Odaily Planet Daily News DeFi lending protocol Soul announced that it will launch a public offering of SO tokens on May 16, aiming to push DeFi back to its original intention of fair distribution and broad participation. This public round will allocate 25% of the total tokens, and the valuation is determined based on the funds raised in the public round. All tokens will be fully unlocked at the token generation event (TGE). SO tokens are used for protocol governance, revenue enhancement and value sharing. Holders can obtain additional income through staking and participate in revenue distribution and repurchase mechanisms. Currently, the Soul testnet is online.
Previously, Soul has completed a $4 million private round of financing, with participation from XVentures Fund, TPC Ventures, RV Inc, and angel investors from Coinbase, LayerZero, Flowdesk and Pi Squared. The funds are used to support the early development of the protocol.