Silo Finance to Run Token Auction on Gnosis Auction on 6 December

TokenInsight news, the decentralised lending protocol Silo Finance will conduct a token auction on the Gnosis Auction platform on December 6. 100 million tokens will be released in this auction, representing 10% of the total supply, 85% of the funds raised in the auction will be locked into the DAO treasury as liquidity owned by the protocol, and the remaining funds will be used for Silo protocol's operating expenses, including payments to contributors, security services, infrastructure costs, etc. Silo Finance has also announced the completion of a seed funding round for an undisclosed amount, with investors including Joey Santoro, founder of Fei Protocol, Sam Kazemian, founder of Frax Finance, Emile, co-founder of XDEFI and others.


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