Telos is raising $ 8 million in funding before the Ethereum Virtual Machine launches so as not to fall back on the sale of TLOS tokens in the event of a prolonged bear market

The blockchain platform Telos, led by ConsenSys and Polygon investor John Lilic, raised $ 8 million. Funding was secured by Telos shortly before the launch of the Ethereum Virtual Machine (EVM) platform, ending the company’s current series of startup initiatives.

Telos intends to redirect recently secured capital into the development and commercialization of the platform and additionally improve the liquidity of the ecosystem “without resorting to the sale of TLOS tokens in the event of a prolonged bear market next year.. “According to Telos chief architect Douglas Horn:

â ???? While this [las iniciativas de arranque] it has preserved our identity as an egalitarian and self-governing community and exposed us to the risks of continuing to fund our explosive growth through protracted bear markets.

Speaking to Cointelegraph about moving away from token sales, Horn said: Telos aims to avoid centralized ownership that eventually leads to whale operations as the network matures. “With a fair community start and a really decentralized operation, Telos also avoids an official review at the highest possible level for every cryptocurrency,” he added.

Telos is raising $ 8 million in funding before the Ethereum Virtual Machine launches so as not to fall back on the sale of TLOS tokens in the event of a prolonged bear market
Telos is raising $ 8 million in funding before the Ethereum Virtual Machine launches so as not to fall back on the sale of TLOS tokens in the event of a prolonged bear market

The $ 8 million funding was backed by a group of five prominent crypto investors who want to support Telos with “deep industry connections and business execution experience.” to accelerate stock market listings and decentralized financial initiatives.

Under the agreement, Investors received 1.7% of the total supply of TLOS tokens:

“Investors entered the business through a community link when the $ TLOS tokens were trading at $ 0.90 and agreed to pay a premium of $ 0.10 above market price.

This agreement resulted in the total sale of eight million TLOS tokens, with none of the investors owning more than two million tokens. At the same time, Horn believes external investment will help Telos grow without risking “sacrificing token support or community sustainability.”

According to the company, Funds are hosted in the Ethereum Gnosis vault of the internal network, which is routed to trading via Telos Foundations, development by Telos Core Developers and the Telos liquidity pool.

To outperform Ethereum in the DeFi market, Near Protocol’s smart contract ecosystem secured $ 800 million in funding in late October to improve the ecosystem’s decentralized financial capabilities.

As Cointelegraph reported, Near’s funding included a $ 350 million grant program designed to incentivize developers to build applications on the blockchain. Approximately $ 250 million has been allocated to existing ecosystem developers, while $ 100 million has been allocated to startup grants. The remaining $ 100 million will go to regional initiatives in Asia, Europe, and the United States.

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