Factor On Arbitrum Booms With $7.6 Million Through Public Token Sale
- Factor, an on-chain asset management platform based on Arbitrum, has raised approximately $7.6 million from over 4,000 wallets through a four-day token sale (FCTR).
- FactorDAO reduces the initial circulating supply from 32.5 million to 18 million tokens, or 18% of the total supply.
- Today, FCTR holders will be able to trade or stake their tokens.
Factor, an Arbitrum-based on-chain asset management platform, raised almost $7.6 million from more than 4,000 different wallets during its token offering, which ran on February 20 through Friday.
Users can now claim the FCTR tokens they bought during the public sale on Saturday, February 25, at 18:00 UTC, when the currency begins trading on the decentralized exchange Camelot.
By combining numerous marketplaces on its platform, Factor doesn’t require users to learn code to construct customized asset management strategies and intends to provide middleware infrastructure for the decentralized finance (DeFi) area.
A few hours before the four-day public sale concluded, FactorDAO tweeted about a number of adjustments intended to reduce the initial circulating quantity from 32.5 million tokens to 18 million tokens, or 18% of the overall supply.
The protocol’s liquidity holdings for the USDC/FCTR pair on Camelot were first increased. Users would deposit USDC into the protocol in exchange for FCTR when participating in the token generation event. A liquidity pool held by the protocol will now receive half of the USDC monies raised through the open sale. Early plans called for only 40% of the liquidity to be owned by the protocol.
Incentives for ecosystems, like emissions from staking, are now vested for 12 months rather than being made available immediately.
Owners of FCTR tokens will be able to trade or stake their coins as of Saturday. According to Factor’s papers, users who opt to stake their token as liquidity will obtain veFCTR, which entitles them to 50% of the fees from revenue generated by the protocol and participation in Factor’s governance process.
According to Factor’s launchpad page on Camelot, the token FCTR has a circulating market capitalization of $13.6 million as of publication.
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