San Francisco-based Bitcoin Startup Lab, a Bitcoin pre-accelerator firm, has introduced LABB, a community-centric BRC-20 token designed to empower BTC entrepreneurs, per a Dec. 13 statement shared with CryptoSlate.
The LABB token aims to foster a community of visionaries intending to launch Bitcoin-focused startups. The token acts as a supportive gateway, providing utility for entrepreneurs on the Bitcoin blockchain.
Albert Liang, the Founder of Bitcoin Startup Lab, emphasized the significance of the token’s launch, stating:
“The launch of our Community BRC-20 token $LABB is a pivotal moment in our journey to empower Bitcoin entrepreneurs to build together a sustainable Bitcoin global economy. We’re offering more than just tools; we’re cultivating a community rich in support, innovation, insight, and collaboration.”
Interestingly, the token’s debut aligns with the recent surge in interest surrounding Bitcoin-based BRC-20 tokens observed in recent months.
What is LABB?
The LABB token shares similarities with Bitcoin, sporting a capped total supply of 21 million. 60% of the token supply is earmarked for the community, while 20% will enter the Treasury. The remaining 20% will be evenly split between investors and the core team.
While similar to other BRC-20 tokens, LABB functions more as a digital asset with the potential for greater functionality for holders. Additionally, it will serve as a foundational element for innovators eyeing a transition to L2 smart contracts.
“Our token will represent a quality community of innovators on Bitcoin, aiming to spearhead the trend of utility tokens backed by teams with a proven track record and real business, thereby creating real value for its token holders in 2024 and beyond,” the company said.
The startup disclosed that the initial release of the token will be available to eligible members meeting the Whitelist criteria. Interested individuals, such as entrepreneurs and designers with valid LinkedIn profiles, can claim 300 LABB tokens for free after completing the claim fee.
Moreover, they stand to earn an additional 1200 LABB tokens by successfully referring two aspiring entrepreneurs, at 600 LABB tokens each. However, these tokens will be restricted to the first 500 eligible Whitelisters.
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