CARV launches its native utility token

CARV, a gaming, and artificial intelligence (AI) modular identity data layer, has launched its native utility token, CARV, according to the most up-to-date information shared with Finbold on Thursday, October 10. 

Built on Base and accessible on eight centralized exchanges (CEX), including Bybit, KuCoin, and Bitget, the token is a major milestone for CARV in its quest to transform data ownership.

The CARV token

The CARV token is the governance and participation cornerstone of the CARV ecosystem, allowing users to propose new features and monetize data. 

Users can also acquire CARV nodes, with 40 million tokens allocated to revenue stream diversification and further decentralization of the network. 

There is also a buyback program for node holders, supporting its decentralization goals. 

Victor Yu, COO of CARV, remarked:

“Our TGE is a pivotal moment for CARV as we continue to empower gamers and AI developers to truly control their data. With the $CARV token, we are taking another step towards building a fair and transparent data-driven ecosystem.”

The utility of CARV extends across a diverse user base, including millions of gamers engaged in CARV’s play-to-earn platform, Infinite Play. 

After three experimental seasons, the platform now incorporates CARV, providing high APR staking options. 

CARV adoption and distribution

As CARV progresses in AI, Web2 companies will be able to leverage it to access valuable user-controlled data, driving further demand.

The coin’s total supply of 1 billion will be fully distributed over four years, with half reserved for community initiatives, including 10% earmarked for three seasons of airdrops. 

The allocation also includes Nodes and Community (50%), Founding Team and Advisors (~19.46%), Early Investors (~9.25%), Ecosystem and Treasury (9%), Private Fundraising (8.3%), and Liquidity (4%).

To promote community involvement, CARV introduces veCARV on Arbitrum, a locked, voting-escrowed version of the token that increases voting power and incentivizes long-term staking.

The project recently raised $10 million in Series A funding, drove protocol decentralization through a $35 million verifier node sale, and initiated a $50 million accelerator program. 

In 2024, CARV has already generated over $43 million in revenue, underscoring its financial strength and innovation in the web3 space.

CARV mainnet launch

The CARV team is also preparing for a mainnet release later this year, further strengthening its data layer with decentralized sequencers.

This will enhance the ERC-7231 standard with Merkle trees for data processing and privacy, as well as introduce an on-chain database solution for CARV ID integration.