TechFlow news, on October 29, ai16z large holder Elijah Madonia announced on social platform X that he will donate 11% of the 16% token supply he holds to a newly established locked fund for the project, retaining only 5% of his holdings. This plan aims to support promising developers and creators through a time-based vesting mechanism and help address liquidity issues via OTC transactions.
Elijah also disclosed how he became a major holder: initially acquiring approximately 17% of the token supply for 80 SOL, he later distributed portions to project founder Shaw and team members, and shared some allocations at a discount with friends. He stated that this donation is intended to attract new partners and promote the long-term development of the ai16z DAO.
Notably, Elijah mentioned that he previously participated in Shaw's AI project DegenSpartanAI, which ultimately did not succeed. Nevertheless, he maintained confidence in Shaw's development vision, leading him to join the ai16z project.
