a month ago 1 min read

Public Token Sale Generates $7.6M for Factor on Arbitrum


During its token offering, which took place from February 20 to Friday, Factor, an Arbitrum-based on-chain asset management platform, raised close to $7.6 million from more than 4,000 distinct wallets.

At the start of trade on the decentralized exchange Camelot on Saturday, February 25, at 18:00 UTC, users can now claim the FCTR tokens they purchased during the open sale.

Factor wants to provide middleware infrastructure for the decentralized finance (DeFi) space by integrating a variety of marketplaces on its platform, which frees users from having to learn programming in order to create customized asset management methods.

A few hours prior to the completion of the four-day public auction, FactorDAO tweeted about a series of changes that would lower the initial circulating supply from 32.5 million tokens to 18 million tokens, or 18% of the total supply.

The protocol's liquidity holdings for the USDC/FCTR pair on Camelot were first boosted. In order to participate in the token generation event, users would deposit USDC into the system in exchange for FCTR. Half of the USDC funds raised through the open sale will now be transferred to a liquidity pool owned by the protocol. Just 40% of the liquidity was supposed to be owned by the protocol in early plans.

Ecosystem-related incentives, such as emissions from staking, are now vested for 12 months rather than being made instantly available.

As of this coming Saturday, FCTR token owners will be able to exchange or stake their coins. Users that choose to invest their token as liquidity will receive veFCTR, which rights them to 50% of the fees from revenue generated by the protocol and participate in Factor's governance process.

As of the time of publication, the token FCTR had a $13.6 million market cap in circulation.

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