Source : coinquora.com
- Colony network successfully raised $18.5 million seed funding.
- Colony will launch in Q4 2021 with public token sales.
The crypto world continues to revolutionize its platform to stay competitive. As a result, the industry keeps gaining support from investors in and out the space. Interestingly, the Colony network successfully raised $18.5 million in seed funding.
The Colony Network is a community-driven accelerator evolving into a decentralized autonomous organization (DAO) that aims to generate rapid growth in the Avalanche ecosystem. Furthermore, the round was led by The Avalanche Foundation with the participation of Shima Capital, Hashkey, GBV Capital, and Bixin Ventures. Members of the Avalanche community also participated in the round.
Colony CEO Elie Le Rest explained:
We are delighted to announce that we’ve established close ties with the Avalanche Foundation itself. We’ll be sharing deal flow to create a more fertile ground for projects building on Avalanche, the fastest, highly customizable, smart contracts platform in the blockchain industry.
Colony has a native token called CLY. CLY is a unique hybrid token that’s used for both DAO governance and liquid exposure to Colony’s value flow. In addition, it is a new kind of asset that features an Airdrop Mechanism to incentivize token holders as they build a diversified portfolio on Avalanche by staking their tokens. CLY both empowers and controls the network, enabling the community to align incentives across pillars and create a codified harmony between stakeholders, the protocol and its assets.
It’s great to see Colony seeking to create a decentralized democratic financial ecosystem by giving the community access to early-stage projects in seed and private rounds. This is very much aligned with Avalanche’s core value: community first,” said Nicolas Lemaitre, General Manager at Ava Labs.
On the other hand, Colony will launch in Q4 2021 with public token sales and shall continue empowering selected projects building on Avalanche with its first capital deployments. In the second half of 2022 Colony will move to implement a DAO structure with its own subnet on Avalanche to decentralize itself and build new incentive models for CLY token holders.