CARV Launches CARV Token, Listed on Eight Exchanges

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Sead Fadilpašić

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Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served…

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Last updated:

October 10, 2024 05:46 EDT

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CARV, a major modular identity and data layer for gaming and AI, has launched its native utility token CARV.

According to the press release, CARV is available on eight exchanges, namely Bybit, KuCoin, Bitget, HTX, Gate, BingX, HashKey Global, and MEXC.

The team said it would be listed on more exchanges.

This coin is “the governance and participation cornerstone of the CARV ecosystem.”

It enables its holders to participate in decisions and propose new features, thus shaping the protocol.

The ecosystem includes CARV Protocol, CARV Play, and CARV Labs, while the utility also reaches “millions of gamers” through Infinite Play, CARV’s play-to-earn economy.

Via the coin, holders also own, control, and monetize their data, said the team.

Speaking of which, as the project advances in AI, they added, Web2 companies will use the token to “access valuable, user-controlled data, creating further demand.”

That’s not all the news from CARV today.

The team has also revealed veCARV on the popular Layer 2 chain Arbitrum to enable users to “have their say.”

veCARV is a locked ‘voting escrowed’ version of the CARV coin.

This version boosts voting power and subsequently encourages long-term staking and “community-driven development.”

CARV can be converted to veCARV with a 1:1 ratio through staking.

VeCARV conversion to CARV requires an unlocking period.

‘A Compelling Case for Traders’

CARV’s total supply is 1 billion. These will be fully released over four years.

Half of the total supply goes to the community, 10% of which will be delivered in three seasons of airdrops.

Meanwhile, nearly 20% goes to the founding team and advisors, approximately 9% to early investors, 9% to ecosystem and treasury, and 8.3% to private fundraising.

According to the team, “on the strength of CARV’s proven revenue model and high-yield staking opportunities, $CARV presents a compelling case for traders.”

Additionally, holders can acquire CARV nodes as 40 million tokens are reserved to “further decentralize the network and generate new revenue streams.”

Following that same goal, CARV said it has a buyback program for the node holders.

Towards the Mainnet

CARV COO Victor Yu commented that this launch is “just the beginning.”

The roadmap includes airdrops, gaming partnerships, and “innovative experiences driven by community governance.”

Currently, the team is preparing for the upcoming mainnet release, set for October 11.

They are also working on other “key initiatives” for the remainder of this year.

Among these is extending its identity and data layer with decentralized sequencers and data verification.

Furthermore, they’ll enhance the ERC-7231 standard, data processing, and privacy by incorporating Merkle trees.

Also, the team will be offering an on-chain database solution for instant identity integration with CARV ID.

Meanwhile, the project secured $10 million in Series A funding this year. In the first three quarters, it recorded over $43M in total revenue.

CARV also launched a $35 million verifier node sale and a $50 million accelerator.