The DeFi sector continues to do well with the recently launched APY tribal platform. Funding more than $ 67 million in frozen funds within an hour of the start of liquidity operations earlier today.

APY mining contracts encourage users to offer liquidity in the form of DAI, USDC, and USDT coins, while rewarding users with the APY platform governance token.

In the first month, 900,000 APY tokens will be redeemed, according to the official blog post, but the ‘Promotion Details’ will change from month to month. The total amount of APY to be extracted will be 31.2 million tokens, or 31.2% of the total supply.

The proliferation of APY tokens has caused concern in the community, as Twitter user Goomba said:

“Regular #DeFi users don’t have a chance to compete with VC and Whale here. They already had a pre-sale, and that’s just 31% of the 12,228 total shows.”
Cointelegraph, unable to confirm current total, closed when APY Finance dashboard closed due to pressure.

Two weeks ago, APY.Finance raised $ 3.6 million in a private sale after announcing it only last month. Well-known crypto securities firms, including Alameda Research, Arrington XRP Capital, Coingecko, and Parafi Capital participated in the proposal.

It is unclear how many tokens were sold in this sale and at what price. However, according to the official blog post, when distributing tokens, 20% will be sent to investors at $ 0.09 per token (acquired in one year), while 16.5% will be reserved to strategic investors at $ 0.135 per token (acquired in a year). one)).

Additionally, 20% will also be reserved for the team and consultants (to be obtained over one year followed by a written issuance of three years). After APY tokens are fully issued, the community will only be able to control 43.5% of the department’s token supply.

If all of the 36.5 million tokens available to investors were sold, APY.Finance would raise more than $ 4 million. It will be interesting to see if the APY token displays immediately after launch, similar to both the UNI Uniswap tokens and the SUSHI Sushi tokens.

Source: CoinTelegraph

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