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Stacks Foundation Will Soon Put Those 100M Tokens to Work
The blockchain governance foundation is stacking stacks.
The Stacks Foundation plans to soon begin awarding grants to Blockstack blockchain projects with its fresh reserve of 100 million Stacks tokens.
STORY CONTINUES BELOW
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- Grants "will be awarded on a rolling basis," to developers and researchers iterating on Stacks blockchain 2.0, according to a foundation spokesperson, who said more info on the program will be coming soon.
- Blockstack PBC committed to transferring its Stacks reserves, intellectual property and a low-interest $950,000 operational loan to the Stacks governance foundation, according to a Monday Securities and Exchange Commission filing.
- Such a massive value transfer - the 100 million tokens were worth over $26 million at press time - will have the secondary effect of decentralizing Blockstack's network.
- Relinquishing control of 100 million STX could help Blockstack's argument that Stacks is not a security and possibly lead to an eventual token listing on U.S. exchanges, according to Decrypt.
- Even so, Blockstack treats its Stacks token as a security by taking steps like filing updates with the SEC.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
