With so many crypto projects being launched, founders are now looking beyond “traditional” crypto fundraising options.
Tag: Ido
Did Solana Suffer Another Network Outage?
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Another Raydium AcceleRaytor IDO caused major congestion on Solana yesterday. Although transaction confirmations slowed, it appears the network did not suffer an outage this time.
Solana Transactions Slow
Solana keeps having trouble processing transactions.
The high-throughput blockchain saw its transaction speed per second drop roughly 50% yesterday as users scrambled to participate in Raydium’s latest AcceleRaytor initial DEX offering (IDO). Although many users were frustrated that their transactions took longer to process, the network did not go offline as it did during a previous IDO.
Projects use initial DEX offerings to launch their tokens and sell them to the public via a decentralized exchange, otherwise known as a DEX. Distribution methods vary, but for many, an IDO is a chance to buy a project’s tokens early before it increases in value.
Yesterday’s IDO was for Realy, a Metaverse project on Solana aiming to combine social networking, e-commerce, gaming, and trading. Like many other Raydium IDOs before it, allocations for the Realy offering were highly sought after. In order to gain an edge during the IDO, many tech-savvy investors deployed bots to have their transactions processed faster.
This practice of using bots on Raydium IDOs has severely affected the Solana network in the past. In September, bots interacting with Raydium’s IDO for Grape Protocol clogged the network with transactions, causing it to halt. The network stayed down for approximately 18 hours as Solana developers and node operators endeavored to bring the network back online.
It’s possible that fixes implemented since the Grape Protocol IDO helped Solana stay online on this occasion, despite the high network traffic caused by bots. Crypto Briefing reached out to Solana Labs co-founder Anatoly Yakovenko for comment but did not receive a response at press time.
Disclosure: At the time of writing this feature, the author owned SOL and several other cryptocurrencies.
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Animoca Brands raises $5M for NFT marketplace, Quidd
Quidd, a marketplace for digital collectibles and a subsidiary of Animoca Brands, has raised a total of $5 million in private pre-sales and an initial DEX offering (IDO).
The token sale took place on Polkadot project incubator Polkastarter on Nov. 18. The allotment of 2 million QUIDD tokens at a price of US$0.25 per token sold out in under an hour, raising $500,000.
Earlier this month, the private sale of the Ethereum-based QUIDD tokens raised US$4 million from investors including Binance Smart Chain Growth Fund, Genesis Block Ventures, Kingsway, Mind Fund Group Ltd, Sanctor Capital, OneFootball, and other angel investors.
During the Nov. 3 pre-sale on the Animoca Brands’ Launchpad, 1,001 vouchers sold out in 22 minutes. Each voucher cost around $500, bringing the total value of the pre-sale to $500,000. The vouchers can be used to redeem 2,500 QUIDD tokens after May 3, 2022.
Following its successful IDO, the token was made available for trading on the Binance Smart Chain decentralized exchange platform, PancakeSwap. The tokens can currently be traded for Wrapped BNB (WBNB), and a number of Animoca-owned tokens including Tower (TOWER), REVV (REVV), Lympo Market Token (LMT), Prosper (PROS), and Bondly (BONDLY).
The current price of the token is $3.28, representing a 1,212% increase from the IDO price of $0.25. It’s down 31.9% from the all-time high of $4.73 on Nov. 20, and there is a total supply of one billion tokens.
Quidd is the first marketplace built for buying and selling limited-edition, individually serialized digital collectibles. The QUIDD token is the ERC-20 utility token for the Quidd community of collectors, creators, and developers.
— Animoca Brands (@animocabrands) November 19, 2021
Animoca Brands is a Hong Kong-based game software company and venture capital company specializing in blockchain gaming.
Yat Siu, executive chairman and co-founder of the firm, said that the QUIDD token represents the “evolution of collectibles into digital formats.”
Michael Bramlage, CEO and co-founder of Quidd, added that the token marks Quidd’s movement towards the world of web 3.0.
“Older collectibles markets talk about acquiring users to buy and sell. The QUIDD token helps us build a community of the future.”
