The Solana-based DePIN project IONET is undergoing a significant transformation after its CEO, Ahmed Shadid, announced his immediate resignation from the role.

Unexpected Change in Leadership

Shadid, the co-founder and former CEO of IONET, expressed gratitude for the project's rapid growth, particularly as one of the fastest-growing AI startups globally. He decided to pass the torch of leadership to another individual, citing the need for the project to move forward without distractions.

New CEO Takes the Helm

Tory Green, the COO and co-founder of IONET, will assume the role of CEO. Shadid's resignation comes amid allegations against him, which he believes could hinder the project's progress. He wants IONET to focus on its growth and success without being caught up in the controversy.

Appreciation and Donation

Shadid thanked the team, partners, and community for their contributions to the project's vision. As a token of appreciation, he donated 1 million IO tokens from his portion of the Internet of GPUs Foundation to support the ecosystem's growth.

IONET's Future

With its nw focus on growth, IONET may see increased engagement on its platform, driven by a rise in use cases. The project recently revealed its net tokenomics, marking a significant milestone in its evolution. The IO token has a maximum supply of 800 million, with 500 million allocated at launch. The remaining 300 million tokens will be gradually issued and rewarded to suppliers and pledgers over the next 20 years.

Binance Partnership

IONET has been selected as Binance's 55th Launchpool project, making it the first trading platform to list the IO token. Trading on Binance is set to commence on June 11 at 12:00 (UTC).