Backed by names such as Mechanism Capital, Lemniscap, and Kieran Warwick, the FJO registered the largest investment in 2024 through an LBP.
Token launchpad Fjord Foundry finished its token FJO pre-sale this Friday with over $15 million raised. The pre-sale was based on the Liquidity Bootstrapping Pool (LBP) model in Fjord Foundry’s own launch platform, with the FJO starting at $5.36 on April 16 and closing at $2.32.
We are excited to announce that the $FJO LBP has officially ended in an echoing success!
Our launch was seamless, raising over $15.35M. LBP investors have claimed 88% of the 7.5M FJO tokens, demonstrating strong demand for our offering. pic.twitter.com/oL3kFdJPVU
— Fjord Foundry (@FjordFoundry) April 19, 2024
The LBP model operates on a supply and demand basis, as the token price falls during the pre-sale and is brought back up by investors’ demand. According to the LBP campaign page, FJO will give stakers a portion of rebought FJO tokens from platform revenues, potential participation in other projects’ token airdrops, raise hard acquisition caps in pre-sales, and access to new LBP models.
Moreover, FJO’s trading volume neared $24 million in the LBP, and its liquidity surpassed $17 million. At the time of writing, LBP investors have claimed 88% of the 7.5 million FJO tokens sold.
The sale happened one month after Fjord Foundry’s team raised $4.3 million from funds such as Mechanism Capital and Lemniscap, including the participation of blockchain game Illuvium’s co-founder Kieran Warwick.
In an X post, the team celebrated the largest LBP sale of 2024. “We couldn’t be more confident about the future prospects for $FJO.”