Filipino-led crypto startup BreederDAO announced that it has successfully raised 20,736,017 in USDC as it completed its public sale, in which 46% of its token launch allocation, a total of 34,195,322.75 BREED token, was sold out in 72 hours.
“The core team at BreederDAO would like to sincerely thank everyone that participated in our first public sale and have contributed to the DAO since its inception,” – Renz Chong, CEO of BreederDAO.
Ong added that “the token sale will set the ground for us to start giving more autonomy of the DAO and its operations to the community.”
Accordingly, through this public sale, BreederDAO will be distributing governance tokens to its community members. The governance token will allow them to leverage the start-up’s services; it will also let them have an active role in future decision-making of BreederDAO. Moreover, BREED token holders are guaranteed a membership into its Decentralized Autonomous Organization (DAO) and will soon be able to make proposals for the overall development of the DAO.
Aside from the BREED token launch, staking is also enabled. A total of 30,000,000 BREED tokens (3% of the total supply) are allocated for the members who will participate in the first year of the staking program.
In a statement, BreederDAO disclosed that there are still up to 30% of the total BREED token supply that has been reserved for the development of the ecosystem. According to them, the reserved tokens will solely be utilized to further develop the BreederDAO ecosystem and reward active participation of its community members in the DAO.
“The tokens in the ecosystem development pool will underpin the various initiatives outlined in the BreederDAO whitepaper and other initiatives put forward by the DAO community in the future. An example of this is for members to be able to create their own breeding and crafting strategies that they can submit as a proposal for DAO members to vote on.” BreederDAO wrote.
BreederDAO’s token launch auction (TLA) was conducted on the Copper platform’s liquidity bootstrapping pools (LBPs); the auction began on April 26, 10:00 a.m. EST.
“We chose Copper to be the platform to launch our TLA as it provides an avenue for fair distribution and price discovery. Since it is a decentralized and permissionless platform, the auction is free, open, and made accessible to the public with no gas wars or individual caps. BreederDAO also appreciates the team over at Copper for helping facilitate an equitable and seamless distribution of the BREED token.” – Nico Odulio, Chief Technology Officer of BreederDAO
What is BreederDAO?
BreederDAO is a “specialist manufacturer” of digital assets for use in blockchain-based games and virtual worlds. All asset generation tools of BreederDAO are developed “in-house and derived from a combination of comprehensive game mastery, data-driven analytics and modeling.”
Last January, BreederDAO raised $10 million in Series A funding led by venture capital firm Andreessen Horowitz (a16z) and cryptocurrency research firm Delphi Digital. The round also had the participation of Hashed, com2us, Morningstar Ventures, Mechanism Capital, Sfermion, The LAO, Emfarsis and others. (Read more: reederDAO Receives Funding From a16z and Delphi Digital, to Generate NFTs at Scale)
This article is published on BitPinas: What is BreederDAO? Project Raises $20.7M During Token Launch Auction
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