Dexpad: The first multi-chain launchpad on Cronos
Dexpad is a multi-chain launchpad, with a tight integration in the upcoming Cronos ecosystem. Holders of the DXP (Dexpad) token will have the opportunity to invest in pre-sales of projects, and enjoy tight integration with the Photonswap dex on Cronos.
The Cronos ecosystem
Dexpad will be the first Launchpad to be released on the upcoming Cronos, EVM-chain. The cronos chain, developed by Crypto.com will launch the long awaited mainnet version of their ecosystem next week, on the 8th of November. If the recent development in ecosystems such as the Binance Smart Chain, Fantom and Avalanche are any indication on the potential growth of new ecosystems, the coming months could see a great number of new (innovative) projects launched on the Cronos network.On top of that the Cronos ecosystem will boast low fees, and direct integration with the Crypto.com exchange.
Dexpad, a special kind of launchpad
The team working on Dexpad has seen the pains of traditional fundraising and has been concerned about the amount of new projects that pull liquidity “rugging”, especially in new ecosystems.
For example AnibusDAO rug pulled 60M USD
Another one is Squidgame who rug pulled around 3.3M USD
The existence of a trusted launchpad allows for a safe place for investors to buy into new projects without the risks of traditional project launches.
The Dexpad team has also witnessed the rise of two types of launchpads on different chains.
The first type of launchpad, “the permissioned launchpad”, has tight controls on what projects are allowed to launch, this type of launchpad has the advantage that only vetted projects are allowed to launch their project on said launchpad. This type of launchpad also has some disadvantages.
- Centralisation: The team running the launchpad has the power to pick-and-choose the projects that launch on their platform, this goes against the spirit of blockchain
- Expensive & slow: These permissioned launchpads usually take substantial chunks of the projects they list on their launchpad, and the process of vetting can be slow and cumbersome.
The other approach projects take is a “permissionless approach”, these types of launchpads allow every project to launch their sale without having any form of validation from the team running said launchpad. Even though this approach is in line with the values of crypto, such launchpads have run into the problem of malicious projects launching. Projects that have included ‘honeypot’ code into their contracts, to prevent token holders from selling their tokens. Examples of such sales include the launch of “BRIT Coin”
The Dexpad team has decided on a hybrid approach where all projects are allowed to launch on the Dexpad launchpad, but the code of the project has to pass a anti-honeypot check by the Dexpad team to qualify for launching their projects, this will protect investors from being hard-rugged by projects launching on Dexpad.
Dexpad & Photonswap :
Another important part of launching a project on a launchpad is the opportunity to collaborate with a trusted dex to gain access to deep liquidity, recognition and farming rewards. The Dexpad team recognised this as a limitation in an ecosystem as underdeveloped as the Cronos ecosystem and therefore decided to acquire the Photon Swap project and integrate the dex into the Dexpad ecosystem. This integration allows for numerous advantages for early investors in the Dexpad ecosystem, and for projects that are planning to launch on Cronos.
Locked liquidity :
Projects launching on Dexpad can decide to (automatically) lock the liquidity they raise into one of the lockers provided by Photonswap, this further limits the risk of hacks and rugs and ensures liquidity for the project, therefore boosting the trustworthiness of projects launching on dexpad.
Farming Rewards :
Projects launching on Dexpad will be eligible for partnerships with Photonswap, and liquidity providers for the project will be able to receive farming rewards for providing liquidity on the Photonswap dex.
Projects that decide to launch on Dexpad will be provided an opportunity to pitch their project to the Dexpad and Photonswap community, in the form of AMA’s and advertisements on the Photonswap website, and social media channels.
More details in regard to the integration of tokenomics, and the benefits for early investors in Dexpad will be revealed later next week.
DXP token & Token distribution :
The Dexpad ecosystem will be powered by the DXP token. The DXP token will serve as the governance token for the Dexpad platform. In addition the DXP token will be required to participate early in the sales of projects launching on Dexpad. More details regarding further utility of the DXP token will be discussed in an article released later this week.
The table above describes the distribution of the DXP token, and the vesting of the tokens allocated to the team, seed- and private investors. The tokens allocated to the team and seed investors are locked for a substantial amount of time. This substantial vesting schedule is to ensure the long term involvement of strategic seed investors and to align the incentives of the developers with the goal of the long-term success of the project. Another thing to note is the allocation of $200,000 in DXP tokens to add to initial liquidity. These DXP tokens will be paired with $200,000 in stable coins to ensure deep liquidity for the project. The liquidity will be locked for at least 5 years.
To ensure the security of the Dexpad project several measures have been taken. Firstly, an extensive audit report is requested and will be initiated once the private sale has concluded.
In addition to the audit we have also ensured that funds allotted to the team and marketing are behind a multi-sig wallet where members of the team, and strategic investors will hold the keys to these wallets. This will prevent overspending of these funds, and reduce the risk of hacks, or mismanagement of funds to put the project at risk.
The Dexpad team has also doxxed towards the participants in the seed investment round and are also planning to dox themselves towards members of the Cronos team.
What is next ?
In the next few days another article will be released with more details regarding the integration of the tokenomics of DXP in relation to the Photonswap token. In this article we will also elaborate on the opportunities for early supporters to participate in the private sale, and the terms of said private sale.
In the meantime we would like to invite everyone to follow us on Twitter and join our Discord and Telegram group.