DeFi lending protocol Soul announced the launch of SO token public offering on May 16

Odaily News Soul, a DeFi lending protocol, announced that it will launch a public offering of SO tokens on May 16, aiming to push DeFi back to its original intention of fair distribution and broad participation. This public round will allocate 25% of the total tokens, and the valuation is determined based on the funds raised in the public round. All tokens will be fully unlocked at the token generation event (TGE). SO tokens are used for protocol governance, revenue enhancement and value sharing. Holders can obtain additional income through staking and participate in the revenue distribution and repurchase mechanism. Currently, the Soul testnet is online.
Previously, Soul had completed a $4 million private round of financing, with participation from XVentures Fund, TPC Ventures, RV Inc, and angel investors from Coinbase, LayerZero, Flowdesk and Pi Squared. The funds were used to support the early development of the protocol.