BitFi Unveils Public Sale as BFI Governance Token Nears Launch

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Key Highlights

BitFi, an on-chain asset management platform, today announced plans to launch a public sale for its native token BFI. 

According to the official announcement, the upcoming public sale will see 10 million BFI tokens being released to interested individuals, equivalent to 1% of the total number of tokens. The token sale is expected to happen between June 8 and June 12, with pre-sale registration happening between June 1 and June 7.

BitFi said the price per token in the public sale has been fixed at $0.05, which is the same price at which BitFi conducted its fundraising in its seed stage. The sale is expected to bring in $500,000 with a fully diluted valuation (FDV) of $50 million.

Token sale structure

The BitFi team stated that the allocation process will take place using the fixed price and pro rata allocation approach. Users can use USDC on the Ethereum blockchain for contributing, whereas contributors will be required to go through onboarding and eligibility verification through Sonar by Echo.

The team highlighted that in case of high demand surpassing available allocations, token allocation amounts will be adjusted accordingly among the participants. Any surplus contributed funds will either be returned or withdrawn based on the sale terms.

Furthermore, individual contribution amounts will be restricted. The minimum limit for individual contributions is $100, while the maximum limit for contributions has been set at $100,000 per eligible participant.

Settlement planned for June

The settlement of funds is planned for June 13 and June 14, while refunds will be conducted between June 15 and June 16.

BFI will launch with a maximum supply of 1 billion tokens and will initially be issued as an ERC-20 asset on Ethereum. The company BitFi says that the token has been created with cross-chain integration through LayerZero’s Omnichain Fungible Token (OFT).

As per the project, around 145 million BFI tokens, which account for 14.5% of the total supply of the BFI token, will be in circulation at launch. Around 47% of the total supply has been reserved for various ecosystem-related use cases such as airdrops, the public sale, and other future ecosystem development programs.

Staking structure and governance

BitFi also provided details about the staking structure associated with BFI. Those who choose to stake their tokens will reportedly get a receipt token, referred to as sBFI, as part of this process. The receipt token will be non-transferable and will reflect users’ stake and earnings.

The project said governance is expected to play an increasingly important role over time. Stakers will be able to participate in decisions related to protocol parameters, fee structures, integrations, collateral onboarding, and ecosystem incentives.

The token generation event is scheduled to follow the public sale, when purchased tokens will be distributed to participants. Following the launch, the project’s focus is expected to shift toward the rollout of its governance and staking systems.

Also read: Solana Founder Signals Support for New SOL Burn Mechanism Proposal

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