Analog Launches Incentivized Testnet, Allocates 2% of Token Supply to Participants

Twitter icon  •  Published 1 month ago  •  Nikolas Sargeant

Analog has announced the launch of its incentivized testnet, with the participants set to share 2% of the token supply ahead of the mainnet launch in this quarter.

Analog, a blockchain interoperability project building cross-chain communication infrastructure, announced on Thursday, May 23rd, that it has launched its testnet. 

In a press release shared with Cryptowisser, Analog said the testnet is now open for developers, community, and validators. It is an incentivized testnet, which means that participants can complete quests and climb the ATP leaderboard to share $ANLOG 

Analog is a Layer-0 cross-chain communication protocol and web3 data provider. It empowers developers to build dApps with a diverse range of tools while allowing true interoperability between any blockchain network. Analog's core products form a powerful toolkit for cross-chain development.

This latest development comes roughly three months after Analog raised $16 million in a seed and strategic funding round. The funding round was led by Tribe Capital, with participation from NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Mike Novogratz’s Samara Asset Group, and Balaji Srinivasan.

At the time, Analog co-founder Victor Young said,

“We are building all the necessary features for cross-chain development as a single toolkit as opposed to relying on third parties such as oracles to achieve the desired functionality.”

Analog has kept its commitment to launching its incentivized testnet in the year's second quarter. The mainnet is planned to launch before the end of the current quarter. 

The $16 million raised allowed Analog to hire more people across functions and fast-track some of its activities.

 

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Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.