Rage Trade to Issue RAGE Tokens on Layer1 Blockchain Hyperliquid
PANews reported on July 12 that according to CoinDesk, the decentralized exchange (DEX) perpetual aggregator Rage Trade announced plans to issue a new token (RAGE) through a liquidity generation event and a token sale held on Fjord Foundry on August 7. The token will be built on the recently released Layer1 blockchain Hyperliquid. Rage Trade currently integrates GMX, Synthetix, Dydx, Aevo and Hyperliquid. It aims to allow traders to manage positions across multiple chains and receive rewards on each chain.
20 million RAGE tokens will be sold on Fjord at a fixed price of $0.30, another 9 million tokens will be used to inject liquidity into Hyperliquid during the token generation event, and 6 million tokens are reserved for future market making and product incentives. The total supply of the token is 100 million, of which 20% has been allocated to the token sale, while 30% will be deposited into the community treasury and subject to a 12-month cliff period and a 24-month linear vesting schedule.
A deflation mechanism known as “Rage Quit” allows private investors and airdrop recipients to cancel the vesting schedule and receive their allocation after the initial three-month cliff period ends. Those who choose to use Rage Quit will be subject to a 60% slash, which will reduce the supply of RAGE.
