The Solana-based DePIN platform, io.net, recently launched on major crypto exchanges, including Binance, as its 55th Launchpool project. However, the price of the IO token dropped by 20% after its market debut, trading at lows of $3.40. The platform aims to offer AI Compute-as-a-Currency by leveraging decentralized physical infrastructure networks. The IO token powers the ecosystem, providing users with access to computing power resources. By aggregating GPUs from multiple storage providers, the protocol enables GPU power providers to earn rewards from the venture.
Following its debut on Binance, the io.net platform is transitioning to IO Coin payments. The launch on the Binance crypto exchange caused volatility in the token’s price, leading to a sharp decline before bouncing back slightly. Currently, according to CoinMarketCap data, the IO token is trading around $4.01, down about 10% from its initial price of $4.54. The intraday trading volume is at $192 million, with a market cap of $378 million.
Before the IO token’s launch on Binance, io.net’s CEO, Ahmad Shadid, stepped down from his position. Tory Green, the co-founder and former COO, was named as his replacement. Shadid’s exit came amid allegations surfacing about his past, which he did not address directly. However, he stated that his departure would allow the IO team to focus on the project’s growth and success without distractions. To address concerns about token dumping, Shadid clarified that his allocation, like the rest of the team’s, is subject to a four-year lockup, with a monthly unlock schedule starting in June 2025.
Additionally, Shadid pledged to donate 1 million IO tokens from his allocation to io.net’s Internet of GPUs Foundation. This move was intended to demonstrate his commitment to the project’s long-term success and sustainability. With the leadership transition and the token’s launch on Binance, the io.net platform is poised to continue its development and expansion in the decentralized AI and cloud computing space. Investors and users can monitor the token’s performance on major exchanges and track the project’s progress as it moves forward.
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