Backed by names such as Mechanism Capital, Lemniscap, and Kieran Warwick, the FJO signed up the biggest financial investment in 2024 through an LBP.
Token launchpad Fjord Foundry completed its token FJO pre-sale this Friday with over $15 million raised. The pre-sale was based upon the Liquidity Bootstrapping Pool (LBP) design in Fjord Foundry’s own launch platform, with the FJO beginning at $5.36 on April 16 and closing at $2.32.
We are thrilled to reveal that the $FJO LBP has actually formally ended in an echoing success!
Our launch was smooth, raising over $15.35 M. LBP financiers have actually declared 88% of the 7.5 M FJO tokens, showing strong need for our offering. pic.twitter.com/oL3kFdJPVU
— Fjord Foundry (@FjordFoundry) April 19, 2024
The LBP design runs on a supply and need basis, as the token rate falls throughout the pre-sale and is restored up by financiers’ need. According to the LBP project page, FJO will offer stakers a part of rebought FJO tokens from platform incomes, prospective involvement in other tasks’ token airdrops, raise difficult acquisition caps in pre-sales, and access to brand-new LBP designs.
FJO’s trading volume neared $24 million in the LBP, and its liquidity exceeded $17 million. At the time of composing, LBP financiers have actually declared 88% of the 7.5 million FJO tokens offered.
The sale took place one month after Fjord Foundry’s group raised $4.3 million from funds such as Mechanism Capital and Lemniscap, consisting of the involvement of blockchain video game Illuvium’s co-founder Kieran Warwick.
In an X post, the group commemorated the biggest LBP sale of 2024. “We could not be more positive about the future potential customers for $FJO.”
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