The infrastructure for institutional yield and cross-chain lending brokerage services, TownSquare, has opened its ICO registration. According to official news, the TownSquare ICO is the first Sonar ICO based on the Monad chain, with the public offering supported by technology from the Echo Sonar platform within the Coinbase ecosystem. The valuation is divided into two segments, one at a $150 million valuation based on a 6-month lock-up, and another at a $200 million valuation with total release at the Token Generation Event (TGE) without lock-up, raising a maximum of $1 million, releasing approximately 0.666% of the TOWN token supply. This is the first public offering based on Monad L1 on Sonar, supporting the currencies USDC and USDT0 on Monad.

Previously, TownSquare has completed 3 rounds of financing totaling $16.25 million, with investments from World Liberty Financial, Auros Ventures, Amber Group, Animoca Ventures, OKX Ventures, and angel investors and institutions from the Monad, a16z ecosystems, predicting that the previous valuation is comparable to this ICO valuation.

It is reported that TownSquare has integrated the yield paths of high-performance chains such as Monad, Base, and BNBChain, and the TOWN token will also serve as a new operation method for cross-chain tokens, incentivizing yield strategies across different chains.

This Sonar public offering is one of the few public offerings in the market this year, with the previous MegaETH public offering also being an ecological ICO conducted on Sonar.

The TownSquare Sonar public offering registration is now open. The official public offering will begin on July 20 at 9 PM Hong Kong time.