TownSquare, an infrastructure project focused on institutional yield and cross-chain borrowing brokerage, has opened registration for its ICO. According to the project, the sale is the first Sonar ICO built on the Monad chain and is technically supported by Echo Sonar, a platform within the Coinbase ecosystem. The offering includes two valuation tracks: a $150 million valuation tied to a six-month lock-up and a $200 million valuation for a fully unlocked allocation at TGE. The raise is capped at $1 million and will release about 0.666% of the total TOWN token supply. The sale supports USDC and USDT0 on Monad.
TownSquare said it previously completed three funding rounds totaling $16.25 million. Participants included World Liberty Financial, Auros Ventures, Amber Group, Animoca Ventures, OKX Ventures, and angel investors and institutions from the Monad and a16z ecosystems. The project also said it has integrated yield routes across Monad, Base, and BNBChain, while TOWN is designed to support a new cross-chain token operating model to incentivize yield strategies across different networks. Formal public sale access is scheduled to begin at 9 PM Hong Kong time on July 20.
TownSquare, an infrastructure project for institutional yield and cross-chain borrowing brokerage, has opened registration for its ICO.
According to the project, the TownSquare ICO is the first Sonar ICO built on the Monad chain. The public sale is technically supported by Echo Sonar, a platform in the Coinbase ecosystem. The offering carries two valuation options: a $150 million valuation with a six-month lock-up, and a $200 million valuation with fully unlocked distribution at token generation event, or TGE. The raise is capped at $1 million, and about 0.666% of the total TOWN token supply will be released.
The sale is described as the first public offering on Sonar based on Monad L1. It supports USDC and USDT0 on Monad.
TownSquare previously completed three funding rounds totaling $16.25 million. Backers included World Liberty Financial, Auros Ventures, Amber Group, Animoca Ventures, OKX Ventures, as well as angel investors and institutions from the Monad and a16z ecosystems. The project said its prior valuation is expected to be in line with the current ICO valuation.
TownSquare also said it has integrated yield routes across high-performance chains including Monad, Base, and BNBChain. The TOWN token is intended to function through a new cross-chain token model that incentivizes yield strategies across different chains.
The project described this Sonar public sale as one of the few public offerings seen in the market this year. It also noted that MegaETH previously ran its ecosystem ICO on Sonar.
Registration for the TownSquare Sonar public sale is now live. The formal public sale will begin at 9 PM Hong Kong time on July 20.
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