PAID Network recently introduced Ignition, its Initial DEX Offering (IDO) platform.
A brand new IDO platform by PAID Network, Ignition would be a “one-stop-shop” for the growth of the global community. As well as, for the swapping of tokens.
PAID Network is proud to introduce you to the first iteration of its brand new Initial DEX Offering (IDO) platform, Ignition, a one-stop-shop for token swaps and global community growth🚀#GetPAID
Learn More about Ignition👇https://t.co/GfjAwzdeC9
— PAID NETWORK (@paid_network) February 24, 2021
As a protocol for decentralized swapping, Ignition enables the offering of public and private swaps from blockchain-based token projects. Through Ignition, these token projects will be able to offer token swaps to interested users. Besides, Ignition leverages on Binance Smart Chain (BSC) and Ethereum smart contracts. However, there are plans to include Polkadot smart contracts soon.
PAID Network and Master Ventures have combined forces to run the new IDO platform. Master Ventures has a global institutional and retail network of over 100 blockchain industry partners. Combined with PAID Network’s community of over 50 crypto key players and over 50,000 social media community members. The Ignition platform will reportedly also have a lot of traction.
Ignition aims at building a trustworthy community which will offer their services to PAID Network’s and Master Ventures’ projects.
Features of Ignition
One of Ignition’s key features is its token incentive mechanism. Ignition has developed this mechanism to ensure participation in IDO swaps. The mechanism also requires participants to hold at least 1,000 PAID tokens in their wallets.
Once these token holders have participated in the swaps, they will be incentivized to hold their new project tokens and not sell them. The more they hold these new tokens from previous Ignition offerings, the greater their chances of winning lottery tickets to become eligible for Ignition IDOs in the future.
With the Ignition platform, blockchain projects will be listed. However, these projects have to fulfill their promises and have their users participate in IDOs. PAID Network will leverage its arbitration, governance, and escrow features to ensure that all projects on Ignition will be held accountable for their promises.
In this way, project teams will have access to funds that have been raised once they complete their pre-set deliverables. Once the deliverables are successful, the project team will be eligible for the next funding phase. If a team that has listed its project fails to deliver, the participants can receive a refund on a proportional basis.
PAID Network has created Ignition as the first step towards its first fully Decentralized Autonomous Initial Coin Offering (DAICO). The PAID Network plans to release Ignition by the third quarter of the year.
Before now, PAID Network announced its strategic partnership with Razor Network, a swift, trusted, and decentralized oracle network. With this partnership, Razor Network plans to leverage the PAID Network.
As of the time of writing, PAID Network price was $2.72 with a 24-hour trading volume of $8,242,365. PAID price dropped by 14.1% over the last 24 hours. Besides, it has a circulating supply of 20.4 million PAID coins and a max supply of 594.7 million. Uniswap (v2) is also the current most active market trading PAID.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.