Home » Agoric raises $50M in public token sale

Agoric raises $50M in public token sale

by LLT Editor
24th Jan 22 9:53 am

Agoric, the JavaScript-native smart contract platform, has successfully closed its public token sale, having sold over $50M of BLD tokens in less than two hours.

The 48,000+ new account holders, soon to be onboarded on to Agoric’s public chain, will be able to stake their BLD and participate in governance. Proceeds from the sale will be used for the sustained growth and development of the Agoric network, including the Agoric virtual machine, RUN token and protocol, vault contracts, native AMM, and permissionless smart contracts (for more detailed information on token economics, please review the Agoric Whitepaper).

The Agoric chain features two tokens, BLD and RUN. BLD is the native staking token of the Agoric blockchain. BLD secures the network and is used for governance. RUN is the fee token for the chain and will be launched by the Agoric community through a series of smart contracts authorized by the BLD holders through governance. It will be used to pay for chain services (e.g., gas), implement smart contracts on-chain, and support cross-chain activity. It is envisioned as a stable token pegged to the value of the U.S. dollar (USD), built as a collection of smart contracts called the RUN Protocol. As envisioned, RUN is fully backed by user-provided collateral, which may include BLD, assets built on the Agoric chain, and assets from the $75B+ interchain ecosystem available via Cosmos’ Inter-Blockchain Communication protocol (IBC). Together, BLD and RUN create the solid foundation for a thriving DeFi ecosystem.

“We are delighted to have reached this crucial milestone,” said Dean Tribble, CEO of Agoric. “Our programming model, supported by our native market infrastructure, is designed to enable the formation of a cryptoeconomic standard library with the same exponential composability that led to the explosive growth of the Node.js, React.js, and other JavaScript ecosystems.”

A layer 1 Proof of Stake (PoS) public blockchain and smart contract platform, Agoric is designed to enable developers to rapidly build safe smart contracts in the most popular programming language on the planet, JavaScript. Agoric can quickly bring millions of developers to the DeFi frontier. With Hardened JavaScript, Agoric is providing the safe, stable environment that developers need to build, deploy, and operate sophisticated Dapps, NFTs, and DeFi markets. The Agoric public blockchain, part of the Cosmos ecosystem, is built upon the battle-tested Tendermint Proof of Stake (PoS) consensus system with native support for the Inter-Blockchain Communication (IBC) protocol.

“Agoric will enable easy access to smart contracts for more than 10 million developers worldwide. In addition to native support of smart contracts in Javascript, Agoric users will benefit from USD denominated pricing and high security delivered by the enclave environment, Zoe. We expect this unique combination of features to catapult Agoric into one of the most utilized blockchain platforms within two years,” said Dusan Kovacic, Chief Investment Officer of Rockaway Blockchain Fund.

Agoric is helmed by a number of pioneers in the development of smart contracts, including CEO Dean Tribble, a former Operating System Principal Architect at Microsoft, and Chief Scientist Mark S. Miller, a Google Research Scientist whose Agoric Open Systems Papers (1988) were the first clear vision of software components creating and participating in markets. Other team members bring a rich software development history from the likes of Stripe, Google, Uber, PayPal, and Yahoo.

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