Token Offering of Asset Management Platform Factor Raises Roughly $7.6M

Several hours before the public sale ended, Factor announced changes to decrease the initial circulating supply.

AccessTimeIconFeb 24, 2023 at 9:33 p.m. UTC
Updated Feb 24, 2023 at 9:44 p.m. UTC
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Factor, an on-chain asset management platform based on Arbitrum, raised roughly $7.6 million from over 4,000 unique wallets in its token offering that started Feb. 20 and ended Friday.

Now that the public sale has ended, users will be able to claim their purchased FCTR tokens Saturday, Feb. 25, at 18:00 UTC, which is the same time the token starts trading on decentralized exchange Camelot.

Factor, which doesn’t require users to learn coding to create customized strategies for asset management, aims to provide middleware infrastructure for the decentralized finance (DeFi) space by aggregating various markets on its platform.

Several hours before the four-day public sale finished, FactorDAO announced on Twitter several changes designed to decrease the initial circulating supply to 18 million tokens, or 18% of the total supply, down from 32.5 million tokens originally.

First among these changes was increasing the liquidity owned by the protocol for the USDC/FCTR pair on Camelot. When participating in the token generation event, users would deposit stablecoin USDC into the protocol in exchange for FCTR. Half of the USDC funds raised from the public sale will now be deployed into a liquidity pool that is owned by the protocol. Initially, only 40% was to be used for protocol owned liquidity.

Second, ecosystem incentives, such as emissions from staking, are now vested for 12 months and not made available immediately.

By Saturday, holders of FCTR will be able to trade or stake their tokens. If users decide to stake their token as liquidity, they’ll receive veFCTR, which allows them to participate in Factor’s governance process as well as earn 50% of the fees from the revenue generated from the protocol, according to Factor’s documents.

Factor’s token FCTR has a circulating market capitalization of $13.6 million at time of press, according Factor’s launchpad page on Camelot.

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Sage D. Young

Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.


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