Factor, an Arbitrum-based on-chain asset management platform, raised almost $7.6 million from more than 4,000 different wallets during its token offering, which ran on Feb. 20 through Friday.
Factor’s Token Offering Raises Around $7.6 Million
Users can now claim the FCTR tokens they bought during the public sale on Saturday, February 25, at 18:00 UTC, which is also the time the currency begins trading on the decentralized exchange Camelot.
By combining numerous marketplaces on its platform, Factor, which doesn’t require users to learn code to construct customized asset management strategies, intends to provide middleware infrastructure for the decentralized finance (DeFi) area.
About the Announced Changes
A few hours prior to the conclusion of the four-day public sale, FactorDAO tweeted about a number of adjustments intended to reduce the initial circulating supply from 32.5 million tokens to 18 million tokens, or 18% of the overall supply.
The protocol’s liquidity holdings for the USDC/FCTR pair on Camelot were first increased. Users would deposit USDC into the protocol in exchange for FCTR when taking part in the token generation event. A liquidity pool that is held by the protocol will now receive half of the USDC monies that were raised through the open sale. Early plans called for only 40% of the liquidity to be owned by the protocol.
Secondly, incentives for ecosystems, like emissions from staking, are now vested for 12 months rather than being made available right away. Owners of FCTR tokens will be able to trade or stake their coins as of Saturday. According to the platform’s documents, users who opt to stake their token as liquidity will obtain veFCTR, which entitles them to 50% of the fees from revenue generated by the protocol and participation in Factor‘s governance process.
Leave a comment