Telos raises $ 8 million ahead of EVM launch to avoid selling tokens
The blockchain platform Telos (TLOS) has raised $ 8 million in funding under the direction of ConsenSys and polygon investor John Lilic. Funding was secured by Telos shortly before the launch of the Ethereum Virtual Machine (EVM) platform, completing the project’s ongoing suite of startup initiatives.
Telos’ goal is to redirect the recently secured funding into the development and marketing of the platform while improving the liquidity of the ecosystem “without the need to sell TLOS tokens in the event of a bear market” for the next year.
According to Telos’ chief architect, Douglas Horn:
“While this startup maintains our ethos of an egalitarian, self-governing community, it exposes us to the risks of continuing to fund explosive growth from ongoing bear markets.”
Regarding the lack of need to sell TLOS, Horn said Telos aims to prevent centralized ownership that leads to whale dominance as the community matures. “By introducing a fair community and a really decentralized operation, Telos also largely avoids regulatory control for every crypto currency.”
The $ 8 million funding is backed by a team of five prominent crypto investors who want to help Telos connect the industry with in-depth industry connections and trade execution experience to support quick listings and DeFi initiatives.
As part of the transaction, investors received 1.7% of the total TLOS offering. This transaction resulted in the sale of a total of 8 million TLOS, with no investor holding more than 2 million TLOS. At the same time, Horn believes external investment will help Telos grow without risking sacrificing token support or the sustainability of the community.
According to Telos, the grants will be stored in the Ethereum Gnosis safe on the internal network, which will be routed to marketing through the Telos Foundations, development by Telos Core Developers and Telos Liquidity Fund.
To overtake Ethereum in the DeFi market, the Near Protocol smart contract ecosystem secured $ 800 million in late October to improve the ecosystem’s DeFi capabilities, including the blockchain program, Bitcoin Magazine reported. Approximately $ 250 million has been allocated to existing ecosystem developers, with $ 100 million earmarked for startup grants and the remaining $ 100 million for regional initiatives in Asia, Europe and the United States.
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According to Cointelegraph