Dear API3 community,
We are very happy to announce that the full public allocation of 20M API3 has been distributed over our optimized fork of the Mesa DEX. With this, the API3 public distribution has been concluded. In total, the event ran for approximately four days and raised just under $23M USDC, making it one of the largest decentralized token offerings to date. We thank our whole community for their support in building towards API3’s vision of a Web 3.0 connected with the global API economy, and welcome you to build this vision alongside us.
From the raised funds, API3 DAO will give out grants to builder projects aligning with the initial Monolith infrastructure of the project, as well as fund continuous operations (such as business development) that benefit the API3 Project. In addition to grants, the funds will go towards covering the operational costs of dAPIs, including gas costs and API provider compensation. The distributed API3 tokens, in turn, will grant their holders voting rights and staking rewards in the authoritative API3 DAO, the development work of which is already well under-way. With its completion, all token holders will be able to stake and take part in API3 governance.
Important Team Lockup Announcement
Along with the news of finishing the public distribution, we are happy to announce that the API3 team, partners and contributors will be extending their release schedule. Previously set as a linear two-year lockup with a six-month cliff, both the Founder and the Partners and Contributors allocations will be extended to three years with the cliff remaining at six months. This extension to the release schedule is done to show long-term commitment to the project by everyone working on it.
API3 Links
Twitter — https://twitter.com/API3DAO
Telegram — https://t.me/API3DAO (Community Chat)
Discord — https://discord.gg/qnRrcfnm5W (Builder Chat)
Github — https://github.com/api3dao
Reddit — https://www.reddit.com/r/API3/
