Token launchpad Fjord Foundry raises over $15 million in its token pre-sale
Backed by names such as Mechanism Capital, Lemniscap, and Kieran Warwick, the FJO registered the largest investment in 2024 through an LBP.
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Token launchpad Fjord Foundry finished its token FJO pre-sale this Friday with over $15 million raised. The pre-sale was based on the Liquidity Bootstrapping Pool (LBP) model in Fjord Foundry’s own launch platform, with the FJO starting at $5.36 on April 16 and closing at $2.32.
We are excited to announce that the $FJO LBP has officially ended in an echoing success!
Our launch was seamless, raising over $15.35M. LBP investors have claimed 88% of the 7.5M FJO tokens, demonstrating strong demand for our offering. pic.twitter.com/oL3kFdJPVU
— Fjord Foundry (@FjordFoundry) April 19, 2024
The LBP model operates on a supply and demand basis, as the token price falls during the pre-sale and is brought back up by investors’ demand. According to the LBP campaign page, FJO will give stakers a portion of rebought FJO tokens from platform revenues, potential participation in other projects’ token airdrops, raise hard acquisition caps in pre-sales, and access to new LBP models.
Moreover, FJO’s trading volume neared $24 million in the LBP, and its liquidity surpassed $17 million. At the time of writing, LBP investors have claimed 88% of the 7.5 million FJO tokens sold.
The sale happened one month after Fjord Foundry’s team raised $4.3 million from funds such as Mechanism Capital and Lemniscap, including the participation of blockchain game Illuvium’s co-founder Kieran Warwick.
In an X post, the team celebrated the largest LBP sale of 2024. “We couldn’t be more confident about the future prospects for $FJO.”
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