Sale Details Overview
Kraken Listings official Twitter announced that the public sale of QUID, the native token of cross-chain routing protocol Squid, will commence at 9 PM Beijing time on June 30 on both Kraken Launch and Legion platforms. The sale window remains open until 9 PM on July 3, lasting approximately 72 hours. The sale adopts a fixed-price mechanism at $0.045 per QUID, implying a fully diluted valuation (FDV) of $45 million.
Token Allocation and Subscription Rules
The total supply of QUID is 1 billion tokens, of which 5% (50 million tokens) is exclusively allocated for this public sale. Users must subscribe using USDC, with a minimum subscription amount of $10. There are no individual caps or soft/hard caps. Notably, all tokens purchased in the sale will be 100% unlocked at the Token Generation Event (TGE), without any linear release or lock-up period. This design contrasts with many Launchpad projects that implement vesting schedules, potentially attracting investors who prioritize immediate liquidity.
Project Background: Squid Cross-Chain Routing Protocol
Squid is a cross-chain routing protocol built on the Axelar network, designed to enable seamless asset and data flows across different blockchains. Its native token QUID serves roles such as gas fee payment, governance, and ecosystem incentives. The sale via Kraken Launch and Legion platforms marks the public debut of Squid's token economy. Kraken Launch is the new project launch platform of Kraken exchange, which has previously supported several early-stage project fundraises; Legion is an emerging multi-chain focused launchpad.
Market Implications and Investor Considerations
The 100% TGE unlock means that secondary markets will face immediate circulating supply pressure from all sale tokens upon TGE. If market demand is insufficient, the token price may experience volatility in early listing. On the other hand, the FDV of only $45 million is relatively low compared to other cross-chain protocols in the same arena (e.g., LayerZero, Wormhole), potentially offering an early entry point at a lower valuation. However, investors should note that this public sale represents only a fraction of total token distribution; future unlocks from private sales, ecosystem incentives, etc., could affect supply dynamics. It is advisable to monitor Squid's fundamental metrics such as TVL, user growth, and cross-chain transaction volume before making investment decisions.