Gno.land Raises $1.18 Million Through GNOT Public Auction

Next-generation smart contract platform Gno.land announced on January 11 that it raised $1.18 million (approximately 1.6 billion won) through a public auction of its native token GNOT.

The final auction price for GNOT was set at $0.0645.

Gno.land is a layer-1 smart contract platform that builds its own blockchain and development environment, enabling developers to create decentralized applications based on transparent and verifiable code.

The platform was founded by Jae Kwon, co-founder of Cosmos and creator of Tendermint, and is being developed by NewTendermint.

Gno.land uses “Gno,” a programming language built on Google’s open-source language Go. Leveraging Go’s advantages—concise syntax and high processing performance widely used in server and cloud environments—the platform is designed to allow existing Go developers to build blockchain applications using familiar methods.

Smart contracts on Gno.land are published on-chain in human-readable source code format rather than compiled bytecode. This allows developers and users to directly verify running code, and enables published code and functions to be reused across other applications.

The auction ran from July 20 to 27. A total of 38.76 million GNOT, representing approximately 2.9% of the total supply, was allocated for the auction. The process used a uniform pricing method, applying the same final price to all successful bidders.

Gno.land plans to distribute wrapped GNOT on the Base network to eligible auction participants in September. Wrapped GNOT is a token that enables Gno.land’s native GNOT to be used on the Base network.

The platform previously recorded over 1 million cumulative transactions on its testnet and launched its follow-up testnet “Topaz” in July. Ecosystem applications including decentralized exchanges are also under development. In Korea, Seoul-based blockchain developer Onbloc is building key services such as Adena, GnoSwap, and GnoScan. Onbloc secured a 6.1 billion won investment from NewTendermint in May last year in recognition of its core technology development capabilities for Gno.land.

A Gno.land official said, “We thank the community and developers who participated in the public auction. We will proceed with the distribution of wrapped GNOT in September and continue testnet operations, while preparing for mainnet launch.”

In Korea’s blockchain industry, on-chain financial infrastructure development is actively progressing. Digital asset infrastructure company FairsquareLab secured Series B funding in April, strengthening its position as an institutional infrastructure company connecting traditional finance and digital assets. Meanwhile, Dunamu subsidiary Lambda256 completed a proof-of-concept for stablecoin payment and settlement with the Credit Finance Association and nine card companies in July.