STEEMCRYPTOACADEMY// SEASON 3 WEEK 5// HOME-WORK POST FOR PROFESSOR @wahyunahrul / INITIAL DEX OFFERING (IDO)
Welcome to another wonderful episode in the crypto Academy community. Before I present my homework post, I would like to acknowledge the professors and the crypto Academy community for making such an educative lecture possible.
Without wasting enough time, I would present my homework post systematically based on the questions from the professor @wahyunahrul
OVERVIEW
An Intial DEX offering is a crowdfunding platform, which has to do with fund raising in the crypto space. In previous years, ITO, ICO's, IEO and others were encountered. IDO is a new method of raising funds, and it's basically a decentralized liquidity exchange where coins are provided in liquidity pool.
Unlike other fund raising platforms, a fair way to launch a project in a newly cryptocurrency is to avoid pre-mines which generally favors many project founders over community members in the platform.
In IDO funding, the coins are launched via decentralized liquidity exchange. It is usually dependent on liquidity pools where traders swap crypto coins and stablecoins in the exchange. Example of liquidity pair is USDT/ETH.
Explain in your personal opinion whether IDO should be done on Cryptocurrency
From the overview, IDO is simply a new project use to launch coin through decentralized liquidity exchange. IDO should be done on Cryptocurrency because it will sometimes solve alot of problems like liquidation within short period. This simply means, when a decentralized exchange is being created, a community of people who would like to increase their income, where people will put in more effort to gain more of what they want, and will help build the Cryptocurrency market capitalization which will boost people's idea on that particular token.
A Decentralized market for example, runs everyday where Cryptocurrency is launched and participants can exchange the coins to other stable coins which give the blockchain market an opportunity to exchange coin to different exchanges and also build assets on the blockchain.
My opinion for example. A token of starting fee $0.12 per single token was launch last 3 month through decentralized exchange, the liquidity pool is with a fee, i.e, before one get to know what the price is, this help when the IDO is being done on the Cryptocurrency. Everyone included will benefit, traders and even the Cryptocurrency itself due how it will gain more recognition and also traders will trade it which will increase it value on the market.
Can IDO have a significant impact on the cryptocurrency world?
It has great impact on the Cryptocurrency world because, it is not the only decentralized exchange in crypto, many community have created projects on decentralized exchange. For example, steemit decentralized exchange and others where tokens have been created and would like to be broadcasted to the public to grow it.
Many traders involved will like to key into the project since it is decentralized exchange and will definitely rise to their profits.
Explain one example of a token that has been IDO but failed/rug pull.
Turtle Dex made investors to make a huge amount worth $2.5million with an equivalent fee of 9,000 BNB token where sale of TTDX was shot down by developers within some short period. Defistalker who is the first person to report this realized that he distribute the assets to nine different wallets and other Cryptocurrency exchange.
Most administrators on Telegram account and their project websites have been officially removed. Transaction of Turtle Dex team has no time been kept recorded by the BSC Blockchain. Just recently, an investor in Binance Chain Meerkat Finance was scammed. These scammers are more experienced than those in Turtle Dex. They steal huge amount $14million from investors which is likely to be equivalent to 73,635 BNB tokens.
Make a detailed fundamental analysis of 2 tokens that have done IDO, and compare the two tokens. Then give your opinion on the results of your analysis.
Raven Token would be one of the tokens that have have done IDO.
RAVEN TOKEN
Raven token ranges at this time by 0.0009144 and it's 25.67% in the last 24 hours. There is least decrease in the chart which has affected the Raven token in the last 48hours. The rise and fall in Bitcoin changes the rate in other crypto ranges.
Universal Market Access
UMA price at this moment is $4.48 and has 2.95% in 24hours due to fall in BTC, this implies the rise and fall of BTC changes the ranges in UMA.
Comparison Of Raven Token and UMA
Universal Market Access : This allow Defi developers to build assets on Eutherum with Changes in it value.
Raven Token: With the aid of the RAVEN token, more of the contributors share their computer resources and receive rewards. And their utility token is also used for AI training.
Look for 1 token that is currently IDO and explain the steps to be able to participate in the IDO.
PAID Powered Dex is an IDO platform which give chance to people to hold and sell their tokens. This is currently in IDO platform which serve as a crowdfunding protocol.
Ignition : It is a decentralized swapping process which allows IDO users to hold certain amount of token at some levels. Different PAID holders who has mainly assisted in the great project we're officially rewarded by the IDO platform.
various steps to be able to participate in an IDO
- Enter the PAID official website, then click on the Login button.
- Then you will connect your wallet to metamask.
But you need have a metamask wallet installed on your phone
- You then click on the wallet connect phase, if you already have metamask, just click on connect.
- You will now join IDO, and click on Pandora to join pool to become a participant.
Conclusion
Initial Dex offering is a fundraising and we previously have them in numbers but I DO is recent one we use. Project are always disturbed by scammers, many project in these systems are not safe. IDO which is also a decentralized liquidity exchange which will be one of the best project when done to Cryptocurrency.
Hi @avagah, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:
My Reviews and Suggestions:
You have completed the given task.
Many of your explanations are still very shallow. Please do detailed research so that more information can be conveyed on your assignment.
Get in the habit of putting screenshots of every piece of information you make as valid evidence.
Vary Header and Sub-Header to make it look more professional.
Thank You!