Arbitrove Raises $14 Million, Allocates 20% to Floor Price Protection Fund

On February 20th, Camelot Launchpad project Arbitrove completed its public offering, raising a total of 8,222.2178 $ETH, or approximately $14,023,289.

The current market cap. is $21 million, and fully diluted valuation at $70M as data showed in the Camelot Launchpad.

50% of the $ETH raised will be used to seed the $TROVE / $ETH pair on Camelot. In addition, the team will introduce a Floor Price Protection Fund for the first 14 days post-launch, according to the team. The Fund will set buy orders using various order types if the price of TROVE ever drops by more than 20%. The size of the Floor Price Protection Fund will be approximately 20% of the ETH we raised. In total, the team contributing a total of 70% of the $ETH raised to maintain the liquidity of $TROVE.

Trading of $TROVE starts today at 2pm UTC on Camelot.

$TROVE is the governance token for the Arbitrove Protocol, a yield-bearing index and strategy vault protocol natively built on the Arbitrum network, with its first index ALP being a basket of selected blue-chip tokens such as GMX, MAGIC, and GRAIL, designed to generate yield for users.

Source

Arbitrum

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