In a bid to recover from a recent hack, Cypher, a decentralized exchange built on the Solana blockchain, has announced its plans for a "fair launch" token sale.
A fair launch, in the context of a decentralized crypto network like Cypher, revolves around tokens being earned, owned, and governed by the community right from the start.
The emphasis lies in enabling anyone to participate, ensuring absence of early access, pre-mining, or token allocation.
The hack, which occurred earlier this month, led to a significant loss of assets, prompting the project to seek funding through this initiative.
Coinlive previously reported on the Cypher incident, which saw a loss of around $1 million.
Cypher's recovery strategy involves holding an expedited initial decentralized offering (IDO), originally scheduled for the end of September.
This plan aims to address the financial setback caused by the hack by issuing debt tokens to the affected investors.
These tokens will enable the investors to regain their lost funds as the protocol continues to develop, as outlined in the project's blog posts.
The success of Cypher's new token issuance plan will determine if it can regain the momentum it had in late July and early August.
During this period, the project experienced rapid growth within the Solana ecosystem, attracting a surge of interest from airdrop enthusiasts.
Additionally, this token sale could serve as a barometer for both the Solana ecosystem and its investor sentiment regarding new token offerings.
The blockchain ecosystem hasn't witnessed a major initial decentralized offering (IDO) for quite some time, making Cypher's approach noteworthy.
The recovery process for affected depositors involves a refund rate of 31 cents per dollar, utilizing the funds that were not compromised during the hack.
This approach aims to alleviate the financial impact on those who were adversely affected.
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