Stacks (formerly Blockstack) is a Bitcoin Layer-2 network that enables smart contracts and decentralized applications to inherit Bitcoin's security and capital. Its native token, STX, is used for executing smart contracts, processing transactions, and participating in network consensus.
In December 2017, Stacks completed a private SAFT offering exclusively for accredited investors, raising $21.2 million. The project distributed 176,445,892 STX tokens at a fixed price of $0.12 per token through the CoinList platform. The SAFT agreements included a milestone-based refund clause where 80% of the proceeds were subject to return if the blockchain did not achieve specific functionality, with tokens subject to a time-lock schedule commencing upon the network's launch. While exact tranche-specific allocations are not isolated, broader 2017 token sale participants included Union Square Ventures, Foundation Capital, Lux Capital, Winklevoss Capital, and Blockchain Capital.
Stacks - Private SAFT Round 2017 Overview
Time-lock schedule post-genesis launch, 80% milestone refund clause
CoinList