Decentralized finance platform Chainage, with approximately $100 million locked in total value, aims to secure a $13 million funding round for expanding its protocol, subject to approval by tokenholders within its native decentralized autonomous organization (DAO).

As outlined in the proposal snapshot on April 1st, the $13 million fundraising, led by an undisclosed venture capital entity, will involve the issuance of 50 million additional XCHNG protocol tokens, constituting around 10% of Chainage's circulating supply. The proposed issuance price of $0.26 aligns closely with the prevailing XCHNG token price at the time of this announcement.

Tokenholders can participate in the voting process by staking their native XCHNG tokens in exchange for "vXCHNG," which confer voting privileges. Chainage expressed plans to implement various strategies aimed at enhancing usage and profitability, with a commitment to ensuring vXCHNG holders a minimum profit generation of $1 million for Q2.

The primary objectives of the $13 million fundraising are global expansion and heightened visibility. Chainage also aims to attract top-tier talent to integrate AI with advanced technology, positioning itself as a leader among AI-powered crypto innovators.

The proposed capital injection, if ratified, will also be directed towards incentivizing Chainage's liquidity, fostering new partnerships, launching marketing initiatives, and rewarding tokenholders. At the time of this report, the proposal has garnered 186 million XCHNG votes in favor and 7.2 million XCHNG votes against, against a backdrop of 474 million circulating XCHNG tokens.

This move represents a departure from the conventional venture capital approach in the crypto startup landscape, where new investments typically hinge on the approval of shareholders, often the company's co-founders. In the current climate, with crypto entering a new bullish phase and investors seeking to capitalize on the trend, an increasing number of Web3 startups are turning to accelerator programs for funding opportunities.