[PRESS RELEASE – SANTA CLARA, California, May 10th, 2024]
CARV, the leading modular data layer for gaming and AI, is excited to announce an industry-first Node Buyback Program for its upcoming Verifier Node Sales. This program allows node purchasers to opt in for a buyback of up to 100% from CARV’s treasury post-token launch. The innovative design aims to protect participants and encourage global contributions to CARV’s decentralization, creating a more stable and robust infrastructure for a user-owned internet.
According to Techcunch, CARV is renowned for its gaming and AI applications used by millions and its modular data layer that supports over 750 enterprises. As the CARV ecosystem expands, running verifier nodes is essential for maintaining integrity and security in its decentralized data processing environment. The initial months following the launch of CARV nodes are critical for establishing stability, participation, and fair distribution. To address market volatility and ensure user confidence, CARV’s dedicated community proposed the node buyback protection mechanism.
CARV is committed to pushing boundaries and setting new standards. The Up-to-100% Node Buyback Program pioneers a mechanism fostering true decentralization, empowering the community to participate confidently in building the foundation of a sustainable, user-owned internet.
How the Up-to-100% Buyback Program Works
- Eligibility: node license holders who have maintained 70% or higher participation rate, and have not redeemed any veCARV rewards to $CARV (veCARV is a non-transferable token primarily used for protocol governance) will be eligible for the buyback program.
- Timeline: From six months post Token Generation Event (TGE), node license holders have 7 days to participate in the Program.
- Execution options:
- 100% buyback with $CARV, value equivalent to the price of nodes denominated in USDT at the time of node purchase. 30-day linear vesting from time of buyback. OR
- 80% immediate buyback in ETH, value equivalent to the price of nodes snapshot in ETH at time of purchase. Immediate ETH release.
To ensure transparency and security, CARV is integrating the 100% buyback program into smart contracts and collaborating with reputable, top-tier third-party auditors.
10,000,000 $CARV is allocated from treasury to ensure a 100% buyback with a 30-day linear vesting period. Node license holders will retain all prior airdrops, unaffected by the Buyback Program.
Some of the bought-back nodes will be reallocated to existing active node operators to further incentivize their participation. The rest will go to the CARV treasury, with potential uses including sharing node operation rewards with $CARV stakers, or conducting node resale or burning.
Adjusted Timeline for CARV Node Sale
To accommodate the implementation of the Up-to-100% Buyback Program, the timeline for the CARV Node Sale has been adjusted as follows:
- Whitelist Node Sale Launch: May 24, 2024, at 12 PM UTC (available for 4 days)
- Public Node Sale Launch: May 28, 2024, at 12 PM UTC
Anyone can join the waitlist and enter the raffle for a Whitelist spot, with a chance to win from a $50K prize pool at node.carv.io.
The Up-to-100% Node Buyback Program sets a new bar for node investments, reflecting CARV’s ethos of placing users and its community in the driver’s seat. CARV is ensuring a robust foundation for the CARV Node ecosystem, which revolutionizes how personal data is used and shared, paving the way for a user-owned internet where individuals can rightfully profit from the value their data creates.
For more information about the CARV node sale and how to participate, visit here or refer to the CARV whitepaper.
About CARV
CARV is the largest modular data layer for gaming, AI, and ∞, revolutionizing how data is used and shared. To pioneer a future where data generates value for all, CARV has built CARV Protocol, the modular data layer integrated with 40+ chain ecosystems, and CARV Play, its flagship gaming and superapp. CARV has more than 2.5 million registered users, 700 integrated games, and is the largest application in Linea, opBNB, zkSync, Ronin and more. CARV is backed by top-tier funds and ecosystems such as Temasek’s Vertex Ventures, ConsenSys (developer of Metamask), Tribe Capital, IOSG Ventures, HashKey Capital, Infinity Ventures Crypto, MARBLEX and more. For more information, visit carv.io.
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