Related: Animoca and Harmony Acquire Quidd to Expand Sale of Crypto Collectibles
The Quidd marketplace has 7 million users and over 2.1 billion pieces of nonfungible artworks for sale.
In an announcement shared with Cointelegraph, Quidd described its marketplace as “chain-agnostic,” noting that the token “will give buyers and collectors the choice to mint their collectibles on their preferred networks, such as Ethereum, WAX, and Flow.”
The QUIDD tokens also entitle holders to voting rights on the use of Quidd’s content and licensing budgets.
On Oct. 21, Animoca raised $65 million with more than 43.8 million of newly issued shares at $1.51 per share.
NFT Labs Raises Over $2m In Private Funding For ITSMYNE, IDO On CardStarter Soon
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NFT Labs is proud to announce the completion of a private round valued at $1,062,600 for it’s ITSMYNE marketplace. Furthermore, the team will organize an Initial DEX Offering (IDO) through the CardStarter platform.
The IDO will help achieve a fair distribution of the project’s native token.
NFT Labs and its ITSMYNE social-plus marketplace for officially licensed sports NFTs continue to attract attention from investors and non-fungible token enthusiasts worldwide. The team has completed a private funding round valued at over $1 million. Participants in this investment round include Shima Capital, AU21 Capital, OraclesInvestment Group, Kangaroo Capital, BlockStart Ventures, CyberFi, etc.
The private funding round comes on the heels of other successful investment rounds for NFT Labs and ITSMYNE. A $207,000 seed, $200,000 strategic, and $500,400 public round brings the total sum of money raised to $1.97 million. The main draw of ITSMYNE is how it is designed for NFT enthusiasts to “talk and trade NFTs.”
The NFT Labs team comments on the fundraising:
“We believe the collective forward momentum of the entire NFT industry can be accelerated by tapping into the value held by premium IPs, especially in cinema and sports. These are industries with highly engaged but yet-untapped audiences and consequently lack the collective ecosystem that a motivated community can bring.”
Through the ITSMYNE platform, users can start collecting NFTs immediately. All non-fungible tokens are officially licensed and are part of a curated collection directly from the source. Furthermore, the NFT minting process for ITSMYNE consumes less energy than NFT minting on the Ethereum blockchain. It is a green initiative focused on providing a sustainable blockchain future for all participants.
To bring the MYNE BEP-20 token to more users, there will be an Initial DEX offering (IDO) on the CardStarter platform. Users will be able to acquire MYNE tokens to access the ITSMYNE platform and its partner products. Accelerator partners of ITSMYNE include Antler Singapore, LonghashX Filefcoin Frontier Accelerator, and HYPE Sports Innovation.
CardStarter CEO Aatash Amir comments on the upcoming MYNE IDO:
“Cardstarter is proud to bring a promising project to the social token economy. ITMYNE serves a valuable niche that will eventually serve as the gateway between traditional social media and blockchain-based social economies.”
ITSMYNE by NFT Labs, Inc., is a social-plus marketplace for officially licensed sports NFTs to enable NFT enthusiasts to “Talk NFTs, Trade NFTs”. MYNE is a native BEP-20 token for ITSMYNE and its partner products.
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Solana attributes major outage to denial-of-service attack targeting DEX offering
Solana has attributed the 17-hour outage it suffered last week to a denial-of-service attack aimed at Grape Protocol’s Sept. 14 initial DEX offering (IDO).
In a Sept. 21 blog post, the Solana Foundation stated that bots spammed the network as Grape launched its IDO on the Solana-based decentralized exchange (DEX) Raydium at 12:00 UTC last Tuesday.
The botting activity overwhelmed the network with a transaction load of 400,000 per second, with Solana noting that “unbounded growth of the forwarder queues and resource-heavy blocks” resulted in a number of forks being automatically proposed to the network.
The attack caused Solana’s network’s validators to crash after running out of memory. As a result the network went offline for roughly 17 hours during Sept. 14 and Sept. 15.
The recovery was led in collaboration between Solana engineers and more than 1,000 validators, with a hard fork being passed after receiving support from 80% of the network’s active stakers.
