Stacks Foundation Will Soon Put Those 100M Tokens to Work
The blockchain governance foundation is stacking stacks.
Aug 12, 2020 at 9:07 p.m. UTCUpdated Aug 19, 2021 at 3:39 a.m. UTC
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The Stacks Foundation plans to soon begin awarding grants to Blockstack blockchain projects with its fresh reserve of 100 million Stacks tokens.
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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.
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