Initia Launches Mainnet with INIT Token Airdrop

Initia, a modular blockchain platform that combines a Layer 1 (L1) blockchain with a customizable Layer 2 (L2) rollup framework, launched its mainnet and native token on April 24.

INIT currently trades at a $900 million fully diluted valuation (FDV) after debuting yesterday at roughly $700 million.

Initia airdropped 5% of the INIT supply to qualified users. The rest of the token distribution allocates 15% to investors, 15% to the team, 25% to liquidity and staking rewards, 25% to its vested interest program, 6% to the Binance launch pool, 1% to an Echo community fundraise, and 7.75% to the Initia Foundation.

The vested interest program (VIP) is meant to reward developers and users who are considered aligned with the chain’s long-term value proposition. Rollups can earn INIT based on innovative app development, and users can earn INIT for “performing beneficial actions or meeting criteria set by the L2s,” according to the Initia documentation.

The ecosystem is split amongst its Layer 1, its development framework layer, and the specific rollups built on top of the chain for niches such as DeFi, NFTs, and Gaming.

The framework layer, also known as the Interwoven Stack, aims to standardize more of the development process for builders and rollup developers. The stack provides teams with standardized bridges, wallets, explorers, and rollup frameworks, using the Initia L1 as a security and liquidity layer.

Initia is part of the Cosmos ecosystem and functions as the blockchain for interwoven rollups. It uses the Internet of Blockchains (IBC) for cross-chain messaging and connects to Solana and EVM-compatible chains via the LayerZero interoperability protocol.

Initia’s co-founder, Ezaan Mangalji, celebrated the successful launch on X, saying, “We have a huge roadmap of features, product improvements, new UXs, and mechanisms to implement next as we pour life back into the appchain thesis and ensure Initia is an app's final destination”.