gensyn opens public sale with a valuation cap of $1 billion, entering AI computing infrastructure at the same price as a16z.

Written by: Sanqing, Foresight News

On December 9, the gensyn foundation announced that it will launch the public sale of AI tokens on December 15 through the Sonar platform, with registration and KYC verification now open. This issuance adopts a British auction model with a valuation cap, selling 300 million tokens (3% of the total supply) with a valuation cap of $1 billion FDV, matching the valuation of the Series A financing led by a16z. As a decentralized AI computing infrastructure, gensyn recently launched the machine intelligence public market Delphi, based on model performance evaluation. gensyn has previously raised over $50 million in seed and Series A rounds, led by Eden Block and a16z respectively.

AI Token Public Sale Details

The gensyn foundation will publicly sell AI utility tokens through Sonar to raise funds for the development of the gensyn ecosystem. The AI token is an internal utility token of the network and does not represent any equity, ownership, or financial instrument.

This token sale by gensyn adopts a British auction format with a valuation cap. The total supply of AI tokens is 10 billion, with 300 million tokens available for public sale. The minimum valuation is set at $1 million FDV ($0.0001 per token), and the valuation cap is set at $1 billion FDV ($0.1 per token), which is the same price as gensyn's previous round of a16z venture capital. The gensyn foundation has reserved an additional 2% of tokens, which will be distributed to public sale investors who participated in the testnet and chose to lock up their tokens through a "reward multiplier" mechanism.

The sale will take place on the Ethereum mainnet, accepting USDC and USDT payments, with a minimum bid amount of $100 per user. Tokens will be distributed on the gensyn Network (L2). Registration opened on December 9, the sale will open on December 15, and will close on December 20. Distribution will be determined on December 25, while the MiCA refund window will open and close on January 8. Token claims are expected to open in early February.

Bidders must select the highest price they are willing to pay and the bid amount. After the auction ends, tokens will be allocated starting from the highest bidder until all 300 million tokens are distributed, thus determining the clearing price. All successful bidders will pay the same clearing price. If demand at the clearing price exceeds the available token supply, allocation will be determined based on multiple factors, including Testnet participation, community engagement, open-source ML contributions, lock-up choices, and bid order.

Non-U.S. participants can choose a 12-month lock-up in exchange for a 10% reward multiplier and priority allocation. Locked tokens are prohibited from being sold, transferred, or hedged in any way before the lock-up period ends. All participants must complete KYC (identity verification) through Sonar. Individuals residing in restricted areas such as the UK, Russia, Cuba, Iran, North Korea, Syria, and Ukraine are not allowed to participate. U.S. participants must be accredited investors and are subject to a mandatory 12-month lock-up but will receive a 10% reward multiplier and priority allocation.

gensyn: AI Computing Infrastructure

gensyn focuses on creating a decentralized protocol aimed at unifying global computing power into a single, open machine learning network. The protocol standardizes the execution, verification, and coordination processes of machine learning workloads, allowing any device from personal computers to data centers to participate, thus enabling AI systems to break the limitations of centralization and scale.

gensyn is built on a customized Ethereum Rollup, integrating four core components: consistent machine learning execution, trustless verification, peer-to-peer communication, and decentralized coordination, to ensure compatibility, fairness, and permissionless participation in the global computing ecosystem.

Ben Fielding, co-founder of gensyn, emphasized that realizing the potential of AI requires immense computing power, which gensyn provides at unlimited scale and fair market prices. By connecting underutilized hardware from around the world, gensyn significantly increases computing supply.

Team and Funding Information

The core team of gensyn consists of members with backgrounds in technology, investment, law, and marketing. Co-founder Harry Grieve was previously an angel investor and graduated from Brown University. Co-founder Ben Fielding holds a PhD in Computer Science from Northumbria University. Chief Operating Officer Jeff Amico previously served as a partner at a16z and General Counsel at AirSwap, holding a JD from Columbia Law School. Marketing Director Austin Virts has worked on market and community-related tasks for several crypto projects, including Aptos, Audius, Solana, and Origin Protocol, and graduated from Millersville University of Pennsylvania. Product Manager Diogo Ortega has previously worked at Coinbase and Autograph, responsible for crypto product and user experience functions.

In terms of funding, gensyn completed a $6.5 million seed round on March 21, 2022, led by Eden Block, with participation from Galaxy Digital, Maven 11, CoinFund, and others. On June 11, 2023, gensyn completed a $43 million Series A round, led by a16z, with participation from CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and others. The total amount raised in both rounds exceeds $50 million. The valuation cap set for this AI public offering is $1 billion fully diluted valuation, corresponding to the equity pricing level during the previous round led by a16z.

Delphi: "Prediction Market" for Model Performance

On December 8, gensyn launched the machine intelligence public market Delphi, based on authenticity performance evaluation. Delphi is now live on the gensyn testnet.

Delphi innovates the value discovery mechanism for AI models, allowing users to watch machine learning models compete in real-time on specific benchmarks. Users can buy and hold shares of models they believe in, similar to "betting" on technical prowess. As competition results are revealed, supporters of the winning models will receive rewards.

Unlike traditional venture capital bets on private companies like OpenAI, Delphi allows market participants to directly support open-source models. Through an on-chain automated market maker (LMSR) mechanism, Delphi provides continuous liquidity and transparent pricing, forming a real-time index that reflects the true intelligence level of models, discarding mere marketing hype and AGI empty promises.

The launch of Delphi enhances gensyn's "Signal, Scale, Eval" flywheel. In the future, users will not only be able to participate in predictions but also create their own evaluation markets or submit models for competition.

Currently, all transactions in the Delphi market use test tokens TEST, which users can claim within the application.

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