Defined as an IDO launchpad MultiChain platform, SolPAD was created to connect blockchain startups and investors, promising to bring solutions to liquidity problems in the Solana ecosystem. Launched in April 2021, the platform was announced as a solution to the tokenization challenges.
The acronym IDO (Initial Dex Offering) is used when a protocol opens the sale of its first tokens on a decentralized exchange. “Currently, when an IDO occurs, whoever arrives first has an advantage. To avoid this, SolPAD has the launchpad, whose governance token is PAD”, explains Transfero financial analyst Raphael Maynard.
According to him, anyone can buy the PAD. “The money used to buy this token is allocated to one of the IDO’s of new projects. In this way, the user doesn’t have to worry about opening offers because his participation is guaranteed. The more PADs a user buys, the greater his participation”, he adds.
SolPAD explains on its blog: “We’ve simplified entry into decentralized finance by providing a comprehensive token launching platform. We can do this by offering a diverse range of products under our token”.
How does SolPAD work?
The purpose of SolPAD is to make it a starting point for projects in Solana. That’s why it includes a launch pad, incubation support, and infrastructure support.
Three elements make it up: a launchpad with a layered structure and guaranteed allocations for token holders, an Automated Market Maker (AMM) DEX, which helps with the interoperability of tokens from Solana to other blockchains, and a MultiChain wallet, which allows users to store, transfer, and exchange digital assets across different networks. The integrated DEX is Solswap, which instantly lists all projects incubated on the platform.
With these features, SolPAD promises to be a secure environment, ideal for crowdfunding projects on both Solana and the Binance Smart Chain. In addition, the platform is suitable for public and private sales, staking, and other operations, with a high level of security. The first launchpad projects are Metaseer and Luna Yield.
