Swappi, an AMM-based decentralized exchange (DEX) deployed on Conflux, has released a new feature that will provide a platform for new projects launching on Conflux’s eSpace to launch, fundraise, and seed their community. The new feature, dubbed ‘Launchpad,’ will allow projects to conduct an initial DEX offering (IDO) on Swappi.
Swappi Launchpad enables projects to hold IDOs and private and public sales, allowing them to set fixed token prices, token allocations, and sale times for their IDOs. Swappi Launchpad is open to all Swappi users, but users who stake Swappi’s native token PPI will gain early access through private sales.
Users can gain access to a limited private sale token allocation through private sales by staking PPI in Swappi Launchpad to earn launchpad credits prior to the start of the private sale. When the private sale begins, users will be able to purchase IDO tokens in proportion to the amount of Launchpad credits earned. The more PPI that is staked, the more launchpad credits that are earned, and the more private sale tokens that are available.
Swappi’s launchpad credits determine the number of private sale project tokens that Swappi users can purchase. These launchpad credits are calculated based on the amount of PPI a user staked during the allotted staking period for each IDO. A Swappi user’s maximum number of private sale IDO tokens is determined by their share of launchpad credits for each IDO private sale. It should be noted that launchpad credits will be limited to specific IDOs and will not be transferable.
Swappi Launchpad allows any user to participate in first-come, first-served public sales. A limited number of project tokens will be available for purchase directly through Swappi Launchpad.
Conflux already has an exciting pipeline of projects ready to launch on eSpace, an Ethereum virtual machine compatible smart contract execution environment that enables 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 an Aave-based cross-chain lending and borrowing protocol. Depositors will be able to earn passive income by depositing their digital assets into an algorithmic liquidity market, allowing borrowers to obtain loans. The second project is a decentralized reserve currency backed by Bitcoin, CFX, and PPI for the emerging Conflux ecosystem.