DeFi hub Chainage seeks tokenholder approval for $13M capital raise
"Pending DAO approval, we will advance with the particulars of the investment and detail the precise arrangements and plans," developers wrote.
Decentralized finance service provider Chainage, with around $100 million in total value locked, is seeking to raise $13 million for protocol expansion, contingent on tokenholders’ approval within its native decentralized autonomous organization (DAO).
According to the April 1 snapshot proposal, the $13 million raise, led by an unknown venture capital firm, will result in the issuance of 50 million additional XCHNG protocol tokens representing approximately 10% of Chainage’s circulating supply. The issuance price of $0.26 is roughly at par with XCHNG’s token price at the time of publication.
Users are able to vote in the proposal by staking their native XCHNG tokens in exchange for “vXCHNG," which represents voting rights tokens. “We are set to implement numerous strategies to enhance usage and profitability, as a result enabling us to assure vXCHNG holders a minimum of $1 Million in profit generation for Q2," developers wrote, adding:
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