Side Protocol Set to Unleash Genesis Drop Tokens Following the Cancellation of Public Sale
In Brief
In a significant shift, Side Protocol has opted to release Genesis Drop tokens while scrapping its planned public offering and token launch on the Solana network.
Layer 1 blockchain compatible with Bitcoin Side Protocol Side Protocol has announced the decision to enable the unlocking of Genesis Drop tokens, moving forward with the cancellation of their public offering and token release on the Solana platform.
Participants who joined the campaign will receive a full refund within two weeks post-contract conclusion. Meanwhile, the issuance of SIDE tokens will take place directly on the mainnet of Side Chain.
Eligible users from the testnet phase have until December 15th to finalize their registration. For those who missed the Bitcoin address link deadline of November 15th in the Insider Point System, resubmission will reopen at 10 AM UTC on November 27th, closing by 10 AM UTC on December 10th, while Genesis Drop registration ends at 10 AM UTC on December 15th.
The allocation of tokens will vary for users who linked their Bitcoin addresses before November 15th compared to those who do so afterward.
New eligible users from the testnet will be tapped into the 5 million SIDE set aside for the 'Campaign' segment of the Genesis Drop. The final token distribution will be calculated based on the submission status overall.
This pivot in strategy comes after an unexpected surge of over 200,000 addresses registered within hours of the SIDE Genesis Drop launch. The excitement surrounding this event exceeded the project team’s initial estimates, which prompted a reassessment of their token distribution structure. Consequently, Side Protocol has decided to fully unlock tokens for those who registered prior to the mainnet going live.
What Is SIDE Token?
While Bitcoin remains the primary asset across all products within the Side Protocol framework, the native utility token, SIDE, facilitates crucial roles such as value accumulation, staking, transaction fees, and governance on-chain.
The total supply of SIDE is 1 billion tokens , allocated as follows: 20% to the ecosystem reserve, 18% to the team, 17% to the community treasury, 15% to the public offering, 13% to the private offering, 10% to the Genesis Drop, and 7% to liquidity.
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