Can somebody explain to me why Alloy Explorer is showing current supply of 4,775,475 XAO when only 456,000 coins where supposed to be premined?
Yes. the daily emission for XAO is about 38400 = 80 (block reward) x 24 (hrs) x 20 (3 minute block time)
4,650,000 XAO equivalent to 4 months private mining.
4,650,000 XAO equivalent to ~5% premine. (total supply 84 million XAO)
Since there is a hardfork, the dev team have to pay old blockchain miners 1 month worth XAO. Also the dev team have to pay for listing.
i.e dev team only reserved ~3-4% of total coins for maintenance cost.
You can check that most new cryptonote coins now have over 10% premine.
This coin went from no premine before hardfork to about 5% premine without announcement anywhere in this thread. As of right now, it still doesn't mention anything about premine on the original announcement post.