Immunefi, a blockchain safety firm identified for managing bug bounties throughout decentralized finance (DeFi) protocols, plans to boost $5 million by a public sale on CoinList, a platform that facilitates the sale of crypto tokens.
The sale, which can run from November twelfth to November nineteenth, will provide roughly 374 million IMU tokens, representing roughly 3.74% of the entire provide, at a worth of $0.01337 every. In accordance with CoinList’s Nov. 5 announcement, this implies a completely diluted valuation (FDV) of $133 million, greater than 70% decrease than the earlier personal spherical, which valued the token at $500 million FDV.
Commenting on the token low cost, Immunefi CEO Mitchell Amador mentioned in a remark to The Defiant that the corporate is working a group sale “at a deep low cost, however with a small allocation cap as a way to construct a group that believes in and helps IMU’s mission from the start.”
Amador additionally added that “Solely the CoinList gross sales tranche can be 100% unlocked at TGE, with the remaining provide being launched in phases and over a number of years.”
IMU Tokenomics
Based in 2020, Immunefi has grow to be a serious participant in securing decentralized finance, securing over 650 protocols together with Ethereum, Aave, Chainlink, and Optimism. The corporate says its community has prevented greater than $25 billion in potential losses and at the moment protects $180 billion in crypto belongings.
Proceeds from the token sale will assist the rollout of Immunefi’s new “Safety OS,” an AI-powered hub designed to proactively detect and stop exploits. The system is educated on what the corporate touts as “the biggest personal dataset of exploits, bug reviews, and bug fixes.”
IMU tokens are designed to reward researchers and group members who share risk data. Customers also can earn or stake tokens in change for vulnerability reviews and safety audits.
“The group can stake tokens to assist the protocol’s safety initiatives and obtain rewards in return. In each circumstances, staking will increase on-chain visibility and supplies financial advantages to advance our shared purpose of a safer on-chain economic system,” Amador defined.
Of the ten billion IMU tokens, 47.5% can be allotted to ecosystem progress and group rewards, 26.5% to the workforce, 16% to early backers vested over three years, and 10% to order funds “for future wants and unexpected alternatives to speed up the expansion of the platform,” Amador mentioned.
Gross sales on CoinList exclude residents of the US, Canada, China, the UK, and sure different jurisdictions.
Different Web3 safety firms are additionally launching tokens as a part of their progress methods. In 2023, one other blockchain forensics agency, Arkham Intelligence, launched the ARKM token by a sale on Binance Launchpad, which has fallen by round 85% over the previous yr.
ARKM chart
On the time of writing, ARKM is down greater than 90% from its all-time excessive of $3.98 in March 2024, in line with CoinGecko knowledge.
The big allocations to workforce members, early traders, and their foundations have been topic to a multi-year unlocking schedule, which meant a gradual circulation of latest provide into the market, placing strain on costs.
