DeFi hub Chainage seeks token holder approval for $13M capital raise
Decentralized financial services provider Change is looking to raise $13 million for its protocol expansion, with a total valuation of around $100 million locked in.
According to the April 1 snapshot proposal, the $13 million round of fundraising, led by an undisclosed venture capital firm, will issue 50 million additional XCHNG protocol tokens, representing roughly 10% of the exchange's supply. The withdrawal price of $0.26 is equal to the price of the XCHNG token at the time of publication.
Users can vote on the decision by substituting their native XCHNG tokens for “vXCHNG”. “We are prepared to implement a number of strategies to increase profitability and profitability, which will allow us to generate at least $1 million in profits for vXCHNG holders for Q2,” Chainage wrote.
“As previously stated, 80% of this profit will be allocated to vXCHNG holders, distributed according to our profit sharing method, which is a direct benefit of the capital investment.”
Global expansion and visibility are the main goals of raising $13 million. The project seeks to hire “top-level talent to integrate AI with technology” to position Chain as a “leader of AI-powered crypto creators.”
The new capital, if approved, will be used to encourage blockchain liquidity alongside funding new partnerships, marketing efforts and rewards for contributors. As of publication, the proposal has received 186 million XCHNG in support and 7.2 million XCHNG votes.
The move stands in stark contrast to the venture capital scene of crypto startups, which typically seek new investments based on the approval of the company's founding shareholders. Recently, crypto is entering a new bull market and investors are turning to accelerator programs to make money.
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