The valuation of io.net is 1 billion dollars, launching on Binance Launchpool, the next "big wave" is coming
The harvest season for "fur collectors."Author: Asher, Odaily Planet Daily
This morning, Binance announced its 55th new coin mining project as io.net (IO), which will launch the IO/BTC, IO/USDT, IO/BNB, IO/FDUSD, and IO/TRY trading markets at 20:00 Beijing time on June 11. As soon as the news broke, various "farming" communities became active. Below, Odaily Planet Daily will take you through the io.net project, the IO token economy, and the over-the-counter trading situation.
Comprehensive Analysis of io.net
Project Introduction
Image source: official Twitter
io.net is a decentralized computing network that has built a bilateral market around chips, where the supply side consists of globally distributed chip (mainly GPU, but also CPU and Apple's iGPU, etc.) computing power, and the demand side consists of AI engineers looking to complete AI model training or inference tasks. Its mission is to integrate millions of GPUs into its DePIN network.
The core team initially focused on quantitative trading, developing institutional-level quantitative trading systems for stocks and crypto assets until June 2022. Due to the backend's demand for computing power, the team began exploring the possibilities of decentralized computing and ultimately focused on the specific issue of reducing the cost of GPU computing services.
Financing Situation
According to ROOTDATA, io.net has completed its second round of financing, with a latest valuation of $1 billion and a total financing amount of $40 million, which includes:
- On May 1, 2023, it announced the completion of a $10 million seed round financing;
- On March 5, 2024, it announced the completion of a $30 million Series A financing, led by Hack VC, with other participants including Multicoin Capital, Delphi Digital, Foresight Ventures, Animoca Brands, Continue Capital, Solana Ventures, Aptos, LongHash Ventures, OKX Ventures, Amber Group, SevenX Ventures, and ArkStream Capital.
io.net has completed its second round of financing, totaling $40 million
Token Economics
According to the official documents released by io.net, its native token is IO, with a maximum supply fixed at 800 million tokens and an initial supply of 500 million IO. The specific distribution is as follows:
- Community: 250,000,000 IO, accounting for 50.00% of the total supply;
- Research and Ecosystem: 80,000,000 IO, accounting for 16.00% of the total supply;
- Seed Investors: 62,000,000 IO, accounting for 12.50% of the total supply;
- Series A Investors: 51,000,000 IO, accounting for 10.20% of the total supply;
- Core Contributors: 56,500,000 IO, accounting for 11.30% of the total supply.
At the same time, the transfer restriction period for the IO allocated to investors is three years, starting from the end of the 13th month, with the restrictions being lifted in 24 equal parts from the beginning of IO until the end of the 36th month from the initial allocation date; the transfer restriction period for IO allocated to io.net employees is four years, starting from the end of the 13th month, with the restrictions being lifted in 36 equal parts from the beginning of IO until the end of the 48th month from the initial allocation date.
Initial distribution of 500 million IO tokens
The remaining 300 million tokens will be issued and paid as rewards to suppliers and their stakers, occurring once every hour. Rewards are distributed hourly to suppliers and their stakers for a duration of 20 years. The rewards follow a deflationary model, starting at 8% in the first year and decreasing by 1.02% each month (approximately 12% per year) until reaching the cap of 800 million IO. IO employs a programmatic token burn system, where the revenue generated from the IOG network is used to buy and burn IO. The amount of IO to be burned is adjusted based on the price of IO.
Initial 6-hour release of IO tokens
Over-the-Counter Trading
As early as May 8, Aevo launched the io.net (IO) Pre-Launch. With today's launch of Binance's 55th new coin mining project, the price has surpassed $4.3, currently reported at $4.36, with a 24-hour trading volume of $16,000 and a 24-hour increase of 14.39%.
IO Pre-Launch contract
At the same time, IO has also launched in the Pre-Market of Whales Market, and the total trading volume of IO ranks first in the Pre-Market, reaching $5.93 million. Currently, on the Whales Market platform, the price of IO is reported at $4.95, with a 24-hour increase of 27.6%.
Whales Market Pre-Market
Overall, IO is about to launch on Binance, and community discussions have suddenly become heated. Those who previously completed the io.net Galaxy mission and obtained a senior status in the official Discord are finally entering the "season" of harvest.