“This was a coordinated effort by the community, not only in creating a patch, but in getting 80% of the network to come to consensus.”
The foundation estimates that the network was patched, upgraded, and restored to full functionality within 18 hours of Solana going offline.
The post added that the community is still working on providing a detailed “technical post-mortem and root cause analysis report” that will be released in the coming weeks
Related: Smashing crypto adoption barrier? Solana aims to do its own ‘thing’
The price of Solana (SOL) has performed bearishly since posting an all-time high of $213 on Sept. 9. Since then, SOL has pulled back by 39% to change hands for $129 at the time of writing.
The retracement followed a meteoric couple of months for SOL, with the token surging 565% since trading for $32 on July 31.
DAO Maker Suffers $7 Million Exploit
Key Takeaways
- DAO Maker was exploited today. An attacker stole $7 million after discovering a smart contract vulnerability.
- The attacker converted the loot to 2,261.45 ETH to prevent funds from getting blacklisted.
- The DAO token has plummeted 15% following the incident.
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Crypto launchpad DAO Maker was exploited for $7 million worth of USDC today.
DAO Maker Suffers Vulnerability
The fundraising platform DAO Maker was exploited today, with an attacker stealing more than $7 million from thousands of its user accounts.
Analyst firm PeckShield told Crypto Briefing that the attack was the result of a “dumb bug” in one of its smart contracts. The vulnerability may have given an unknown third party the privilege to transfer funds out.
Announcing the incident in a post-mortem report, DAO Maker CEO Christoph Zaknun said:
“We must announce that in the early hours of August 12th (approx. 1 AM UTC) DAO Maker faced malicious use of one of our wallets with access to admin privileges.”
The attacker converted the loot to 2,261.45 ETH and sent it to an Ethereum wallet to prevent the funds from getting blacklisted.
Several users in DAO Maker’s Telegram group reported that their USDC balances had turned to zero earlier this morning.
Initial analysis of the event suggests that USDC stablecoins deposited by users within a particular smart contract were affected. Currently, all deposits in the contract have been deactivated.
In the post-mortem report, DAO Maker reported that a total of 5,251 users had been affected, with losses averaging $1,250 per user.
DAO Maker conducts fundraisers for new crypto projects on Ethereum. Prior to the crowd sales, the platform requires users to pre-fund their wallets with USDC tokens in advance to avoid gas wars. Once the allocation is made, USDC automatically gets deducted from the pre-funded account.
Analysts say the exploiter was able to call the withdraw functions as the contract lacked adequate security checks. They have also pointed out that exploited contract was not verified on Etherscan. The lack of verification is usually considered a red flag and suggests the team was negligent in their work.
The attack came shortly after the project founders were reporting rising volumes for their launchpad, DAO Pad. The team had been planning to issue fully regulated tokenized stocks.
DAO Maker’s native token has also suffered as a result of the incident. The DAO token has declined by about 15% today, decreasing from $1.95 to $1.70 at press time, according to CoinGecko. The lack of price disruption may be because single staking vaults consisting of native tokens were safe from the attack.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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Yield Guild Games Token Launch Crashed by 32 Whales
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Yield Guild Games has launched its new community token. However, only 32 addresses have bought the entire supply.
Whales Buy YGG Token on Launch
The popular play-to-earn gaming guild Yield Guild Games launched its YGG community token via an initial DEX offering (IDO) Tuesday. Within seconds of the IDO going live, the entire offering of 25 million tokens was bought by only 32 different addresses for a combined value of $12.5 million. Of the 32 buyers, the largest single buy came in at 4.5 million tokens, presumed to be from a pool.
Many hopeful buyers took to Twitter to voice their frustrations of being locked out of participation.
