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.
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.