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The Axelar Foundation has announced the completion of $30 million in AXL token sales aimed at enhancing its interoperability protocol. Several investors participated in these sales, including notable venture capital firms such as Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital, and Wagmi Ventures. Some of the AXL tokens sold were sourced from the foundation’s community programs allocation and will be subject to lockup periods ranging from six to twelve months. Additionally, there are indications that the broader market is experiencing activity related to over-the-counter (OTC) derivatives, where major holders are employing strategies to hedge their positions in the cryptocurrency market, similar to practices seen in traditional finance.
.@axelar Foundation has disclosed strategic $AXL token sales worth $30 million Several crypto investors participated in the token sales, including @Arrington_Cap, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital and Wagmi Ventures, the foundation… https://t.co/Q9Yy7XOgwH
Sources: VCs with "locked" tokens are working with market makers to hedge their positions; Tokenomist: 2024's largest unlocks brought $5.4B+ into circulation (@ryanjamesweeks / Bloomberg) https://t.co/yutB9FRJPT https://t.co/6D4GDwvtHF https://t.co/ZOzeer1FAj
Axelar Foundation announces a strategic AXL token sale worth $30 million, with Arrington Capital, Distributed Global, Electric Capital and others participating in the purchase. Axelar Foundation is not the only seller in this transaction. https://t.co/lj8pVw8lWL
