Sale Details and Platforms
Kraken Listings, the official listing information arm of Kraken exchange, announced the details of the public sale for QUID, the native token of cross-chain routing protocol Squid. The sale will take place on both Kraken Launch and Legion platforms, starting at 13:00 UTC on June 30 (21:00 Beijing time) and running until 13:00 UTC on July 3. The sale price is fixed at $0.045 per token, corresponding to a fully diluted valuation (FDV) of $45 million.
Tokenomics and Allocation
QUID has a total supply of 1 billion tokens, with 5% (50 million tokens) allocated specifically for this public sale. Following the sale, all purchased tokens will be 100% unlocked at the Token Generation Event (TGE), meaning no vesting schedule or lock-up period. This design provides immediate liquidity and tradability for early participants, a feature that often generates strong demand in short-term trading strategies.
Participation Requirements
Eligible users must subscribe using USDC, with a minimum commitment of $10 worth of USDC. Allocation will be determined either on a first-come-first-served basis or according to the specific rules of each platform. Both Kraken Launch and Legion are compliant token issuance platforms, so participants must complete KYC/AML verification. The subscription period is 72 hours, giving sufficient time for users to prepare funds and complete the process.
Project Background
Squid is a cross-chain routing protocol designed to enable native asset transfers and interoperability between different blockchains. QUID tokens serve multiple purposes: paying network transaction fees, participating in governance voting, and staking for security mechanisms. The listing on Kraken Launch marks a significant milestone for Squid, bringing it into the mainstream exchange ecosystem and potentially expanding its user base beyond the DeFi niche.
Market Implications
The fixed price of $0.045 with a $45 million FDV positions QUID at a relatively moderate valuation compared to other cross-chain protocols. The 100% unlock at TGE could lead to higher initial volatility, as no gradual supply release buffers price movements. Traders should monitor the subscription cap and total demand, as oversubscription may trigger proportional allocation. For long-term holders, the project roadmap and technology maturity remain the key drivers. Kraken's track record of listing quality assets adds credibility to this sale.