Side Protocol To Unlock Genesis Drop Tokens As Public Sale Is Cancelled
In Brief
Side Protocol plans to unlock Genesis Drop tokens, canceling its public offering and token launch on Solana.
Bitcoin-compatible Layer 1 blockchain Side Protocol announced plans to unlock Genesis Drop tokens, canceling its public offering and token launch on Solana.
Participants who have already joined the campaign will receive a full refund within two weeks after the contract concludes. Meanwhile, SIDE tokens will be issued and launched directly on the Side Chain mainnet.
Eligible testnet users can still complete their registration by December 15th. For ineligible testnet users who did not link their Bitcoin address before November 15th on the Insider Point System, resubmission will open at 10 AM UTC on November 27th. Resubmissions will close at 10 AM UTC on December 10th, and Genesis Drop registration will close at 10 AM UTC on December 15th.
The number of tokens awarded to users who linked their Bitcoin address before November 15th will differ from those who link it afterward.
Tokens for new eligible testnet users will come from the 5 million SIDE allocated for the “Campaign” portion of the Genesis Drop. The final token amount will depend on the overall submission status.
The change in approach follows the registration of over 200,000 addresses within just a few hours of the SIDE Genesis Drop launch. The level of enthusiasm for the event far surpassed the project’s initial expectations, which had not been foreseen when the first-come, first-served (FCFS) mechanism was designed. As a result, the Side Protocol has revised its token distribution plan. Therefore, Side Protocol has decided to fully unlock the tokens for users who have already registered upon the mainnet launch.
What Is SIDE Token?
While Bitcoin serves as the main asset across all products within the Side Protocol, the SIDE token is the protocol’s native utility token, playing a critical role in various functions such as value accrual, staking, transaction fees, and on-chain governance.
The total supply of SIDE is 1 billion tokens, with the following allocations: 20% to the ecosystem reserve, 18% to the team, 17% to the community treasury, 15% to the public offering, 13% to the private offering, 10% to the Genesis Drop, and 7% to liquidity.
Disclaimer
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
