The DeFi sector remains strong thanks to the recently launched APY Tribal Platform. Funding, which is attracting more than $ 67 million in funds frozen within an hour of starting liquidity operations 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 “incentive details” will change from month to month. The total amount extracted from APY will be 31.2 million tokens, or 31.2% of the total supply.

The proliferation of APY icons has alarmed the community, with Twitter user Goomba saying:

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

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

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

In addition, 20% will also be reserved for the team and consultants (obtained over a period of one year followed by a written issuance of three years). After APY tokens are fully released, 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 would 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