Not sure how many of you guys are aware of it but genesis shards is going to have its IDO on Polkastarter in a few days, and it’s probably of the coolest projects that I’ve come across. It completely reimagines the way we look at NFTs and DeFi. NFTs have been a hot topic of late and DeFi has been cemented its space in not just the crypto world, but traditional market spheres as well. However, genesis shards marries both these ideas into a single, unified concept.
Genesis shards is a decentralized ecosystem powered by Polkadot that redefines NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens. What this means is that Genesis shards wrapps time-locked fungible tokens into NFTs which in turn can create a new market for previously illiquid tokens.
Users can efficiently and safely gain access to and trade pre-IDO tokens, while projects can leverage token liquidity early in the life cycle, build strong community support early on in their journey, and also get a sense of price discovery. This is done by essentially “NFT-ing” the OTC market: transforming NFTs into a liquidity vehicle for pre-IDO tokens.
Unlocking a new frontier in DeFi: A Pre-IDO marketplace on nonfungible tokens The whole idea is pretty ingenious. When new tokens are released, they are pretty illiquid. Genesis shards use NFT wrappers to separate circulating tokens which have the added benefit of allowing easy price discovery and launchpad style crowd exposure. These NFTs could also contain pre-IDO tokens which can later be swapped for Post iDO tokens.
GenShards is all about enabling “Pre-IDO” liquidity — and this is made possible through the Gen Ticket NFTs. At the most basic level, Gen tickets are NFT contracts that represent a varying amount of pre-IDO tokens. These NFTs can be traded on a compatible exchange or can be exchanged for the IDO tokens at the time of token generation events.
In the near future, projects will be able to launch their own GenTickets on the Genesis Shards platform — and gain access to pre-IDO liquidity for their tokens! The system is made up of 4 key components namely, Gen Access, Gen Tickets, Gen NFTC, and $GS token. $GS token is the utility token for the whole ecosystem which can be swapped for elements like Gen Access which users the entry into the Gen ecosystem.
Some of the biggest names in the crypto investing sphere have partaken in its funding rounds. They had raised $2.7M from funds like 3Commas, Block Dream Fund by OKEx, Morningstar, Moonwhale Ventures, Master Ventures, Petrock Capital.
It was also supported by angel investors like Santiago Roel Santos of Parafi Capital; Sandeep Nailwal = Polygon; Danish Chaudhry, CEO of Bitcoin.com, etc. Its founder is Garlam Won. Garlam was behind the marketing of some of the most successful projects including Harmony, Sandbox, MANTRADAO and more Genesis Shards is having its first-ever dual IDO on Polkastarter wherein it will be available in both Ethereum and Binance Smart Chain.
But they haven't announced the date. It will most likely be in the next few days and I encourage every one of you here to keep your notifications on. This will be one of the biggest launches of the year and is certain to go straight to the moon.
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