The IDO looks to promote fair price discovery improving on $MANGO and $AURY models.
Seed Tokens Reserved for NFT Holders
GenesysGo is gearing up for an Initial DEX Offering (IDO) of their SHDW token on Jan 3, 14:00 UTC. The IDO will be hosted on the protocol’s own IDO page.
Being the largest remote procedure call (RPC) provider on the Solana network, the protocol chose to power their own token drop in order to publicly assert confidence in their own network. 30 million SHDW tokens or 15% of the total supply will be sold. The protocol is using the same IDO program used by projects like Aurory and Mango markets.
“For those who don’t know, RPC servers are the backbone of the Solana blockchain. They are the traffic controllers of the Solana validator network and literally, every single project building on Solana uses them,” mentioned Frank Mathis, the co-founder, and CEO of GenesysGo, in the comprehensive guide to the IDO. “Solana is especially hard on RPC servers because of the sheer throughput that Solana is capable of. RPC servers are arguably the hardest working piece of hardware on the Solana chain.”
Post the closure of the IDO, 24 hours after it begins, the token will be listed on Orca Finance, Raydium, and Aldrin to be traded on the DEXs. The IDO will be accepting USDC as the prime token. The protocol recommends using the Phantom wallet to participate in the IDO.
As previously reported by Solana News, Frank Mathis, the co-founder, and CEO of GenesysGo, dropped in for a conversation with Greg (GoonTrades) on DeFi Direct’s Livestream on Dec. 30. Watch the recording of the complete Livestream here!
What is GenesysGo?
GenesysGo is the Solana-based infrastructure provider of RPC and validator services within the ecosystem. The protocol’s objective is to assist developers in building and scaling their projects based on the Solana blockchain by providing the ecosystem’s developers with low-cost developer support and Mainnet RPC resources.
Source: Solana News
