SEC v. Consensys Software Inc. Court Filing, retrieved on June 28, 2024, is part of HackerNoon’s Legal PDF Series. You can jump to any part in this filing here. This part is 13 of 26. A.
for staking their , “Matic Tokens re expected to provide the economic incentives … on the Matic Network … ithout the Matic Token, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on the Matic Network.” 146. In or around 2018, Polygon sold approximately 4 percent of the total supply of
to the public through a so-called “initial exchange offering” on the Binance.com crypto asset trading platform at a price of $0.00263 USD per 1 has been available for buying and selling through the brokerage services offered by MetaMask Swaps since at least July 2021. 150. The information Polygon publicly disseminated would lead a reasonable investor, including those who purchased
. 151. For example, Polygon stated publicly, including in the whitepaper, that it would pool investment proceeds through its private and public fundraising to develop and grow its business. 152. Following the IEO, moreover, Polygon engaged in additional was further reserved to compensate the Polygon team members and advisors, aligning their fortunes with investors’ with respect to
as an investment in other ways. For example, in a February 5, 2021 tweet, 14 months after would decrease. For example, in January 2022, Polygon emphatically announced a protocol upgrade that enabled burning in a blogpost titled, “Burn, as part of the Polygon’s network’s “deflationary effect” has led investors reasonably to view their purchase of
, POL is envisioned to become an instrumental tool for coordination and growth of the Polygon ecosystem and the main driver of the vision of Polygon as the Value Layer for the Internet.” 161. The whitepaper lays out a model “to simulate important performance indicators of the POL-powered ecosystem.
holders can earn additional with other third parties, such as crypto asset platforms that offer staking services. 145. According to the initial whitepaper for . In April 2019, Polygon sold another 19% of the total supply of