Chainage, a decentralised finance service provider with $100 million in total value locked, plans to expand with a $13 million capital injection.

The expansion is subject to approval from its tokenholders within its decentralised autonomous organisation (DAO).

The proposal includes issuing 50 million new XCHNG (CRYPTO:XCHNG) protocol tokens at an issuance price of $0.26 each, representing about 10% of the current circulating supply.

Funding is led by an undisclosed venture capital entity, and the process leverages Chainage's governance model, allowing users to stake XCHNG tokens for voting rights.

The initiative aims to boost utilisation and profitability, with a commitment to generating a minimum of $1 million in profit for Q2, pending DAO approval.