile.

Before trading, always complete your own due diligence by researching the latest news, fundamental and technical analysis, and a broad range of analysts’ opinions.

Keep in mind that past performance is not a reliable indicator of future results. And never trade with money you can't afford to lose.

FAQs

How many Voyager coins are in circulation?

As of 14 October, 278.48 million VGX tokens are currently in circulation, according to CoinMarketCap.

How many Voyager coins are mined every year?

According to Voyager’s whitepaper, VGX Tokens are minted each year – 40 million tokens were minted in the first year, 20 million in the second year, and 10 million since the third year.

Who owns the most Voyager coins?

According to CoinCarp statistics, Voyager Digital is the largest VGX holder as of 14 October, having more than 60.38% of the supply, or 176.89 million tokens.

Markets in this article

BNB/USD
Binance Coin / USD
575.06 USD
-2.75 -0.480%
BTC/USD
Bitcoin / USD
63851.65 USD
-720.6 -1.120%
COIN
Coinbase Global Inc (Extended Hours)
239.04 USD
-8.5 -3.440%
DASH/USD
Dash / USD
28.082 USD
-0.506 -1.820%
DOT/USD
Polkadot / USD
6.1839 USD
-0.1874 -2.960%

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