Agoric, the JavaScript-native smart contract platform, has closed its public token sale, having sold more than $50M of BLD tokens in “less than two hours,” according to an update shared with CI.
As noted in the announcement, the 48,000+ new account holders, soon to be onboarded on to Agoric’s public chain, will be able to “stake their BLD and participate in governance.”
Proceeds from the sale will be “used for the sustained growth and development of the Agoric network, including the Agoric virtual machine, RUN token and protocol, vault contracts, native AMM, and permissionless smart contracts (for detailed information on token economics, check out the Agoric Whitepaper).”
The Agoric chain reportedly features two tokens, BLD and RUN. BLD is “the native staking token of the Agoric blockchain,” the update explained.
BLD secures the network and is “used for governance.” RUN is the fee token for the chain and “will be launched by the Agoric community through a series of smart contracts authorized by the BLD holders through governance.”
It will be “used to pay for chain services (e.g., gas), implement smart contracts on-chain, and support cross-chain activity.” It is envisioned as a stable token “pegged to the value of the U.S. dollar (USD), built as a collection of smart contracts called the RUN Protocol.”
As envisioned, RUN is “fully backed by user-provided collateral, which may include BLD, assets built on the Agoric chain, and assets from the $75B+ interchain ecosystem available via Cosmos’ Inter-Blockchain Communication protocol (IBC).”
Together, BLD and RUN “create the solid foundation for a thriving DeFi ecosystem,” the announcement explained.
Dean Tribble, CEO of Agoric, stated:
“We are delighted to have reached this crucial milestone. Our programming model, supported by our native market infrastructure, is designed to enable the formation of a cryptoeconomic standard library with the same exponential composability that led to the explosive growth of the Node.js, React.js, and other JavaScript ecosystems.”
A layer 1 Proof of Stake (PoS) public blockchain and smart contract platform, Agoric is designed to “enable developers to rapidly build safe smart contracts in the most popular programming language on the planet, JavaScript.”
Agoric can “quickly bring millions of developers to the DeFi frontier.”
With Hardened JavaScript, Agoric is offering “the safe, stable environment that developers need to build, deploy, and operate sophisticated Dapps, NFTs, and DeFi markets.”
The Agoric public blockchain, part of the Cosmos ecosystem, is built upon the battle-tested Tendermint Proof of Stake (PoS) consensus system “with native support for the Inter-Blockchain Communication (IBC) protocol.”
Dusan Kovacic, CIO of Rockaway Blockchain Fund, remarked:
“Agoric will enable easy access to smart contracts for more than 10 million developers worldwide. In addition to native support of smart contracts in Javascript, Agoric users will benefit from USD denominated pricing and high security delivered by the enclave environment, Zoe. We expect this unique combination of features to catapult Agoric into one of the most utilized blockchain platforms within two years.”
Agoric is led by a number of industry professionals focused on the development of smart contracts, “including CEO Dean Tribble, a former Operating System Principal Architect at Microsoft, and Chief Scientist Mark S. Miller, a Google Research Scientist whose Agoric Open Systems Papers (1988) were the first clear vision of software components creating and participating in markets.”
Other team members “bring a rich software development history from the likes of Stripe, Google, Uber, PayPal, and Yahoo.”
