Dual Launch of gensyn: A Quick Look at the AI Token Sale and Delphi Market Prediction Model

Original Article Title: "Dual Launch of Gensyn: A Quick Look at the AI Token Sale and Model Prediction Market Delphi by Delphi"

Original Article Author: Sanqing, Foresight News

On December 9th, the Gensyn Foundation announced that it would launch an AI token sale on December 15th through the Sonar platform, with registration and KYC verification already open. This issuance will use an English auction model with a valuation cap, selling 3 billion tokens (3% of the total supply) with a FDV cap of $10 billion, in line with the Series A valuation led by a16z. As a decentralized AI computing infrastructure, Gensyn recently introduced the Delphi open market for machine intelligence based on model performance evaluation. Gensyn has previously raised over $50 million in total funding from Eden Block and a16z in the seed and Series A rounds.

AI Token Sale Details

The Gensyn Foundation will conduct a public sale of AI utility tokens through Sonar to raise funds for the development of the Gensyn ecosystem. AI tokens are utility tokens within the network and do not represent any equity, ownership, or financial instrument.

The token sale by Gensyn adopts an English auction model with a valuation cap. The total supply of AI tokens is 10 billion, with 3 billion tokens available for public sale in this offering. The minimum valuation is set at a $1 million FDV ($0.0001 per token), and the valuation cap is $10 billion FDV ($0.1 per token), the same price as the previous a16z venture capital round for Gensyn. The Gensyn Foundation has reserved an additional 2% of tokens, which will be allocated to participants in the testnet and selected lock-up participants through a "reward multiplier" mechanism.

The sale will take place on the Ethereum mainnet, accepting payments in USDC and USDT, with a minimum bid amount of $100 per user. The tokens will be distributed on the Gensyn Network (L2). Registration opened on December 9th, the sale will commence on December 15th, and conclude on December 20th. Allocation will be determined on December 25th, and the MiCA refund window will open, closing on January 8th. Token claiming is expected to open in early February.

Bidders must select their highest willing price and bid amount. After the auction ends, tokens will be distributed starting from the highest bidder until all 3 billion tokens are allocated, thus establishing the clearing price. All winning bidders will pay the same clearing price. If demand at or below the clearing price exceeds the available token quantity, allocation will be based on various factors, including testnet participation, community engagement, open-source ML contributions, lock-up selections, and bid order.

Non-U.S. participants can opt for a 12-month vesting period in exchange for a 10% bonus multiplier and priority allocation. The vested tokens are prohibited from being sold, transferred, or hedged in any way before the end of the vesting period. All participants must complete KYC (Know Your Customer) through Sonar. Individuals residing in restricted regions such as the UK, Russia, Cuba, Iran, North Korea, Syria, Ukraine, etc., are not eligible to participate. U.S. participants must be accredited investors and undergo a mandatory 12-month vesting period but will receive a 10% bonus multiplier and priority allocation.

gensyn: AI Computation Infrastructure

gensyn focuses on creating a decentralized protocol aimed at unifying global computing power into a single, open machine learning network. The protocol standardizes the execution, validation, and coordination process of machine learning workloads, allowing any device from personal computers to data centers to participate, enabling AI systems to break free from centralization constraints and scale.

gensyn is built on a custom Ethereum Rollup that integrates four core components: consistent machine learning execution, trustless verification, peer-to-peer communication, and decentralized coordination to ensure compatibility, fairness, and permissionless participation in the global computing ecosystem.

gensyn co-founder Ben Fielding emphasizes that unlocking AI's potential requires immense computing power, which gensyn provides through unlimited scale and fair market pricing. By tapping into underutilized hardware worldwide, gensyn significantly boosts computational supply.

Team and Funding Information

gensyn's core team consists of members with backgrounds in technology, investment, law, and marketing. Co-founder Harry Grieve was previously an angel investor and a graduate of Brown University. Co-founder Ben Fielding holds a Ph.D. in Computer Science from Northumbria University. Chief Operating Officer Jeff Amico served as a partner at a16z and legal counsel at AirSwap, holding a J.D. from Columbia Law School. Marketing Director Austin Virts has worked on market and community-related roles in various crypto projects such as Aptos, Audius, Solana, and Origin Protocol, graduating from Millersville University of Pennsylvania. Product Manager Diogo Ortega previously worked at Coinbase and Autograph, handling crypto product and user experience functions.

On the fundraising front, gensyn previously completed a $6.5 million seed round on March 21, 2022, with Eden Block leading the round and participation from investors such as Galaxy Digital, Maven 11, CoinFund, among others. On June 11, 2023, gensyn once again successfully closed a $43 million Series A round with a16z leading the round and participation from CoinFund, Canonical Crypto, Protocol Labs, Eden Block, among others. The total amount raised in these two rounds exceeds $50 million. The current AI public offering is set with a fully diluted valuation cap of $1 billion, corresponding to the equity pricing level set by a16z in the previous round.

Delphi: A "Prediction Market" for Model Performance

On December 8, gensyn launched Delphi, an open-marketplace based on real performance assessment of AI models. Delphi is currently live on the gensyn testnet.

Delphi has innovated the value discovery mechanism for AI models by enabling users to watch machine learning models compete in real-time on specific benchmarks. Users can purchase and hold shares of models they believe in, similar to "betting" on technical prowess. As competition results are revealed, supporters of winning models will be rewarded.

Unlike traditional venture capital bets on private companies like OpenAI, Delphi allows market participants to directly support open-source models. Through an on-chain Automated Market Maker (AMM) mechanism, Delphi provides continuous liquidity and transparent pricing, forming a real-time index reflecting the models' true intelligence level, eschewing mere marketing hype and AGI vaporware.

The launch of Delphi enhances gensyn's "Signal, Scale, Eval" flywheel. In the future, users will not only be able to participate in predictions but also create their own evaluation markets or submit models for competition.

Currently, all trades in the Delphi market are conducted using the test token TEST, which users can claim within the app.

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