Syndicate to Launch 1 Billion SYND Tokens This Month, Emphasizing Community Ownership

Syndicate, a prominent decentralized autonomous organization (DAO) infrastructure platform, is set to launch its native SYND token this month, marking a significant step in its mission to empower community-owned networks. The launch, which includes a total supply of 1 billion tokens, has garnered attention from key players in the Web3 space, including Seedclubhq.

The SYND token is designed to function as the native gas token for the Syndicate Network, powering its application-specific blockchains (appchains) and enabling developers to build custom, programmable networks. Beyond its utility as a gas token, SYND will also serve governance purposes, allowing token holders to participate in key decisions and contribute to the ecosystem's direction.

Syndicate has outlined a strategic allocation for the SYND token, with a substantial portion dedicated to its community. Approximately 2% of the total supply was allocated for an airdrop event that commenced on August 15, with over 50% (50.12%) of the tokens earmarked for the broader community. The remaining allocations include 15.89% for investors and 24.99% for the team, with both investor and team tokens subject to a 48-month vesting schedule and a one-year cliff.

The platform's approach to decentralization is further underscored by its operation under a Wyoming-based legal framework known as a Decentralized Unincorporated Nonprofit Association (DUNA). This structure allows Syndicate to maintain its decentralized nature while operating within legal bounds. The company previously secured significant funding, including a Series A round led by a16z, solidifying its position in the DAO infrastructure landscape.

The excitement surrounding the launch was echoed by Web3 enthusiast Jess 🌱, who stated in a recent tweet, > "Very cool to see how Syndicate is approaching their network and token launch. Stoked to see @seedclubhq a part of this ty for the tokens fam!" Seedclubhq, a Venture DAO focused on backing early-stage founders building at the intersection of Web3 and community, aligns with Syndicate's vision of fostering a community-owned internet. Their involvement highlights the collaborative spirit driving innovation in the decentralized ecosystem.