PRESS RELEASE – Ho Chi Minh, Vietnam, December 10th, 2024]
U2U Network, a leading DePIN Layer-1 platform, has announced the closure of all funding rounds in preparation for its upcoming listing scheduled for Q4 2024.
The Foundation
The global blockchain market has experienced growth, valued at $20.22 billion in 2023 and projected to reach $561.38 billion by 2030 with a CAGR of 64.5%. Initially developed to support cryptocurrencies like Bitcoin, blockchain has evolved into a transformative technology, revolutionizing industries such as finance, healthcare, and supply chain management with enhanced transparency, security, and efficiency.
Building on this foundation, DePIN is redefining how infrastructure systems operate by integrating blockchain with physical assets. By 2023, DePIN had grown to include 650 projects with a market cap of $35 billion, and experts project its market potential to expand to $3.5 trillion by 2028, underscoring its transformative capacity.
Amid the rapid expansion of the blockchain and DePIN markets, U2U Network has announced its upcoming listing, a strategic move designed to further accelerate market growth and development.
U2U Network – A Leading DePIN Layer1, Closed All Funding Rounds With $13.8M, Getting Ready for Listing
U2U Network is at a pivotal moment in its development, aiming to enhance user experiences within the decentralized ecosystem. Through its comprehensive application, U2U Network serves as a centralized hub, enabling users to interact seamlessly with various integrated DePIN projects. This approach simplifies the process, removing the need for multiple app downloads and reducing complexity. Additionally, it provides a platform for projects to integrate their mini-apps, improving visibility and creating opportunities for collaboration within a unified ecosystem.
Recently, U2U Network secured $13.8 million in funding from notable venture capital firms, including KuCoin Ventures, Chain Capital, IDG Blockchain, Cointelegraph, V3V, JDI Ventures, Tesseract, IBG, Blockhive, Maxx Capital, UB Ventures. This funding is allocated to advancing its modular Layer-1 blockchain, which features DAG technology and EVM compatibility, addressing key challenges in scalability and interoperability. U2U’s innovative subnet technology supports the creation of scalable, flexible sub-networks, tailored to meet the needs of DePIN development.
As the DePIN industry grows, reflecting broader trends like the integration of blockchain into everyday applications, U2U Network focuses on advancing scalable hardware solutions for real-world use. This approach seeks to streamline adoption across sectors, contributing to the development of the DePIN ecosystem and fostering innovation in decentralized infrastructure.
Looking Ahead: Preparing for the Listing Season
U2U Network’s upcoming listing represents a significant milestone in its trajectory. This step will provide greater visibility, broaden the investor base, and support community expansion, furthering the network’s efforts to deliver practical, decentralized infrastructure solutions.
Exclusive Listing Details
Expected Date: 10 AM (UTC), December 10, 2024
Listing Platforms: Kucoin, Gate.io, BingX and MEXC. More listing partners will be announced soon
For IDO Participants on Fjord: Users will receive U2U ERC-20 tokens on the Ethereum network and can deposit them for trading on Exchanges, please check which exchanges support the deposit of U2U ERC-20 Token. U2U ERC-20 tokens will be available on both CEXs and DEXs.
Users will receive U2U tokens on the ERC-20 network and can deposit them for trading on KuCoin.
Gate.io, MEXC, and BingX only support U2U native token
Token Utility
Transaction Fees: Used to pay gas fees for transactions and smart contract interactions.
Staking & Security: Locked by validators or delegators to secure the network and earn rewards.
Governance: Enables holders to vote on protocol upgrades, network changes, or DAO decisions.
Incentives & Rewards: Rewards users for behaviors like liquidity provision, governance participation, or network development.
DeFi Collateral: Serves as collateral for loans, liquidity pools, and other financial products.
DApp Utility: Powers services, premium features, or specific use cases within decentralized applications.
Subnet Operations: Subnet Node Operators pay Verification Nodes with tokens for interactions between Subnet and Layer 1.
Tokens can be used as payment currency, hiring resources from Subnet Node Operators, or pay for services on Subnet dApps
Token Allocation:
Token distribution:
Ethereum: 1,000,000,000 U2U
U2U Mainnet: 9,000,000,000 U2U
U2U Network’s upcoming December listing marks a significant step in its journey within the DePIN ecosystem. By offering a unified platform and leveraging advanced technology, U2U Network aims to address key industry challenges, support adoption, and contribute to the evolution of decentralized infrastructure.
REF:
- Research, H. (2024) DePIN: Current State and prospects, Medium. Available at: https://htxresearch.medium.com/depin-current-state-and-prospects-ad6b1a59b3d4#:~:text=As%20of%202023,according%20to%20Messari (Accessed: 07 December 2024).
About U2U Network:
U2U Network is a modular L1 with subnet technology that perfect fit for DePIN. Their backers include Chain Capital, IDG Capital, Cointelegraph, JDI Ventures, Kucoin Venture, V3V Fund, Web3Port, and others. The project has also entered into partnerships with AWS, Klaytn Foundation, IoTex, Waterdrip Capital, Chain Catcher, etc. KOLs that have invested in U2U Network are KongBTC, Romano, ImNotTheWolf, Crypto Buzz, Antony, etc.
Mainnet is ready with more than 180K wallet addresses. DePIN Subnet launched with U2DPN product with more than 155K downloads, 59K contributer nodes, and 9K DAU in 3 months of launching. 80 dApps committed to building on chain (EVM-compatible) range from crypto applications (Defi, Gamefi, SocialFi, etc) to real-world scenarios (Storage, data mining, etc), and over 40 DePIN project signed MOU and under integration, 25 other projects in the pipeline.
