Binance's 68th LaunchPool project Initia token: INIT
Initia is a Layer 1 blockchain project aimed at simplifying Web3 development and user experience through modular technology and a unified Rollup architecture, building an interconnected operating system across multiple chains. It is currently mining in the Binance LaunchPool, with good returns in each phase. Those holding BNB, USDC, and FDUSD who haven't participated can join.
Spot trading will open on April 24, 2025, at 19:00 (UTC+8).
Below is a detailed introduction to the project.
Project Overview
Initia is an innovative blockchain infrastructure project that constructs a scalable and interoperable 'interwoven economy' ecosystem by integrating Layer 1 (L1) coordination layers with application-specific Layer 2 (L2) Rollups. Initia is developed using the Cosmos SDK and employs optimistic Rollup technology, supporting EVM, MoveVM, and WasmVM, aiming to simplify the complexity of building decentralized applications (dApps) for developers while enhancing users' cross-chain interaction experience. Its core products include the Initia L1 blockchain, Minitias (application-specific L2 Rollups), and the Interwoven Stack framework that supports rapid deployment. Initia's vision is to create a seamless, modular Web3 ecosystem that addresses the issue of multi-chain fragmentation.
Project Team Introduction
Initia was co-founded by Ezaan Mangalji (nicknamed 'Zon') and Stan Liu, both of whom previously worked at Terraform Labs and possess extensive blockchain development experience. The team is headquartered in Singapore and currently has about 40 people covering functions such as technology, marketing, and developer relations. Initia also acquired the blockchain browser Celatone's development team Alles Labs, further enhancing its technical capabilities. The project has received widespread recognition in the industry, attracting many renowned angel investors such as Cobie, DCF God, Nick White (Celestia COO), and Berachain co-founder SmokeyTheBera.
Financing amount and financing party
As of September 2024, Initia has raised a total of $22.5 million, including the following rounds:
October 2023: Pre-seed round with an undisclosed amount led by Binance Labs.
February 2024: $7.5 million Seed round led by Delphi Ventures and Hack VC, with participants including Nascent, Figment Capital, Big Brain, and A.Capital.
September 2024: $14 million Series A round led by Theory Ventures, with a valuation of $350 million, participated by Delphi Ventures, Hack VC, and several angel investors (such as Bryan Pellegrino and NoSleepJon).
September 2024: An additional $2.5 million raised through Cobie's Echo platform, with a valuation of $250 million.
These funds will be used for mainnet development, ecosystem expansion, and supporting L2 applications.
Token Economics
The native token of Initia is INIT, with a fixed total supply of 1 billion tokens. The mainnet and token generation event (TGE) is scheduled for April 24, 2025. The token distribution is as follows:
Community incentives (50%): including airdrops (about 5%, 44.7 million tokens distributed to 194,000 testnet participants) and staking rewards.
Ecosystem development (25%): used to fund projects and innovations within the ecosystem.
Team and advisors (15%): 4-year lock-up period to ensure long-term development.
Investor round financing (15.25%): private placement with a 4-year lock-up period.
Initia Foundation (7.75%): supports operations and strategic development.
Reserves (10%): for future strategic needs.
The initial circulating supply is approximately 148.75 million tokens (14.88%), including 30 million tokens for Binance Launchpool (3%). The INIT token is used for paying L1 and L2 transaction fees, providing staking rewards through the Enshrined Liquidity model, and participating in governance decisions. The VIP incentive program (accounting for 25%) distributes tokens through staker voting to promote L2 ecosystem growth.
Summary
Initia provides developers with an efficient development environment and users with a seamless cross-chain experience through its unique L1+L2 architecture and modular design. Its strong financing background, experienced team, and balanced token economics make it a potential project in the blockchain infrastructure space. With the launch of the mainnet and INIT token, Initia is expected to occupy an important position in the Web3 ecosystem.
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