The Ritual Foundation launched the mainnet of its AI-focused Layer 1 blockchain on October 26, simultaneously conducting a Token Generation Event (TGE) for its native token RITUAL. The token, which serves as the network's gas asset, was listed on Coinbase at launch but has since plummeted from an initial high of $0.08 to $0.0226, resulting in a fully diluted valuation (FDV) of approximately $220 million. RITUAL features an initial supply of 10 billion tokens with no maximum supply cap. At launch, 18% of the total supply was unlocked, including a community airdrop allocation of 50 million tokens (0.5% of supply) distributed to eligible Infernet node operators, Frenrug users, and long-standing community members. Data indicates only 852 wallets qualified for the airdrop, with 403 users claiming over 20.7 million tokens to date. Core contributors hold 29% of the supply, while ecosystem growth and R&D account for 25%, both subject to a one-year cliff vesting period and a four-year overall unlock schedule. The project, co-founded in 2023 by former Polychain Capital partners Niraj Pant and Akilesh Potti, raised over $30 million prior to launch with backing from Archetype, Polychain Capital, and advisors including NEAR co-founder Illia Polosukhin and BitMEX co-founder Arthur Hayes. Ritual positions itself as an EVM-compatible chain enabling native access to AI models and Web2 services without external oracles. The network’s initial annualized inflation rate is approximately 5%, with base transaction fees permanently burned via EIP-1559 mechanisms.