New York, NY, 20th May, 2022, Chainwire
Swappi, an AMM-based decentralized exchange (DEX) deployed on Conflux, is releasing a new feature that will give new projects launching on Conflux’s eSpace a platform to launch, fundraise, and seed their community. Dubbed Launchpad, the new feature will enable projects to conduct an Initial Dex Offering (IDO) on Swappi.
Swappi Launchpad allows projects to conduct IDOs and hold both private and public sales, letting them set fixed token prices, token allocations, and sale times for their IDOs. While any Swappi users can participate in Swappi Launchpad, users who stake Swappi’s native token PPI will gain early access via private sales.
Through private sales, users can gain access to a limited private sale token allocation by staking PPI in Swappi Launchpad to earn Launchpad credits before the start of the private sale. Once the private sale starts, users will be able to purchase their share of IDO tokens proportional to the amount of Launchpad Credits earned. The more PPI staked, the more Launchpad Credits earned, and the more private sale tokens available.
Swappi’s Launchpad Credits determine the amount of private sale project tokens available to Swappi users. These Launchpad Credits are calculated based on the amount of PPI a user has staked during each IDO’s allotted staking period. The maximum amount of private sale IDO tokens available to a Swappi user is calculated based on their share of Launchpad Credits for each IDO private sale. Note: Launchpad Credits will be for specific IDOs and not transferable.
Swappi Launchpad allows any user to participate in public sales on a first-come-first-served basis. Users will be able to purchase a limited amount of project tokens directly using Swappi Launchpad.
Conflux already has an exciting pipeline of projects about to deploy on eSpace, an Ethereum Virtual Machine-compatible smart contract execution environment that allows developers to deploy and execute Ethereum-native decentralized apps (DApps) and smart contracts in the Conflux ecosystem.
The first project planning its IDO on Swappi Launchpad is a cross-chain lending and borrowing protocol based on Aave. Depositors will be able to earn passive income by depositing their digital assets into an algorithmic liquidity market, enabling loans for borrowers. The second project is a decentralized reserve currency for the emerging Conflux ecosystem backed by Bitcoin, CFX, and PPI. Interested projects can apply here.
Launchpad marks the first major feature added to Swappi following its launch in April 2022.
Swappi is a noncustodial platform that lets users trade directly from their wallet of choice and retain 100% ownership of their crypto. Built on open-sourced software, Swappi’s DApps and smart contracts are also publicly visible for maximum transparency.
Swappi smart contracts have been audited by Certik, the leading security-focused ranking platform to analyze and monitor blockchain protocols and DeFi projects.
With the release of Launchpad, Swappi aims to build the most robust DeFi ecosystem on Conflux, with plans to expand its offerings, allowing users more opportunities to earn.