@YieldGuild $YGG sold out within seconds with just 32 participants. It was over even before my “Approve” transaction got through :(. pic.twitter.com/P0lW0yxBrZ
— Beyond🏛Mimesis (🍄,🍄) (@BeyondMimesis) July 27, 2021
According to an official blog post announcing the offering in June, the aim of the YGG token launch was to decentralize ownership of the guild to stakeholders and players. However, of a maximum of 87.9 million tokens, 25 million have been bought by 32 whales during the IDO. Yield Guild Games will distribute the remaining 62.9 million tokens to current guild members for their participation in the YGG community to date.
Conducted on SushiSwap’s MISO platform, the IDO was run using a Dutch auction method, where the price drops until all tokens are sold. IDOs often use this method to avoid token scalping and to give smaller-scale investors a chance to buy. This time, it seems the initial price of the token was set too low, as whales proceeded to buy the entire offering in a matter of seconds. Tokens were initially priced at $0.50.
It’s likely that many have taken an interest in YGG following the surge in popularity of the play-to-earn game Axie Infinity. Over the last month, Axie Infinity has become the most profitable blockchain protocol, generating over $135 million in revenue and attracting more than 350,000 daily users. As Yield Guild Games is one of the biggest scholarship providers for Axie Infinity, the game’s success should also translate into guilds organizing around it.
Disclaimer: At the time of writing this article, the author owned BTC and ETH.
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Kraken rethinks direct listing plan following Coinbase’s lackluster performance
Jesse Powell is rethinking Kraken’s plan to go public which is set for late 2022, following the uninspiring performance of Coinbase stock (COIN) since its launch on April 14.
Speaking with Fortune on June 11, Powell stated that in light of the performance on Coinbase’s direct public offering, the firm is now considering an initial public offering (IPO) more “seriously now,” as the firm is looking to avoid potential issues a direct listing presents:
“Not having lock-ups, having billions of dollars of insiders be able to dump their shares, you know, on day one […] I think it has a dampening effect on the market.”
“And, you know, the IPO is just a very different process,” he added. Kraken began discussing the idea of public listing in March, following Coinbase’s plans to pursue a direct listing on the Nasdaq.
Powell then followed that up in April with a timeline suggesting the firm was potentially looking to go public sometime in 2020, and told Cointelegraph that its public listing would be “too big” to go via the route of a special purpose acquisitions company (SPAC).
Related content: To IPO or Not to IPO? SPAC is the question
The roadmap is still not entirely clear, with Powell stating in the interview with Fortune that “we’ll see how the market looks in the second half of next year,” before deciding on which method to take for a public listing.
“That’s sort of where we’re targeting. You know, hopefully by then we have more analyst coverage out and there’s just more of a track record of growth for the industry,” he said.
Coinbase’s stock COIN launched with a price of around $327 on April 14, and despite the enthusiasm leading up to the firm going public, its performance has been underwhelming — decreasing around 32.4% since to $221 as of today, according to data from TradingView.
During the Interview, Powell noted that the lackluster performance of COIN may be partly due to the anti-crypto sentiment held in traditional finance and Wall Street. The Kraken CEO thinks that there a lot of players that “actually have a lot to lose” from the success of crypto, and predicted that a lot of players will resist it for “as long as possible,” noting that:
“I think you might be seeing people just facing this cognitive dissonance of becoming increasingly aware of the impending doom that’s coming to the legacy financial system.”
Patrick O’Shaughnessy, an analyst for Raymond James, an independent investment bank with a net of worth $17.76 billion, said in a note to clients regarding COIN on June 10 that:
“We don’t see a structural barrier to entry here and therefore expect significant pricing degradation over time, with growth in non-transaction revenues hard-pressed to offset this.”
From O’Shaughnessy’s perspective, Coinbase is too reliant on transaction fees to generate revenue, and expects the market to provide cheaper alternatives in the near future.
“We view it unlikely that over the long-term retail customers will continue to happily pay a 1%+ transaction fee, particularly if/when trusted financial institutions begin to offer trading and custody,” the analyst noted.
Raymond James has rated COIN as “underperform”, which is the label the firm gives to assets which it expects to underperform the S&P 500, or its sector, within the next six to 12 months and should be sold.
