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Stacks Foundation Will Soon Put Those 100M Tokens to Work
The blockchain governance foundation is stacking stacks.
Di Danny Nelson
The Stacks Foundation plans to soon begin awarding grants to Blockstack blockchain projects with its fresh reserve of 100 million Stacks tokens.
- 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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