Chainage Seeks Tokenholder Approval for $13M Capital Raise
Decentralized finance service provider Chainage is looking to raise $13 million for protocol expansion through its decentralized autonomous organization (DAO). The funds will be raised if tokenholders approve the proposal, which involves issuing 50 million additional XCHNG protocol tokens. The tokens will represent about 10% of Chainage’s circulating supply and will have an issuance price of $0.26, which is similar to the current token price.
To participate in the proposal, users can stake their native XCHNG tokens in exchange for voting rights tokens called “vXCHNG.” Chainage developers have stated that they plan to implement various strategies to enhance usage and profitability, aiming to generate a minimum of $1 million in profit for the second quarter. 80% of this profit will be distributed to vXCHNG holders as a direct benefit of their capital investment.
The main goals of the $13 million raise are global expansion and increased visibility for Chainage. Developers also aim to recruit top-tier talent to merge artificial intelligence with cutting-edge technology, positioning Chainage as a leader among AI-powered crypto innovators. If approved, the new capital will also be used to incentivize liquidity, establish new partnerships, embark on marketing ventures, and provide rewards for tokenholders.
Currently, the proposal has received 186 million XCHNG votes in favor and 7.2 million XCHNG votes against. These votes come from a circulating XCHNG balance of 474 million. This approach differs from the typical venture capital scene for crypto startups, where new investments are usually solicited based on the approval of shareholders, who are typically the co-founders of the company.
More Web3 startups have been turning to accelerator programs as the cryptocurrency market experiences a new bull market and investors seek to capitalize on the trend.
5 thoughts on “Chainage Seeks Tokenholder Approval for $13M Capital Raise”
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I’m not convinced that vXCHNG holders will actually benefit from their capital investment. It sounds too good to be true.
million is a huge amount for a relatively unknown company. It’s a gamble I’m not willing to take. 😕
Global expansion and increased visibility? How can they guarantee success with just $13 million? It’s a risky move. 🌍
I’ve seen too many promising crypto startups fail to deliver. I’m not confident in Chainage’s ability to succeed.
issuance price is too high considering the current token price. They’re overvaluing themselves. 😡