STEEMCRYPTOACADEMY SEASON3/WEEK5/ HOME-WORK POST FOR WAHYUNAHRUL/ INITIAL DEX OFFERING (IDO)
OVERVIEW
Initial Dex offering has to do with fund raising and we have so many types of then in previous years we have encountered ITO,ICO's IEO, and all others, the one I'm centralizing today is the IDO initial Dex offering it is a new method of fund raising and it's basically centralizes on liquidity exchange, coins can be provided into a liquidity pool and there will be lending and borrowing in the end the providers of the liquidity into the pool reaps rewards.
IDO is a project designated for launching of coins, through a Decentralized liquidity exchanges dependent on the liquidity pool in the liquidity pool traders has the ability to swap tokens using any of the Exchanges. IDO suceeds other fund raising models like the initial coin offering ICO, initial token offering and IEO, initial exchange offering,
IDO is basically seen as a clear and reliable way of launching crypto project along the process pre-mines are totally avoided, and prior to this it gives a clear advantage to project founders over the community members.
Explain in your personal opinion whether IDO should be done on cryptocurrency
From my overview of this lecture I understood that IDO, is simply a project for launching coins through a Decentralized liquid exchange, for me I will say yes IDO should be done on cryptocurrency at least it will solve a lot of problems most expecially the problem of liquidation within a shorter time frame, what I mean is that if a Decentralized exchange is created, it is basically created to favour a community of people looking for a way to accelerate their income status many people will key into the idea and along the process the cryptocurrency that is launched will gain huge market capitalization and people will get to know more about that particular token.
Now let's take an example of a circular market place that is Decentralized, people have moved from centralized to Decentralized the market place runs everyday and along the process there is no break along the process a cryptocurrency token is launched and people can exchange it to have stable coins and other coins, one of the key benefit is that it will give Defi the opportunity to build assets on blockchain's and different exchanges will have price to exchange the coin.
I remember back in April a token was launched via a Decentralized exchange with initial starting fee of $0.12 per single token in order to gain access to the price a fee has to be placed into a liquidity pool. So that is it if IDO is done on cryptocurrency it will benefit to all parties that is involved it will benefit the traders it will benefit the cryptocurrency itself because it will gain massive recognition and much people will own it, trade it, and the value of the crypto will increase. This is my personal opinion.
Can IDO have a significant impact on the cryptocurrency world?
It will gives a great impact so much because since they are a set of community that creates a project in a Decentralized exchange, let's take steemit Decentralized exchange for example, and we have a group of market people that has created a token and wants to broadcast it to the public.
since it's already listed in a Decentralized exchange you will find out that many people operating in the already existing exchange will have the mandate to key into the project knowing fully well that it is a decentralized assets and it has the mandate to make a rise.
There will be a phase where an enabling environment will be created for the token listed in the Decentralized exchange to gain massive attention in tense of trading and other things, Along the process various cryptos can be exchanged for tokens be it stable coins or normal coins
Explain one example of a token that has been IDO but failed/rug pull.
Turtle Dex is the answer a project in Defi known as turtle Dex made a way a huge amount of cash worth about $2.5 million, from various investors. The fee is equivalent to 9,000 BNB token after that within a shorter period of time the pre-sale of TTDX, was officially shot down by the developer's themselves.
the first person to report this was DefiStalker. He realized that the assets, which was used to confirm the liquidity was withdrawn and the exchange for Ethereum, and then he distributed it to nine different wallets and sent to the cryptocurrency exchange Binance.
The BSC blockchain has in no time kept record of the transactions of the TurtleDex team. In unism the same time, the project's website and its group in Telegram were officially removed. This as well as the accounts of its administrators too.
Just of recent, a similar incident replicated it-self different investors of one of the projects on Binance Smart Chain called Meerkat Finance But this scammers where very experienced and they where much more successful than TurtleDex scammers, stealing from investors about 14 million dollars this is practically equivalent to 73,635 BNB tokens. Scan in this process is inevitable.
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
There are so many tokens that have done IDO, but courtesy this question I will specify just two token.and a proper Fundamental Analysis will be done on it. The first token has to be Raven token
RAVEN TOKEN
At the time of writting this post Raven price is ranging at $0.001208 with a 24-hour trading volume ranging at $1,018.58 all in US dollar. Raven is up 15.88% in the last 24 hours. That's massive and I think it will increase in subsequent time because the price of Bitcoin is pushing forward, Bitcoin seems to be the power house of coin rising when Bitcoin was at $14 dollars other coins came low.
The current CoinMarketCap ranking is ranging at 1023, with a live market capitalization of $5,400,832. It posesses an overall supply ranging at 4,470,302,193 RAVEN coins max. supply is unavailable now as we speak.
If you are looking for a place where you can buy Raven token the top exchanges basically for trading in Raven Protocol are currently Bilaxy it also features in Binance DEX it is found in other and thus it is listed on the crypto exchanges page, too as well.
UNIVERSAL MARKET ACCESS
UMA price at the time of writting this post is ranging at $8.50 in US dollar with a 24-hour trading volume ranging at $28,809,869. UMA is up 2.61% in the last 24 hours simply because the price of Bitcoin went up, if Bitcoin makes a drop you will find out that the price will drop too.
The current CoinMarketCap ranking is ranging at #105, with a live market cap ranging at $527,350,429 all in US dollars. It possess a circulating supply ranging at 62,019,747 UMA coins and a it's max supply is ranging at 101,172,570 UMA coins.
Looking for a place to buy UMA, the top exchanges for trading in UMA are Binance, and OKEx. Etc.
Look for 1 token that is currently IDO and explain the steps to be able to participate in the IDO.
I will go for PAID powered Dex, it's an IDO platform in conjunction with PAID network, this particular ignition give people the allowance to holding PAID token and this sell their token too as well. This paid Token is currently in IDO and later courtesy this question I will showcase how to participate in the IDO.
In order to take a total nap over a Decentralized exchange that in my word becoming crowd-funded courtesy the platform, with a splendid output that is powered by PAID network was then established on order to ease the stress of crowdfunding protocol.
Ignition: this is a swapping process that is Decentralized, this process gives PAID a lime light courtesy blockchain project, in order for you to take part in IDO users are mandated to hold a particular amount of PAID token at a designated levels.
IDO platform have officially shortlisted a genuine process to reward different PAID holders who have in one way or the other assisted the great project from the great inception courtesy the random projects.
Here I will show the various steps to be able to participate in a IDO
- Logging to the PAID official website first thing you need to do is to click on Logging, after that another phase will pop up.
At this phase you will then be mandated to connect your wallet to metamask, I won't Explain how to create a metamask wallet here that's out of the question.
Firstly you need have a metamask wallet install in your phone.
- Another phase will pop up here you click on the wallet connect phase, since you already have metamask in your phone it's very eazy just click on connect.
- Another phase will pop up this is where you will now join IDO, click on Pandora and join pool. Then you can participate here.
CONCLUSION
From my homework you will understand that initial Dex offering has to do with fund raising, we have so many of then in previous years but the IDO is introduced of rescent.
There is no project that is free from crime there must be a way out and people will try to sabotage the system, look at the case of Turtle Dex despite the fact that it was launched on the binance smart chain, still people where defrawded over 9,000 BNB was lost.
- IDO is a project specifically designed in launching a coin through a Decentralized liquidity exchanges, if IDO is done in cryptocurrency it will be massive and strategies problems will be solved along the process.
Thank you very much professor @wahyunahrul you did explain well and I learnt alot from your lecture many thanks to you
Cc:@wahyunahrul