Alldomains Hints at $ALL Token Migration in Upcoming TGE

Alldomains, a popular decentralized identity management protocol, is ready to rejoin capital markets, announcing the launch of its new token.

Despite palpable excitement from farmers, Alldomains users have questioned what this could mean for Alldomains’ previous token, which was initially released back in September 2023.

What do we know about Alldomains' new token, and what happens to its existing coin, $ALL?

Alldomains to Launch New Token

On March 17, multichain Web3 identity platform Alldomains announced its upcoming TGE (Token Generation Event). While a specific launch date and ticker is yet to be announced, Alldomains suggested that its new token is expected to hit markets in a matter of weeks.

According to the announcement, the platform’s new token will primarily be used to power what Alldomains calls ‘DomainFi’, alongside protocol governance and exclusive perks for holders. 

Alldomains has enjoyed widespread adoption and integration throughout the wider Solana ecosystem. Since launch, over 457,000 domains have been registered on Solana and SVM networks like Eclipse and SOON through Alldomains. 

A rare point of difference among Web3 identity platforms, Alldomains has facilitated the launch of over  70 TLDs (top-level domains) for various Solana-based communities, including .bonk, .saga, and .monke.

At press time, Alldomains has yet to provide any further details surrounding the new asset’s tokenomics or launch schedule. Despite the lack of details, Alldomains’ existing points program is expected to play a role in the token’s initial distribution.

However, this isn’t the first time Alldomains has launched a native token.

Token Migration Subject to Vesting

While the newer generation of Solana users is excited about the prospect of a new ecosystem token, older players will remember that Alldomains previously launched a token, $ALL, as part of a rebrand in September 2023.

Like many Solana ecosystem tokens, $ALL performed well towards the end of 2023. However, despite expansive growth across the Solana network, $ALL failed to find support in the prevailing months.

Concerned about their existing $ALL token holdings, long-term Alldomains users and supporters have questioned the protocol’s new token launch. 

Alldomains representatives have hinted that $ALL token holders will be able to swap their existing holdings for the new token, although migration rates are still TBA.

Additionally, Alldomains AI chatbot has suggested that the token migration could also be subject to a vesting schedule. The team has taken an admittedly vague stance on $ALL’s involvement moving forward, suggesting that speculators are welcome to buy the token off the open market. 

More details surrounding Alldomains new token, including its tokenomics, launch schedule, and migration mechanic are expected to be announced in the coming weeks.

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