Powell was also quizzed on whether going public through a special purpose acquisitions company (SPAC) would be an option for the crypto exchange, and he reaffirmed the views he’d earlier expressed to Cointelegraph:
“It might have been possible a few years ago, but today I think we’re too big to really consider doing a SPAC. So we’re still on track for a public listing.”
To ICO or to IDO? That is the question
Initial DEX offerings are the new initial coin offerings. So, what’s the difference between an IDO and an ICO, other than that one letter?
A lot actually.
In some ways, ICOs and IDOs have more in common with each other than they do with initial exchange offerings, which have more than a few features of the traditional initial public offering of stock markets.
While IDOs and IEOs are both listed directly on exchanges — decentralized exchanges, or DEXs, in the case of the former and centralized exchanges for the latter — IDOs are very much a do-it-yourself process like ICOs.
One big difference between IDOs and ICOs is the amount of money raised. No one sees a 10-figure IDO matching Block.one’s $4 billion ICO or Telegram’s $1.7 billion raise anytime soon.
Those ICOs also showed the power of the SEC, which generally went easy on companies willing to pay fines and issue mea culpas. Block.one‚ which raised $4 billion, paid a comparatively paltry $24 million fine. Telegram, which fought the SEC, ended up returning $1.2 billion of the $1.7 billion raised and shutting down its TON blockchain.
IEOs, on the other hand, are controlled by exchanges, which act in many ways like the underwriters — middlemen — which lead companies going public on the NYSE or Nasdaq through the process. In IEOs, centralized exchanges like Binance Launchpad and Huobi Prime vet the issuers, provide regulatory and know-your-customer (KYC) and anti-money-laundering (AML) services, and market the sales — for which they charge an arm and a leg. Unlike underwriters, crypto exchanges do not buy out and resell the tokens — in fact, more than a few IEO sales fail, despite the cost.
IDO versus ICO
In both the IDO and the ICO, the token-issuer pays no direct fees to middlemen, which is much more in line with the peer-to-peer ethos of Bitcoin and its successors. That said, IDO launchpads like Polkastarter and Binance Launchpad are changing that as they become more common, but don’t have nearly the cost and control of centralized IEOs
However, every IDO and ICO issuer is responsible for its own marketing, and each must create the smart contract used to sell tokens — including arranging any audits — and carry out its own legal vetting. This likely includes outsourcing AML and KYC compliance, as well as general securities offering registration requirements.
Then there’s the matter of the tokens. ICO tokens are often minted after the sale, which takes place on the company’s website. That comes with a big cost, as the issuer needs an exchange listing, preferably a top centralized exchange. That can reportedly cost anywhere from $100,000 to several million dollars — which removes a significant downside to IEOs, in which the listing cost is built into the fees.
A benefit of IDOs is that, by their nature, the token is immediately listed on the decentralized exchange on which the offering occurred. That said, despite the decentralized finance (DeFi) boom, even top DEXs like Uniswap or PancakeSwap have far less liquidity than the top centralized exchanges, and tend to be more difficult to use, which can keep some potential buyers away.
One thing that IDOs and ICOs do share is that they rely on knowledgeable community activists to vet the offerings, which either builds community and provides true decentralization, or is a serious Achilles’ heel that leaves prospective buyers short on information, depending on your perspective.
The ICO/IDO debate also has a fairness issue. IDOs shares are immediately tradable — there’s actually no way to impose the lock-up periods frequently used by ICOs. ICOs often offer insiders and early investors favorable terms that aren’t available to regular buyers. That’s not doable in the confines of a smart contract controlled IDO.
Which isn’t to say IDOs haven’t had their glitches — DeFi lending platform bZx’s mid-2020 Uniswap IDO was dominated by bots that beat every other would-be buyer and jacked prices up before dumping. The DeFi launchpads handle that by limiting buyers to a pre-approved whitelist with a strict per-buyer maximum. But to get whitelisted, buyers must own and hold the launchpad’s native token.
The benefits of DeFi-ance
That doesn’t change the reality that hot IDOs tend to sell out in seconds. In April, OccamRazer, an IDO launchpad for the decentralized Cardano protocol showed off its chops by holding a hugely successful IDO of its own, selling 200,000 OCC tokens in just 20 seconds. Like many popular IDOs, it was massively oversubscribed, leaving the vast majority of the 150,000 would-be buyers out of luck.
