IGNITION: A PAID-Powered DEX – Altcoin Projects


IGNITION: A PAID-Powered DEX

Blockchain projects collect funds through private and public token sales. The year 2020 has seen a change in the way projects are getting launched via a token launch platform. Initially, the new projects used to raise funds through ICOs and IEOs, but then came the era of launching projects through the AMM liquidity pool. All the above-mentioned methods are generally dominated by the savvy investor who buys the max pool share of a newly created token before a normal user participates. To cut a long story short, there are several flaws in these methods due to which there is a huge difference in profit margin among the various user groups (the early buyer and the rest of the users).

So, to overcome these situations, the concept of the DEX (decentralized exchange) has emerged that offers to crowdfund for new crypto projects. Ignition is one such platform powered by the famous PAID Network.

We have already published a detailed guide on Paid Network, explaining the ins and outs of the entire ecosystem. In this guide, we will mainly focus on Paid Network’s Ignition protocol.

IGNITION is a decentralized swapping protocol that allows PAID token holders to participate in a private and public auction of blockchain-based token projects. The product is powered by both PAID Network and Polkadot technology.

To participate in an IDO on Ignition, users are required to hold a certain amount of PAID tokens for each level. Participants are incentivized for holding tokens for a longer period rather than selling and getting marginal profit.

With Ignition, the PAID Network aims to set up a one-stop platform for project liquidity and community growth. The platform is equipped with the necessary infrastructure and support system that will help each new project with liquidity auctioning and market growth. Projects listed on Ignition mandatorily undergo a detailed scrutiny check as per Master Ventures’ incubation and advisory team.

Ignition can also be termed as a building block of PAID Network’s full DAICO. With DAICO, PAID aims to provide greater transparency, governance, and accountability for Decentralized Autonomous Initial Coin Offerings (DAICOs).

Key Highlights
  • Early project discovery and access.
  • Backed by Master Ventures, which has participated in over 50+ blockchain portfolio projects as early as 2012.
  • Access to Master Ventures’ and PAID Network’s 65,000+ institutional and retail network.
  • Cross-market with PAID Network’s ecosystem, with easy access to PAID’s social and digital communities with over 50,000 active members.
  • Fixed cross-chain swaps.
  • Incentivization mechanisms for Ignition contributors.
  • Lottery-based fair and preventable front running.
  • SMART Agreements protocol.
  • Infrastructure for fast track project launch.
  • Easy access to PAID Network’s 100+ partners.
  • Access to 50+ of the strongest blockchain KOLs and influencers.
Features
  • Decentralized ecosystem powered by PAID Network’s robust smart contract technology.
  • Multi-chain integration (support for ETH and DOT bridges Q2 2021).
  • Customizable pool options and lotteries using Chainlink VRF (v2).
  • Easy to use UI with data tracking sets.
  • Multi-level incentivization mechanisms for participants of published projects.
  • PAID SMART Agreement product infrastructure.

PAID Ignition

Comparison With Other DEXs

Below is the chart listing some of the key features supported by the PAID Ignition platform.

PAID Ignition

Read our previous guide to know about the Polkastarter platform.

The Incentive Mechanism

The IDO platform has outlined a complex and detailed mechanism to reward PAID holders who help the project from inception through the entire lifecycle of the project. The incentive mechanism consists of a simple lottery process that aims to reward purchasers proportional to their PAID holdings. Each wallet user will receive one entry into the whitelist lottery for 1,000 $PAID tokens. Users providing liquidity on Uniswap will also be counted under this offer.

Each lottery ticket will again enter into a lottery, and winners are selected by using Chainlink’s VRF random selection technology to ensure a transparent election process.

Depending upon the user stake/holding, the user will be eligible for one of 3 tiers:

  • Moon: Wallet users should have at least 1,000 $PAID tokens. Users will receive one lottery entry for every 1,000 $PAID tokens.
  • GALAXY: Wallet users with at least 75,000+ $PAID tokens are guaranteed one public allocation. Users will receive one lottery entry for every 1,000 $PAID held
  • COSMOS: Wallet users with 150,000+ $PAID tokens are guaranteed one public allocation and one pre-sale allocation. Apart from this, users will receive one lottery ticket for every 1,000 $PAID token

This mechanism will be revised after the first sale. It will incorporate the user holdings along with the first project launched on Ignition.

Important: Kindly note that only liquid $PAID tokens are eligible for the lottery. Tokens locked under seed and private rounds will not get counted under the eligibility of the current lottery system.

Social Presence

Website

Telegram

Twitter

Medium

Conclusion

With Ignition, the PAID Network aims to lists high-quality projects and serve them with the necessary infrastructure and support system. Backed up by PAID Network and Master Ventures, the projects launched on Ignition will definitely catch the eye of crypto users. The incentive mechanism ensures a fair and transparent reward distribution system that will boost user belief and confidence in the platform. Projects will also get the advantage of PAID’s huge number of loyal social and digital community members. Thus, by incorporating the community strength of PAID Network’s and Master Ventures’ incubation resources, Ignition hopes to provide an integrated platform for blockchain projects to acquire liquidity and community growth.

 

Resources: PAID Network Medium Blog

Read More: Deciphering the Secrets of Secret Network

 





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