Formation Fi reported last Thursday, June 10, through its Twitter account, that it broke the DAO MAKER SHO “all-time” record: 45 million dollars committed, 200 times more subscriptions.
“We are very excited and proud to announce that we have officially broken the all-time Strong Holder Offer (SHO) record record on DAO Marker’s DAO PAD, with 6,020 SHO records. So far, this is the highest number of registrations in DAO PAD for SHO events”, he said through an article published on the Medium platform.
The company explained that it held its SHO event on Tuesday, June 7, experiencing exponential interest and a surge from the DeFi community, reflecting the intense start of DeFi Summer 2.0. During the event, $FORM, which is the native token of the project that powers its ecosystem that revolves around Smart Yield Farming 2.0, was made available to the DAO community for the first time.
• Formation Fi breaks the all-time SHO record record (6,020 SHO)
• 14.4 MILLION DAO OF POWER COMMITTED = $45 MILLION ($DAO + $USDC)
• 200 times subscribed more than the amount of the public sale.
Official roster date will be announced soon
According to Formation Fi, it chose DAO Maker as it provides a secure fundraising platform that enables retail investors to act as venture capitalists while helping blockchain startups get their projects off the ground. The SHO followed a successful round of strategic funding during which Formation Fi raised $3.3 million.
“We would like to thank all the participants for their participation in Formation Fi. We appreciate your continued effort and support in building our robust and fast-growing smart yield agricultural ecosystem together. We would also like to thank our ecosystem partners and team for supporting the construction of a flawless DeFi protocol that prioritizes risk-reward and brings value to all users”, he added.
The company said that SHOs, a relatively new form of fundraising method for public rounds that screen applicants based on a few parameters to find the ideal type of headlines, has been around for quite some time. Thus, breaking the SHO record record proves once again that Formation Fi is “on the right track”.