Solana-Based DEX Cypher Plans Token Sale to Recover from Hack
Cypher, a decentralized exchange on the Solana blockchain, is preparing to hold a token sale in order to recover from a recent hack. The sale will be heavily focused on the public, with over 45% of tokens being sold to the public. The proceeds from the sale will be used to fund development and replenish the project’s treasury, which was depleted by the hack. The sale will also test the momentum of the Solana ecosystem and its investors, as it has been a while since a major token issuance has occurred on the blockchain. Cypher is still working to recover the funds lost in the hack and has frozen $600,000 worth of crypto in centralized exchanges.
Key Points:
- Cypher is planning a token sale to recover from a recent hack that drained the protocol of over $1 million in assets.
- Over 45% of tokens will be sold to the public, with the remaining tokens allocated to the team, investors, advisors, and growth incentive programs.
- The sale will test the momentum of the Solana ecosystem and its investors, as it has been a while since a major token issuance has occurred on the blockchain.
- Cypher is still working to recover the funds lost in the hack and has frozen $600,000 worth of crypto in centralized exchanges.
- The protocol will refund impacted depositors at a rate of 31 cents on the dollar, using the funds that had not been stolen.
Hot Take:
Cypher’s token sale is an opportunity for the project to recover from the recent hack and regain momentum in the Solana ecosystem. By heavily involving the public in the sale, Cypher is demonstrating its commitment to transparency and community involvement. However, the success of the sale and the recovery of the hacked funds will depend on the cooperation of centralized exchanges and law enforcement. It will be interesting to see how the Solana ecosystem and its investors respond to this token issuance and whether it will pave the way for future IDOs on the blockchain.
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