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Cryptocurrency News Articles

Chainage Looks to Raise $13M for Protocol Expansion via DAO Vote

Apr 02, 2024 at 02:29 am

Decentralized finance (DeFi) services provider Chainage seeks to raise $13 million in protocol expansion funding. The proposal, led by an undisclosed venture capital firm, will issue 50 million XCHNG tokens, representing 10% of the circulating supply. The issuance price of $0.26 is close to the token's current market value. Chainage aims to use the funds for global expansion, visibility, and AI integration. The proposal requires token holder approval through voting, with favorable votes currently exceeding negative votes. This funding strategy deviates from traditional corporate funding, where shareholder approval is typically required.

Chainage Looks to Raise $13M for Protocol Expansion via DAO Vote

Decentralized Finance Provider Chainage Seeks $13 Million Funding for Protocol Expansion

Chainage, a decentralized finance (DeFi) service provider with approximately $100 million in total value locked (TVL), is seeking to raise $13 million for protocol expansion, subject to the approval of its decentralized autonomous organization (DAO).

According to a snapshot proposal published on April 1, the $13 million raise, led by an undisclosed venture capital firm, will result in the issuance of 50 million additional XCHNG protocol tokens, representing roughly 10% of Chainage's circulating supply. The issuance price of $0.26 is approximately at par with XCHNG's token price at the time of publication.

Token holders can participate in the proposal by staking their native XCHNG tokens in exchange for "vXCHNG," which represents voting rights tokens. "We are set to implement multiple strategies to increase usage and revenue, thus enabling us to guarantee vXCHNG holders a minimum amount of $1 million in revenue generation for Q2," the developers wrote, adding:

"As previously mentioned, 80% of this revenue would be allocated to vXCHNG holders, distributed according to our profit-sharing mechanism, as an immediate return on the investment."

Global expansion and increased visibility are the two primary goals of the $13 million raise. The developers also aim to "recruit top-tier talent to merge AI with cutting-edge technology" to position Chainage as a "leader in AI-powered crypto innovators."

The new funds, if approved, would also be utilized to incentivize Chainage's liquidity, including support for new partnerships, marketing initiatives, and rewards for token holders. The proposal has received 186 million XCHNG votes in favor and 7.2 million XCHNG votes against at the time of publication, against the backdrop of a 474 million circulating XCHNG supply.

This move marks a departure from the traditional venture capital landscape of crypto startups, which typically solicit new investments based on the approval of shareholders, who are usually the company's co-founders. In recent times, however, an increasing number of Web3 startups have turned to accelerator programs as crypto enters a new bull market and investors seek to capitalize on the surge.

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