SINGAPORE — Blockchain startup OpenFreedomChain announced a $50 million raise to decentralize power in its industry from a consortium of five dominant investors.

The round was led by those same five investors.

“The future must belong to everyone,” said the founder while unveiling a governance structure that grants 78% voting power to the lead investors.

A token launch is expected shortly after decentralization becomes sufficiently centralized.

More Daily Rug headlines:

New Layer-2 Promises To Make Existing Layer-2s Obsolete Before Launch

Developers behind a new Layer-2 network announced today that their technology will render every competing Layer-2 irrelevant immediately upon launch.

The team provided no product demo, roadmap, or launch date.

Analysts predict the protocol will itself become obsolete three weeks before going live.

Man Says He’s In Crypto For Technology, Immediately Asks About Token Price

At a networking event yesterday, crypto enthusiast Mark Reynolds passionately explained that he’s “only here for the technology” before asking about token price, FDV, circulating supply, unlock schedule, and Binance listing prospects within the same sentence.

Witnesses confirmed he never asked what the product actually does.