Cardstack today announced the completion of the Cardstack Token Generation Event. The Cardstack community participated in three batches: Strategic Contributors (Batch A), Pre-Allocation (Batch B), and Crowd Fundraiser (Batch C), contributing a total of $35,000,000 USD to meet their fundraising goal.
In the recent Crowd Fundraiser, Cardstack collected $5.5 million USD from KYC/whitelisted participants at a maximum individual contribution limit of $10,000 USD, and $2.5 million from a strategic partner, who has worked alongside the Cardstack Foundation this year. This contribution was granted at the same terms and rate lock as all Crowd Fundraiser participants, with no additional bonus.
Cardstack will now move to distribute tokens to contributors from all batches. Once all the tokens are allocated to the whitelisted ERC20 addresses, the tokens will be unlocked in the smart contract for everyone at the same time. This is scheduled to happen no later than 30 days from now (possibly sooner).
The Cardstack team said:
“We deeply appreciate the community support throughout this journey, especially regarding the complex and stringent KYC/AML process all contributors had to pass to participate. A special thank you to our advisor Nicolai Oster and the Bitcoin Suisse AG team, who have worked tirelessly as the KYC/AML provider for the Cardstack Foundation, amidst an evolving Swiss regulatory framework. Our project is stronger because of your hard work. We believe the conclusion of the TGE marks only the beginning of a deep collaboration between Cardstack and the people who love open source software, are excited about the potential of token-driven ecosystems, and believe in the urgency of decentralization. From a handful of supporters in January to over 18,000 today, you are the ones who make our project possible. We anticipate more developers, designers, and end users to join our community in the coming months, as we bring our vision to the mass market. Please welcome them to our movement.”
Cardstack is an open-source software foundation that is building the experience layer of the decentralized internet, earlier this year, they announced the creation of the Tally Protocol, a layer 2 protocol that will enable large and powerful apps to run on the Ethereum blockchain. The Cardstack Token (CST) will be the fuel and catalyst for the Cardstack software ecosystem. Developers can monetize their Cardstack-based apps via the smart contracts powered by the Cardstack Token, an Ethereum-based ERC20 token designed to fairly reward Cardstack-powered communities.