While IDOs are largely being used by DeFi projects, nothing is stopping centralized crypto companies from taking advantage of their advantages in cost and time — the process is a lot less intensive, making IDOs perfect for small companies.
One non-DeFi company that’s going the IDO route is Estonia-based CoinsPaid, a business-to-business crypto payments solutions company that offers a number of products. Most notable is Cryptoprocessing by CoinsPaid, a white label-ready cryptocurrency payments gateway that accepts more than 30 coins and 20 fiat currencies, promising the best exchange rates. Its ecosystem also includes an institution-focused exchange and OTC desk, cryptoprocessing, and B-to-B and B-to-C hot wallets audited by Kaspersky Lab and 10Guards, and a cryptocurrency explorer.
Saying that security is a key in all of its offerings, Kaspersky-certified CoinsPaid noted that its business quintupled in 2020, giving it a 5% share of all global on-chain Bitcoin transactions.
A top global cryptoprocessing company, CoinsPaid was crowned Payment Provider of the Year at the AIBC Dubai show last month. Having secured its position in the payments niche, the fintech is in the process of expanding its services to include decentralized finance (DeFi).
Launched on June 1, CoinsPaid’s IDO launched CPD, a DeFi cryptocurrency that will serve as a utility token, offering 20% discounts to B-to-B and B-to-C customers who pay in CPD. B-to-B customers get an additional 5%-20% discount when staking CPD, while B-to-C customers get 5%-30%. There is also a 10% B-to-B customer promotion. Using CPD tokens in payment gets a 50% discount on all transactions, and unspecified discounts on all future products.
On the actual DeFi side of things, CoinsPaid offers a 20% staking APY, a 10%-50% CPD bonus on yield when investing through the CoinsPaid dashboard, and a monthly token burn. The company is selling 16 million of its 800 million CPD. Token swaps are available for ether (ETH), tron (TRX), Binance smart chain tokens (BSC), solana (SOL), and polkadot (DOT).
Offering coming later this year include a CPD loyalty system and a media site in Q3, with a DeFi dashboard scheduled for Q1 2022.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
Meme.com All Set to Conduct IDO on Polkastarter
Meme.com is poised to conduct its initial DEX offering (IDO) on the decentralized fundraising platform Polkastarter.
Meme.com to Conduct IDO on Polkastarter
Imagine if Wikipedia and Dogecoin had a baby, that is exactly what Meme.com is, and a lot more.
In a recent announcement, Meme.com – the home of meme markets and trend exploration – announced the IDO of its $MEM token on Polkastarter. For the uninitiated, Polkastarter enables projects to raise funds in a decentralized and interoperable environment.
These factors, in fact, are significant for the desired launch of the $MEM token which makes Polkastarter the ideal platform for fundraising.
Specifically, Meme.com uses cryptocurrencies and entertainment to gauge the value of internet content. The project recently raised $5 million from blockchain-based venture capital funds such as Outlier Ventures, Digital Finance Group, Morningstar, Blockhype, Spark Digital Capital, and others.
In addition, Meme.com received extra funding from angel investors such as Gabby Dizon, CEO of Altitude Games, and Sandeep Nailwal, Co-founder of Polygon. The exact IDO details are slated to be announced soon.
Commenting on the development, Venture DAO noted:
“We are proud investors in Meme.com. We are bullish on meme markets and the project stood out because they are an early NFT project with forward and long term thinking founders. We look forward to supporting Meme.com and what’s to come!”
Utilities of the $MEM Token
There are several utilities to the $MEM token in the Meme.com ecosystem.
Through $MEM, users can purchase mTokens in the meme markets, create and upgrade Marble cards, pay for platform fees like content submissions, stake their tokens for attractive yields, and participate in platform governance.
Users can follow Meme.com social handles, such as their Telegram, and Twitter to remain updated with the latest information detailing how to participate in the IDO.
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