On January 9, news reported that the stablecoin issuer Avalon Labs announced on its official blog that the TGE event for its governance token AVL will take place in early Q1, and the claiming process will also open shortly thereafter. AVL will launch on centralized exchanges (CEX) simultaneously with the TGE.

The total supply cap for the AVL token is 1 billion, with 30% allocated for community incentives, 20% for airdrop distribution, 16% for ecosystem and treasury distribution, 10% for team allocation, 4% for advisor allocation, 2% for initial liquidity allocation, and 18% for investor allocation.

Previously, in December of last year, it was reported that stablecoin issuer Avalon Labs completed a $10 million Series A financing round, led by Framework Ventures.