DeGate
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DeGate

DeGate completes LBP token distribution

On the 12th of April, 15:59 UTC, DeGate has ended DG token distribution via Liquidity Bootstrapping Pool, LBP, on Balancer.

In total, 53,977,698 DG tokens were distributed, and DeGate Home DAO Treasury raised over 13 million USDC.

LBP is the last of the three initial rounds of DG token distribution. Previously, DeGate has distributed DG tokens via the Initial Uniswap Offering, IUO (completed March 12), and the Social Network Offering, which lasted from March 29- April 6. After these three rounds, there are around 7.397% of total DG tokens in circulation: 1% was distributed during the IUO, 5.397% on LBP and 1% was added to the Uniswap liquidity pool after the LBP.

Right now, DeGate will focus on product building and looks forward to the next phase. The goal of DeGate is to be the leading liquidity hub on Layer 2, to provide L2 DEX, which is a combination of AMM and orderbook trading. In addition, it will offer comprehensive features such as low fee trades, limit orders, leverage trading, and fiat on/off- ramps

The next steps for DeGate are the L1-L2 bridge and the launch of AMM L2 DEX in Q3 of 2021.

DeGate wants to welcome the new DG token holders- members of the DeGate community and DeGate protocol governance system participants. As part of Home DAO governance, DG token holders receive returns from what the DeGate protocol earns. Also, the holders are entitled to make proposals and vote on them- the aim of DeGate is to be the protocol of the community.

Stay tuned to follow DeGate news:

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