The Decentralized Finance sector has experienced massive growth in the past 12 months. The sector grew from less than $1 Billion to over $40 billion of locked value on different protocols.
Scaleswap is one of the DeFi projects that has attracted the attention of crypto enthusiasts in recent months. The decentralized launchpad wants to transform the current IDO system into a more sustainable, transparent and fair system.
This novel approach has generated hype within the crypto community, as witnessed with its recent whitelist campaign ahead of its IDO. Shortly after Scaleswap announced its IDO, over 19,000+ users submitted their applications within mere four days. This is a major achievement considering the current bearish market conditions that have plagued the crypto space.
Scaleswap allocated 500,000 SCA tokens at $0.35 per token for the public sale. The IDO pool was filled in seconds with the project successfully raising the targeted amount of $175,000. Individual participants were limited to a hard-cap of $300 worth of SCA tokens per participant to ensure that the token sale was well circulated among its community members.
A Unique IDO Launchpad with a Fair Allocation System
Scaleswap is a project with a well-thought-out approach towards solving existing problems faced by IDO Launchpads within the DeFi ecosystem. It built a next-generation launchpad by harnessing the power of an advanced layer 2 scaling protocol powered by the Polygon network
Scaleswap integrates fairer IDO principles that are designed to ensure a more sustainable and less market-dependent IDO platform. Unlike other IDO launchpad platforms that integrate skewed ranking systems. Scaleswap has developed a transparent system called ScaleSCORE.
ScaleSCORE is a 6-dimensional loyalty scoring system that rewards loyal community members that grow the Scaleswap ecosystem during bullish and bearish periods. Users that buy SCA tokens and hold them for long periods and/or provide liquidity on DEXs like Uniswp will have increasing points on their ScaleSCORE. And these are only some of the relevant dimensions.
Users with high ScaleSCORE will be eligible for different rewards and perks within the Scaleswap ecosystem. Some of which include guaranteed pool participation, unlocking of features, weighted airdrop consideration, and future voting rights in the upcoming decentralized governance structures and committees.
Rapidly Growing Ecosystem
Since its launch in March 2021, Scaleswap has made the right moves towards becoming one of the top IDO launchpads in the DeFi sector.
Security is a key aspect of DeFi protocols with high profile breaches due to bugs in smart contracts that are not uncommon in the sector. Scaleswap employed the services of Hacken, a premiere cybersecurity company, to make a review and security analysis of its smart contracts to mitigate such problems. The security review results were released on the Scaleswap medium page and showcased the transparency of the IDO platform.
Scaleswap subsequently raised $2.5 million in a private fund-raising campaign that was massively oversubscribed and exceeded initial expectations. The private rounds were backed by top funds and VCs, including Ascensive Assets, Spark Digital, Rarestone Capital, Pluto Digital Assets, A195, Momentum 6, X21 and other leading blockchain funds.
The IDO launchpad also collaborated with renowned artist BossLogic in May to create a one on one NFT with a special utility called “The Red Diamond”. The NFT art piece was made especially for Scaleswap and the NFT acts as a key for the holder to unlock special benefits on the Scaleswap IDO launchpad with setting the personal loyalty scoring (ScaleSCORE) to maximum for lifetime. The Red Diamond was auctioned on Ethereum NFT marketplace SuperRarible and sold for 33 ETH ($94,482) making it one of the highest grossing BossLogic NFTs of all time.
Scaleswap has also made significant technical improvements and conducted a successful public test on its mainnet in June, attracting over 600 committed testers from their own community. Before IDO, the Scaleswap technical team scaled and hardened the Scaleswap architecture and did a series of additional tests. One of the highlights was to reach one of the highest throughputs on Polygon network at over 2000 transactions per second. That was announced at the live AMA session by Scaleswap and Polygon this Monday.
Final Thoughts
Scaleswap is a high potential DeFi project that should interest crypto enthusiasts as it seeks to improve on the rapidly growing IDO ecosystem. The IDO launchpad has proven that it can become one of the top platforms in the crypto space. To learn more about Saleswap visit the website, medium , Twitter and Telegram platforms.
The post Scaleswap is Transforming the IDO Launchpad Ecosystem appeared first on Blockonomi.
