IMO Launchpad on BSC
Sep 15, 2021
We envisioned creating the fairest and most fascinating DeFi Launchpad to date. Did we get it right? Let us convince you by providing a few exceptional highlights of our Initial Multichain Offering on the Binance Smart Chain:
No personal allocation limits
Rewards existing DEPAY holders
Automatic Token Release Drop that will send all participants their acquired tokens automatically on the day of our PancakeSwap go-live
The sexiest user experience powered by our DePay Widgets
After recently reporting on our upcoming multichain expansion, we were faced with many decisions regarding its implementation. Each of these decisions were ultimately made based on a mindset of abundance, coupled with uncompromising fairness.
Instead of adding tokens to our supply, we have split our supply by burning 31M DEPAY on Ethereum and minting 31M DEPAY on Binance Smart Chain.
With the new "IMO paradigm", DePay plans to reward existing (ERC-20) token holders and stakers by ensuring that the primary allocation is exclusively reserved for them.
Deliberately no token bridge
Decentralization, trustlessness, and the accompanying security for token holders are always a top priority for DePay.
Almost all existing token bridges between the Ethereum Network and the Binance Smart Chain are neither fully decentralized nor trustless. The reason for this is that they have to rely on centralized entities (validators) for the verification of blockchain-states (bridge deposits/withdrawals).
We are not pointing the finger at any particular provider. Nor do we doubt that there will be excellent solutions in the near future that will ensure truly decentralized and trustless interoperability. Unfortunately, these solutions are not yet readily available or mature enough to be used for our multichain expansion at this point in time.
Before deciding whether "to bridge or not to bridge", we hypothesized about how crypto users may not be aware that the current state of token bridges is not always 100% trustworthy and decentralized.
We launched a poll on Twitter and asked our supporters the following question:
"Are current $ETH <-> $BSC bridges really #trustless and #decentralized?"
Of 62 participants, only about 5% believe in the decentralized nature of ETH-BSC bridges. The majority (around 65%) is indeed aware about those bridges being centralized. The remaining third of participants have never questioned it before.
If it is the case that a considerable part of the crypto users (or even crypto project operators) know about this fact, then why do people continue to use bridges that require trust in the validation instances?
Possible reasons could be:
There is a high demand for interoperability (users escaping to chains other than ETH due to high gas fees) and Crypto projects needing to be continuously funded. The use of partially centralized bridges is a trade-off between security of all involved and the need for new funding.
The fact that some token bridges are centralized may not be known by some crypto teams or token holders.
Instead of using a bridge, we have found a solution that will reward current token holders, align with our core values and maximize the security of all parties involved.
Multichain Token Relocation
DePay’s main goal is to extend the functionality of our protocol, including future governance mechanisms onto additional blockchains. In the context of the Binance Smart Chain, it is therefore necessary to offer a BEP-20 DEPAY token.
To fulfill this purpose, we have split our supply by burning 31M DEPAY on Ethereum and minting 31M DEPAY on Binance Smart Chain. This approach is the simplest and safest solution we could opt for.
Our overall tokenomics still remain the same as before. The minting of our initial BSC token supply (the BEP-20 DEPAY token) has no effect on our final or circulating supply.
Going forward, the DEPAY tokenomics will simply span across two blockchains (and more in the near future).
Distribution of future token releases
Future token releases according to our whitepaper tokenomics will be equally distributed on the Binance Smart Chain and the Ethereum network.
We will continue to maintain the final supply of 31M DEPAY tokens and fixed hard cap of 62M tokens. Accordingly, DEPAY holders can continue to rely on our full transparency and trustworthiness (blue badges must be earned).
Finally: A fair and rewarding DeFi launchpad
Recently, we asked the question on Twitter about how current launchpads are perceived. The majority (77.5%) of all respondents stated that they had rather negative experiences with launchpads. Only 22.5% had mostly good experiences.
We conducted this survey in order to confirm our assumption that launchpads could be made more rewarding and fair – especially to early supporters.
Early supporters and token holders are the true risk takers. In our view, anyone who already owns our tokens on Ethereum or has locked their tokens (staking) should be rewarded for their trust in us.
For this reason, we have broken down the participation criteria to a single point: Be a DEPAY holder.
Read the Details & Get Whitelisted!
This is just the beginning of a very exciting time in our project history! Team DePay would just like to say thank you for all of your support, trust and patience on our journey towards crypto payment mass adoption.