CGV token TGE recap
The Summary of the CGV Token Generation Event
We’re excited to announce that the CGV token, the governance and utility token of the Cogito Protocol, is live!
Together with four launchpads, such as SingularityDAO, EnjinStarter, Seedify Fund, and Genius X, we concluded the TGE of Cogito Governance Token.
TGE summary
We want to start by saying that we are grateful for all the support that we’ve received pre- and post-TGE. Despite facing several challenges, we successfully raised $2 million in the public and community rounds, bringing our total token raise to $2.92 million across all rounds. This funding provides us with a 36-month runway to support product development and adoption.
During the launch, we confronted unprecedented challenges, one of which was the unexpected absence of the multichain developer responsible for deploying the bridge between Ethereum and Binance Smart Chain (BSC). This unfortunate circumstance necessitated our decision to solely offer the launch on BSC, prioritizing the safety of our assets and those of our users, but deviating from the typical approach of launching on Ethereum (ERC) and subsequently bridging to BSC in SNet ecosystem. Despite the potential drawback of limited liquidity on BSC, we prioritized a prompt launch to serve our community. Currently, our developers are diligently working on establishing a reliable ETH-BSC bridge to cater to the needs of our community.
Moreover, recognizing the immense potential and strong community base of SNet on Cardano, we embraced the opportunity to test their native offering as the first project within SNet ecosystem to do so. However, as Cardano is relatively new in the DeFi landscape, we faced unexpected technical difficulties with our launchpad partner, which temporarily impacted our traction and led to some losses. These challenges served as a valuable learning experience, allowing us to grow and adapt to this evolving ecosystem.
In the face of these obstacles, our community has demonstrated unwavering support, as reflected by a remarkable 2x increase in public rounds and an impressive 4x increase in the seed round. We recognize that the prevailing market conditions have been unfavorable, given the ongoing negative market sentiment. However, we remain resolute in our commitment to delivering an innovative solution within the decentralized asset realm for our dedicated community.
What is CGV?
CGV token will enable governance over the protocol, influencing the parameters of tracercoins. It is a key element that will play a significant role in the roadmap of Cogito.
CGV token utilities:
- Index management — adjusting components and weights of indices
- Treasury management — regulating the allocation of assets to different portfolios
- Changing the minting and redemption policy for tracercoins
- Voting on launching new tracercoins
- Changing CGV’s buyback-and-burn mechanism
Closing remarks
The launch of the CGV token marks another milestone in our journey toward a new era of digital assets. Tracercoins are poised to revolutionize Decentralized Finance with AI-powered mechanisms. With many exciting announcements coming up in the upcoming next weeks, we hope to see our community support our vision. Make sure to watch us closely, and if you want to learn more about what we bring to the table, don’t hesitate to read about:
Tracercoins — video | blog article
Cogito Protocol vision — blog article
Cogito Protocol design — whitepaper
