Bastion, the largest DeFi protocol on the Near blockchain, will be allocating 5 billion BSTN tokens at a $180 million valuation, according to coindesk.

The BSTN token will trade on Trisolaris, a decentralized exchange on Near’s EVM-compatible layer Aurora, beginning 23:59 UTC on Thursday, April 21. The initial circulating supply will be around 12.6%, or about 630 million tokens.

Bastion’s new token will give holders governance rights, including input into the development of the protocol and the ability to vote on fee models, gauges and staking in a decentralized manner. Approximately 15% of the 5 billion total tokens will go to investors and 25% will go to team members and advisors. In addition, 30% of the tokens will be set aside for liquidity mining incentives and 30% for the protocol’s treasury.

By Amy Liu