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# NMR 2.0 is now live!
- URL: https://blog.numer.ai/nmr-2-0-is-now-live/
- Published: 2019-07-08T17:00:00.000Z
- Updated: 2025-06-23T23:31:31.000Z
- Author: Stephane Gosselin
- Tags: #Import 2025-06-18 19:54

*Contract upgrades to Numeraire have just been deployed, reducing the maximum supply to 11 million. NMR can no longer be minted — only burned.*

What we’ve done:

NMR smart contract is no longer controlled or upgradeable by Numerai

Thus, Numerai can no longer mint NMR — all NMR that will ever exist, exists today

Maximum supply is reduced from 21 million to 11 million to reduce dilution

Total supply is now 11 million, and will gradually decrease as tokens are burned on Erasure and in the Numerai tournament

Circulating supply is the total supply minus the amount held by Numerai for development of the protocol

![](https://storage.ghost.io/c/4e/7e/4e7e879a-2a82-421c-bf17-f319f40a01a4/content/images/2025/06/1_8Bb4rWRTDuuf4Wgx4zqq6Q.png)

Where we’ll be when Erasure launches:

NMR will no longer just be the token that powers Numerai’s hedge fund — NMR becomes the Erasure protocol

Thousands of new use cases beyond Numerai’s Erasure Quant application. In fact, we’re giving away $1mil in NMR in grants to developers with exciting application ideas to build on top of Erasure.

> We’ve taken a contrarian path and prioritized the usefulness of our token above its initial decentralization. As a result, we’ve created something rare: a token that makes sense and is being used. And now, Numeraire will be even better, more versatile, and will be controlled by the people it was made for. [Richard Craib](https://blog.numer.ai/redesigning-ethereums-most-used-token)

![](https://storage.ghost.io/c/4e/7e/4e7e879a-2a82-421c-bf17-f319f40a01a4/content/images/2025/06/1_KoVcz3aj0WUEyxypS_wnHg.png)

The Numeraire token was created two years ago during the early days of development on Ethereum. There was a lot of risk. We opted for a token that would give the highest level of security to our users by implementing features like upgradeability, emergency stop, multisignature, and custody.

*The cost was that, until now, users of the token had to trust Numerai.*

Now that Numeraire has been [stress-tested for two years](https://www.wired.com/2017/02/ai-hedge-fund-created-new-currency-make-wall-street-work-like-open-source/?ref=blog.numer.ai), almost to the day, we’re ready to become decentralized af.

TL;DR We have transitioned the tournament to an independent set of smart contracts and disabled the centralized components of the token, effectively converting it into a pure ERC-20 with additional burning and custody functionality. These changes were deployed to mainnet and independently audited by [Trail of Bits](https://www.trailofbits.com/?ref=blog.numer.ai).

![](https://storage.ghost.io/c/4e/7e/4e7e879a-2a82-421c-bf17-f319f40a01a4/content/images/2025/06/1_3PO7TPyKXNWUk6TLGVd1PA.png)

### The technical details

#### ERC-20

The token retains the existing [ERC-20](https://eips.ethereum.org/EIPS/eip-20?ref=blog.numer.ai) interface.

function approve(address \_spender, uint256 \_value); function transfer(address \_to, uint256 \_value); function transferFrom(address \_from, address \_to, uint256 \_value);

function totalSupply(); function balanceOf(address \_owner); function allowance(address \_owner, address \_spender);

event Transfer(address indexed \_from, address indexed \_to, uint256 \_value); event Approval(address indexed \_owner, address indexed \_spender, uint256 \_value);

#### Burning

Since the lauch of the token, there has been additional standardization in how tokens are burned. In order to retrofit these standards to our existing token, we converted the mint() and numeraiTransfer() functions to behave like openzeppelin’s ERC20Burnable burn() and burnFrom(). *Note: the caller must check the return values of these functions as they return false on failure.*

function mint(uint256 \_value) public { \_burn(msg.sender, amount); }

function numeraiTransfer(address \_to, uint256 \_value) public { \_burnFrom(account, amount); }

#### New tournament

The Numerai tournament contracts were moved to a separate set of smart contracts using the [zos-lib proxy smart contracts](https://github.com/zeppelinos/zos/tree/master/packages/lib?ref=blog.numer.ai). These new contracts currently have the same functionality as the predecessor with added security and architecture, supporting a broader range of feature improvements. Tournament participants who are currently doing self-custody need to follow this [guide on custom-staking](https://hackmd.io/TKmDGJ6fR%5F-96pMk%5FCxXmg?ref=blog.numer.ai) to interact with the new contract.

#### Custody in the Numerai tournament

Tournament participants can choose to self-custody or to opt in for the Numerai custodial wallet, which allows us to pay gas and manage private keys on their behalf. To maintain this behavior we are using the withdraw() function, which is designed to be disabled in the future. The goal is self-custody using a contract-based wallet such as universal logins, [wallet connect](https://walletconnect.org/?ref=blog.numer.ai) and [EIP-1613](https://medium.com/tabookey/1-800-ethereum-gas-stations-network-for-toll-free-transactions-4bbfc03a0a56?ref=blog.numer.ai).

function withdraw(address \_from, address \_to, uint256 \_value);

#### Multisignature

In April 2018, it came to our attention that there were some minor security vulnerabilities with the multisignature wallet used to manage the token. In response, we implemented a [temporary patch](https://github.com/numerai/contract/blob/master/audits/2018%5Fupgrade%5Faudit.pdf?ref=blog.numer.ai) which allowed us to circumvent the issues identified. This multisignature wallet is now completely disabled as we now use a Gnosis multisig.

#### Emergency stop

The token was originally stoppable in the event of an emergency. This is a centralized feature and thus has been disabled in this upgrade.

#### Minting

All 11 million of the tokens have now been minted. There will never again be minting of the token and the total supply will decrease as tokens are burned.

See some of these numbers in real-time at /nmr

Documentation including open-source code and Trail of Bits audit

![](https://storage.ghost.io/c/4e/7e/4e7e879a-2a82-421c-bf17-f319f40a01a4/content/images/2025/06/1_vqJus8NLsMw3jfkKUDaizQ.png)

*Correct numbers are already reflected at* [*CoinGecko*](https://www.coingecko.com/en/coins/numeraire/?ref=blog.numer.ai)*, including circulating supply and market cap.* [*CoinMark*](https://coinmarketcap.com/currencies/numeraire/?ref=blog.numer.ai)[etCap](https://coinmarketcap.com/currencies/numeraire/?ref=blog.numer.ai), [Messari](https://messari.io/asset/numeraire?ref=blog.numer.ai) inter alia show the correct maximum supply and and we expect the rest of their numbers to reflect soon.

*Thanks to Natasha-Jade for writing this release.*